By GottaLaff
1. Find pillow and/or wall. 2. Make fist. 3. Read this post. 4. Punch pillow and/or wall. 5. Scream loudly. 6. Nurse fist back to health:
Think you could borrow money from a bank without saying what you were going to do with it? Well, apparently when banks borrow from you they don't feel the same need to say how the money is spent. After receiving billions in aid from U.S. taxpayers, the nation's largest banks say they can't track exactly how they're spending it. Some won't even talk about it.
"We're choosing not to disclose that," said Kevin Heine, spokesman for Bank of New York Mellon, which received about $3 billion.
Oh really? I'm choosing to disclose that Kevin is a defective-minded little wretch. And thanks for the transparency.
Now on to JPMorgan Chase:
Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money, said that while some of the money was lent, some was not, and the bank has not given any accounting of exactly how the money is being used.
"We have not disclosed that to the public. We're declining to," Kelly said.
To be fair, that's only two measly banks. I can't imagine that all of them are so tight-lipped. That would be astoundingly, maddeningly unforgivable.
The Associated Press contacted 21 banks that received at least $1 billion in government money and asked four questions: How much has been spent? What was it spent on? How much is being held in savings, and what's the plan for the rest?
None of the banks provided specific answers.
I'msorrywhat?
Some banks said they simply didn't know where the money was going.
That's not exactly the answer we were looking for.
The answers highlight the secrecy surrounding the Troubled Asset Relief Program, which earmarked $700 billion - about the size of the Netherlands' economy - to help rescue the financial industry.
There has been no accounting of how banks spend that money. Lawmakers summoned bank executives to Capitol Hill last month and implored them to lend the money - not to hoard it or spend it on corporate bonuses, junkets or to buy other banks. But there is no process in place to make sure that's happening and there are no consequences for banks that don't comply.
Wow. That should bode well for our tanking economy. What could possibly go wrong from here?
Pressured by the Bush administration to approve the money quickly, Congress attached nearly no strings to the $700 billion bailout in October. And the Treasury Department, which doles out the money, never asked banks how it would be spent.
Good for you, Congress! Living right up to that big approval number, are ya?
Approval of Congress' job performance is down to single digits again for the first time since early September.
The latest Rasmussen Reports national telephone survey of likely voters found that only nine percent (9%) give Congress good or excellent ratings, while 54% give the legislature poor marks. Just one-out-of-50 voters (2%) think Congress is doing an excellent job.
One more time, now, because I'm having a tough time believing what I'm hearing:
[N]o bank provided even the most basic accounting for the federal money.
Most banks wouldn't say why they were keeping the details secret. [...]
One didn't even want to say they wouldn't say.
I am now a believer.
[Elizabeth Warren, the top congressional watchdog overseeing the financial bailout], said her oversight panel will try to force the banks to say where they've spent the money. "If the appropriate restrictions were put on the money to begin with, if the appropriate transparency was in place, then we wouldn't be in a position where you're trying to call every recipient and get the basic information that should already be in public documents," she said.
Garrett, the New Jersey congressman, said the nation might never get a clear answer on where hundreds of billions of dollars went.
Your government dollars at work. Oh, and thanks for that whole "who needs oversight" policy, Republicans. It's really paid off.