Which Way Did It Go...

WASHINGTON – It's something any bank would demand to know before handing out a loan: Where's the money going? But after receiving billions in aid from U.S. taxpayers, the nation's largest banks say they can't track exactly how they're spending the money or they simply refuse to discuss it.

"We've lent some of it. We've not lent some of it. We've not given any accounting of, 'Here's how we're doing it,'" said Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money. "We have not disclosed that to the public. We're declining to."

Banks are not telling where the money is going.  I thought this was weird; it's kinda weird right?  I bail you out of a jam with cash and you don't have to tell me what you're doing with the money?  "Hey Randy; I need 5,000 dollars because my home has a roof problem."  "Okay here's 5k."

"So did you get that roof fixed?"  "Uh not yet!"

"Are you working on it at least?"  "Uh you don't need to know the accounting on where I spend the money you loan me.!"

If that conversation makes sense; then by all means keep it coming.

But no bank provided even the most basic accounting for the federal money.

"We're choosing not to disclose that," said Kevin Heine, spokesman for Bank of New York Mellon, which received about $3 billion.

They are choosing not to disclose.  Probably will show that the CEO has two or ten new cars and jets; and his daughter just got the biggest sweet sixteen party thrown for her...

I guess this is what the people want.  The Feds have been sticking it to people in the past; the banks are just getting them back (with our money) for us.  Way to go Banks.

Randall Watson

Chicago Funnies