Re: Financial Sector Bailout - Where'd the bailout money go? Shhhh, it's a secret

Bob Hubbard

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Where'd the bailout money go? Shhhh, it's a secret


By MATT APUZZO, Associated Press Writer
Monday, December 22, 2008




(12-22) 10:12 PST WASHINGTON, (AP) --
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.


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.
Must be nice to be that special....
 

MJS

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What a bunch of ********!!! These people screw up, ask for help, and then refuse to say where the money went??? Probably went to the same spot where the money that they had ended up...ie: fancy dinners, fancy trips, fancy pay raises.
 

MA-Caver

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Well they knew we'd be upset that they were paying off their own loans from other (likely overseas) banks.
Yeah this is what should've been expected and I'll be very surprised if the government or new administration makes them fess up and give an itemized accounting publicly as to where it all went or where it's going. But then hey, we all know the banks were running the government anyway right??


Right??


thought so.
 

Makalakumu

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Now THAT is corruption. When these people can be so blase about where this money goes you know they got the system bought and paid for...
 

tellner

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It's a pity NYC and Washington DC have already put up their Christmas decorations. I'm thinking we could decorate every lamp post on Wall Street, K Street and Pennsylvania Avenue with strange fruit and still have plenty left over.
 

grydth

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Check the rat holes out in the side yard.... I hear plenty was poured into those.

Remember how there was such a big rush, such a big emergency to pass this thing? Recall one of the worst recent moments in our political history when the House changed its vote in the face of threats, pork and who knows what? Ah, but we were assured that there was sufficient oversight... even though few could have read what they voted for....

I always loved the WHO song "We Don't Get Fooled Again". Only we do get fooled again. Over and over. Because we are weak, willfully stupid, demand nothing of those who supposedly work for us. The uproar won't last long...... gotta go, favorite show is on.

Sorry!
 

zeeberex

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Maybe we should all want for the twin fists republishill to answer that for us.
 

MJS

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Maybe we should all want for the twin fists republishill to answer that for us.

Umm...and this has to do what with the thread again? Perhaps a glance at the rules regarding trolling and personal shots is in order.
 

MJS

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tellner

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Remember how there was such a big rush, such a big emergency to pass this thing? Recall one of the worst recent moments in our political history when the House changed its vote in the face of threats, pork and who knows what? Ah, but we were assured that there was sufficient oversight... even though few could have read what they voted for...

Consider the passage of the USA PATRIOT Act, the medical emergency act (forget its name) during the bird flu scare, the invasion of Iraq, the Warner Reauthorization Act, the MCA, the new Presidential authority post-Katrina, the FISA fiasco and the $700 Billion (actually $8 Trillion with a "T") giveaway. The list isn't exhaustive. That's just a few of the high points.

Every single one of these was rammed through with almost no debate. Each gave Shrubus Minimus and Dick "The Torturer's Apprentice" Cheney vast and unprecedented powers. Each was an emergency. Legal protections were shredded. Enormous sums of money were given directly and without accounting to personal cronies of the Vice Prez and the Sock Puppet in Chief. If it weren't passed without changes or debate the world would end either in a gurgle (bird flu), a bang (Saddam Hussein's mythical nuclear and biological weapons) or a whimper (the financial system). In all cases oversight was impossible, a grave threat to national security. The actual facts were hidden.

That's Disaster Capitalism, the Shock Doctrine and the One Percent Doctrine at work.
 
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AMP-RYU

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It is sitting in interest bearing accounts building money to make themselves richer! Because they definantly arent loaning it out! People with 740 credit scores are being turned down for loans at my car dealer!
 

Hand Sword

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I'm not sure which group of the bail outs it applies to, as they seem to be so many, but, what I've heard reported is that bailout $ are going to executives as apart of their bonuses.

I think the congress should have tried a different approach and take the 780+ Billion dollars and give every US citizen aged 18 and over 1 billion tax free $. That would be about 3 or 400 billion, leaving another 4 + for investment. People would bail themselves out then!
 

MA-Caver

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From the article posted by Ramirez
"Most of us sign on to do jobs and we do them best we can," said Frank, a Massachusetts Democrat. "We're told that some of the most highly paid people in executive positions are different. They need extra money to be motivated!"

WOW! What a coincidence... so do I!!

So if those "highly paid people in executive positions..." need big bucks to DO their jobs and go to work... what would they do if they DON'T ??

Probably have to resort to criminal behavior then... SIGH
 

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GBlues

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I don't know how many of you are old enough to remember the old Fess Parker Davy Crockett movies. I'm 30 and my dad made me watch those when I was kid, and grew up loving those old Walt Disney movies. I recently wrote a letter to my congressman for all the good it did me on this subject. But I left him with this quote from the movie, because I think that it is a profound one.

Davy Crockett, rides on horseback all the way across the country back into Washington, because congress at that time was going to try and pass a bill that just flat out wasn't right. When he arrived he walks on to the floor and tells the members there these simple words. "If we were the kinds of people, that the people that voted us into office thought we were, a bill like this would have never been made, much less would it have reached our DESKS!" Alas I tell my dad all the time there are no more Davy Crockett's in our country anymore.

My idea was to give every American that makes under 250,000 dollars a one time grant of 250,000 dollars. Figuring this would stimulate the economy, people would pay off there bills, there houses, buy new houses, new cars etc...This in turn would create new jobs. His response was it would cost too much money. However, I told him that the government could give every American 50,000 dollars and it would only cost about 200 billion dollars. Now you multiply that by three, as 50, thousand times three is because 50,000 times 3 is 150,000 dollars it's still only 600 billion dollars which is still 100,000 billion dollars shorter than there bailout program, so another 50,000 for every american would be right about 700 to 800 billion dollars, but you kill all of the birds with one stone, as opposed to missing the one that you really wanted. He said that it was still a giveaway, and that the government would not get anything for it in return. THere way the government can oversee the use and spenditures of the money.

YEAH RIGHT! What a crock! THese guys are supposed to be our representatives, yet they never do what the american people ask them too. The majority of Americans don't want the auto makers bailed out, yet, they choose to go against our wishes. Where is the representation? No taxation without representation? HA! I told them that politicians needed to get it through there thick skulls that they don't run the country the citizens do. How do you think they would react if every American said, "Screw it. YOu know so damned much you run it. Make it work with out workers. Make the country run, go ahead. We ain't going to work until you do what your supposed to." Yeah the country would come to a halt. And right now let me tell ya.

Anyways, it's all garbage, they'll never change, we'll never get change, it's all the same and every politician is the same. Just a bunch of money grubbing *******s if you ask me.
 

MJS

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Looks like the bailout cash came to late for this dealership in my state.
 

Brian R. VanCise

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The people running the dolling out of the money have messed up so badly on this one that I expect another trillion bail out will be in the works no later than March.
 

GBlues

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Yep. Bailout the big 3 and it'll be the same thing. It's just a delay of the inevitable. Without jobs people don't make money. If people don't make money they can't buy cars. If they can't buy cars the big 3 fall anyways, so what good did the bailout do?

The same with the gas prices dropping. Yeah there dropping, and we're seeing an increase in truck and suv sales. But they'll go back up again, and people won't be able to afford to drive those vehicles anymore. Worst thing of all is like they said on the news one night, " Yeah gas prices are the lowest they've been in 3 years. Course nobody can go anywhere, cause they have no jobs but hey, the price at the pump is low again." What a crock.

Kind of funny how they say that the price of gas is so high due to the price of oil. Okay, I can see that. Except every major election the gas prices all of a sudden drop, and then they shoot through the roof again. Being even higher, than they were before. The same is going to happen now. The prices are low right now, but they're going to shoot back up, and when they do, it's not going to be pretty. I fear there are some hard times in store for Americans, and the world very, very soon. Strange times that we live in my friends, strange times in deed.:asian:
 

MJS

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We are going to see a lot of car dealerships close. I think only big city market ones will survive and even many of them will close.
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There're a number of dealerships not too far from where I live. I bought my current vehicle from them. I drove by one day and saw things out of the ordinary, only to find out later, that they were closing. No warning, nothing. They closed for a short time, then reopened. I called to find out if they were staying open, closing again, etc. I was told that at the time they were not sure, and had a skeleton crew staffing the place. Within a few days the sign was on the door and every car in the lot gone. They did direct customers to other Mazda dealerships in the area. Interestingly enough, a few people at my current dealership used to work at the other one. LOL. One guy who must've been privy to info that others were not, caught wind of the closing, and jumped ship before the business actually closed and headed to the other one. He gave the heads-up to a few others, and they too jumped ship early.

This story happened a while ago, so whether or not it was due to just poor business management, the onset of the bailout, even though the bailout wasn't really mentioned at the time, I don't know.
 

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