Communion Of Dreams


Just write the $^@&!(# check.
December 22, 2008, 11:09 am
Filed under: Art, Emergency, Failure, Government, Politics, Predictions, Society

So, last time I borrowed money from a bank, for a Federally-guaranteed Small Business Loan, it was a bit of a nightmare.  They wanted to know everything down to my shoe size, with a fair amount of documentation to support the claim that I wear an 11 wide.  And, needless to say, they wanted to know exactly what I was going to do with the $50,000 I wanted to borrow – complete with a detailed business plan, revenue forecasts, et cetera.  Given that I wanted to borrow the money, I didn’t find this too onerous; rather it seemed to be a reasonable expectation, if a tad tedious.

But don’t expect that street to run both ways.

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

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.”

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.

Well, no, of course they didn’t. It might lead to somewhat awkward revelations, such as this:

AP study finds $1.6B went to bailed-out bank execs

Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals.

The rewards came even at banks where poor results last year foretold the economic crisis that sent them to Washington for a government rescue. Some trimmed their executive compensation due to lagging bank performance, but still forked over multimillion-dollar executive pay packages.

Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.

Your tax dollars at work.

Jim Downey

(Cross posted to UTI and dKos.)


2 Comments so far
Leave a comment

Here is an idea. Let us just never again vote for any incumbent office holder? Result? Automatic term limits, throw the bums out who got us in all these messes we are bailing out for trillions!

I enjoy and respect your blog. Would you consider exchanging blogroll links?

I don’t care about whether links and comments agree or disagree with my views as long as they are witty or intelligent, and your blog is both!!

The only important thing is that we all have intelligent discussions about how to lift up America for our best possible future.

Our future is what we make it, and idiot Congress and moron elected officials have proven by example that if we do nothing, we have no future.

It helps to have some entertainment, satire and laughs along the journey.

My blog address is http://franklynchusa.wordpress.com

Simply name it “ franklynchusa ”

If you have time and room,

My ideological website is worth a visit. It contains my 2008 Presidential campaign that introduced the issues adopted by the other candidates, with a Top Ten List that America needs, is http://www.franklynch.org

Kindly please name it either just “ franklynch.org ” or “ Frank Lynch the Futurist “

With passion for our future,

Frank Lynch the Futurist

Email frank at franklynch dot org

Comment by franklynchusa

[…] frankly, the whole mess was just too depressing no matter how I looked at it, and I knew (and said) that the end result was going to be that we would wind up transferring more of our wealth to the […]

Pingback by “Hand over the money and no one gets hurt.” « Communion Of Dreams




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