Where'd the bailout money go? Shhhh, it's a secret
Well, it didn't take me long to become outraged about the government bailout measures this week. The Associated Press has been doing a great job at hammering on the government for its complete mismanagement of the TARP money lately (they better watch out for those black helicopters). I came across two infuriating articles from them on the subject this morning. Here's a snippet from the first, Where'd the bailout money go? Shhhh, it's a secret:
"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 $25 billion in emergency bailout money. 'We have not disclosed that to the public. We're declining to.'"
How is stuff like this even going on?!?! And how on Earth are GM and Chrysler required to jump through a zillion hoops to get a tiny fraction of the money that has been handed out to the banks with practically no strings attached at all @#$%^&*%$!
The second article, AP study finds $1.6B went to bailed-out bank execs, talks about the zillions of dollars that banks that were in such bad shape that they had to come crawling to the government for taxpayer money have paid out to executives lately. I guess that my company is just old-fashioned, but if my division was run into the ground under my watch I probably wouldn't receive much in the way of a bonus. I mistakenly believed that it how the world worked. Silly me.
The average executive at a list of 116 banks that have thus far received $188 billion in taxpayer help received $2.6 million in in salary, bonuses and benefits last year. Yuck.