Where'd the bailout money go? Shhhh, it's a secret - DFWstangs Forums
 
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post #1 of 32 (permalink) Old 12-22-2008, 12:49 PM Thread Starter
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Where'd the bailout money go? Shhhh, it's a secret

It is bad enough that Congress didn't require Wall Street CEO's to give up their corporate jets (like they did with the big 3) But the banks that they lent the money to won't even disclose what they've done with the money..

Is it just me or does this appear to be the biggest blunder the United States Government has ever made in its history?


http://apnews.myway.com/article/20081222/D957QL7O0.html

Quote:
WASHINGTON (AP) - 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.

"We're not providing dollar-in, dollar-out tracking," said Barry Koling, a spokesman for Atlanta, Ga.-based SunTrust Banks Inc., which got $3.5 billion in taxpayer dollars.

Some banks said they simply didn't know where the money was going.

"We manage our capital in its aggregate," said Regions Financial Corp. (RF) spokesman Tim Deighton, who said the Birmingham, Ala.-based company is not tracking how it is spending the $3.5 billion it received as part of the financial bailout.

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. The Treasury Department has been using the money to buy stock in U.S. banks, hoping that the sudden inflow of cash will get banks to start lending money.

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 who don't comply.

"It is entirely appropriate for the American people to know how their taxpayer dollars are being spent in private industry," said Elizabeth Warren, the top congressional watchdog overseeing the financial bailout.

But, at least for now, there's no way for taxpayers to find that out.

Pressured by the Bush administration to approve the money quickly, Congress attached nearly no strings on the $700 billion bailout in October. And the Treasury Department, which doles out the money, never asked banks how it would be spent.

"Those are legitimate questions that should have been asked on Day One," said Rep. Scott Garrett, R-N.J., a House Financial Services Committee member who opposed the bailout as it was rushed through Congress. "Where is the money going to go to? How is it going to be spent? When are we going to get a record on it?"

Nearly every bank AP questioned - including Citibank and Bank of America, two of the largest recipients of bailout money - responded with generic public relations statements explaining that the money was being used to strengthen balance sheets and continue making loans to ease the credit crisis.

A few banks described company-specific programs, such as JPMorgan Chase's plan to lend $5 billion to nonprofit and health care companies next year. Richard Becker, senior vice president of Wisconsin-based Marshall & Ilsley Corp. (MI) (MI), said the $1.75 billion in bailout money allowed the bank to temporarily stop foreclosing on homes.

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.

Others said the money couldn't be tracked. Bob Denham, a spokesman for North Carolina-based BB&T Corp., said the bailout money "doesn't have its own bucket." But he said taxpayer money wasn't used in the bank's recent purchase of a Florida insurance company. Asked how he could be sure, since the money wasn't being tracked, Denham said the bank would have made that deal regardless.

Others, such as Morgan Stanley (MS) spokeswoman Carissa Ramirez, offered to discuss the matter with reporters on condition of anonymity. When AP refused, Ramirez sent an e-mail saying: "We are going to decline to comment on your story."

Most banks wouldn't say why they were keeping the details secret.

"We're not sharing any other details. We're just not at this time," said Wendy Walker, a spokeswoman for Dallas-based Comerica Inc., which received $2.25 billion from the government.

Heine, the New York Mellon Corp. spokesman who said he wouldn't share spending specifics, added: "I just would prefer if you wouldn't say that we're not going to discuss those details."

The banks which came closest to answering the questions were those, such as U.S. Bancorp and Huntington Bancshares Inc., that only recently received the money and have yet to spend it. But neither provided anything more than a generic summary of how the money would be spent.

Lawmakers say they want to tighten restrictions on the remaining, yet-to-be-released $350 billion block of bailout money before more cash is handed out. Treasury Secretary Henry Paulson said the department is trying to step up its monitoring of bank spending.

"What we've been doing here is moving, I think, with lightning speed to put necessary programs in place, to develop them, implement them, and then we need to monitor them while we're doing this," Paulson said at a recent forum in New York. "So we're building this organization as we're going."

Warren, the congressional watchdog appointed by Democrats, said her oversight panel will try to force the banks to say where they've spent the money.

"It would take a lot of nerve not to give answers," she said.

But Warren said she's surprised she even has to ask.

"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.

"A year or two ago, when we talked about spending $100 million for a bridge to nowhere, that was considered a scandal," he said.

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post #2 of 32 (permalink) Old 12-22-2008, 12:53 PM
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I know I sure didn't get any of it.
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post #3 of 32 (permalink) Old 12-22-2008, 12:58 PM
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See any of my other posts on this subject. It was a huge scam, a fraud, a theft of taxpayer dollars. Simply unbelievable that it was allowed to happen.
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post #4 of 32 (permalink) Old 12-22-2008, 01:03 PM Thread Starter
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Quote:
Originally Posted by 46Tbird
See any of my other posts on this subject. It was a huge scam, a fraud, a theft of taxpayer dollars. Simply unbelievable that it was allowed to happen.
I think you were pretty much echoing every other person on this message board. Any fuckin' high schooler could see that the bailout was being rammed down our throats. Frankly I have huge doubts that the money would have made a difference in the situation we are seeing right now..

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post #5 of 32 (permalink) Old 12-22-2008, 01:14 PM
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The iceberg is melting and the ship is getting heavier! Only a matter of time

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post #6 of 32 (permalink) Old 12-22-2008, 01:15 PM
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Looks like the wall street boys were laughing at the taxpayers while stuffing their own pockets. Evidence of this are the AIG parties and banks using the money to buy other banks. Also heard today that some of the banks that received the money gave their CEOs lavish year end bonuses.

Dumb, dumb, dumb on the government's part not to put restrictions or reporting requirements on the banks. Then they switch gears and grill the hell out of the detroit boys for far less money. I think this bailout shows incredibly bad leadership by bush and his wall street cronies (paulson, etc) and I think it will be remembered as a part of his legacy. After all, we'll be paying it off for years to come.

Some people need to go to jail for this travesty.
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post #7 of 32 (permalink) Old 12-22-2008, 01:38 PM
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we are being fucked by our own goverment.no doubt.




guns sales are through the roof,im glad americans are waking up.ive seen this shit coming for a few years now.

RON PAUL '08
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post #8 of 32 (permalink) Old 12-22-2008, 04:41 PM
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Wake up Texas! Time to take what is ours back and kiss this illegal taxing government goodbye!

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post #9 of 32 (permalink) Old 12-22-2008, 04:55 PM
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im waiting for someone to start bombing some of the banks when they get a bunch of pissed off citizens who see there money being swindled away....
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post #10 of 32 (permalink) Old 12-22-2008, 06:40 PM
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Originally Posted by Shaithis
Wake up Texas! Time to take what is ours back and kiss this illegal taxing government goodbye!
When my ancestors were angry about their taxes, they threw tea into the harbor.
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post #11 of 32 (permalink) Old 12-22-2008, 06:42 PM
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When my ancestors were angry about their taxes, they threw tea into the harbor.
I don't have any tea or a harbor.

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post #12 of 32 (permalink) Old 12-22-2008, 06:51 PM
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I don't have any tea or a harbor.
How about a couple of liptons tea bags and a marina?

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post #13 of 32 (permalink) Old 12-22-2008, 08:32 PM
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How about a couple of liptons tea bags and a marina?
Sounds like my kind of civil disobedience!

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post #14 of 32 (permalink) Old 12-22-2008, 08:52 PM
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We (the American People) stood by and bitched, but just watched it happen. Congress can do whatever it wants and the people just bend over and take it.












I'm out...
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post #15 of 32 (permalink) Old 12-22-2008, 09:02 PM
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Quote:
Originally Posted by Denny
We (the American People) stood by and bitched, but just watched it happen. Congress can do whatever it wants and the people just bend over and take it.












I'm out...
Hopefully there will be a cleansing of congress in the next election.
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post #16 of 32 (permalink) Old 12-22-2008, 09:11 PM
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Hopefully there will be a cleansing of congress in the next election.
I don't know if I can wait, bro. I have come to the realization that my soapbox isn't big enough.
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post #17 of 32 (permalink) Old 12-22-2008, 09:46 PM
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Originally Posted by Denny
I don't know if I can wait, bro. I have come to the realization that my soapbox isn't big enough.
Obamas gonna have ya'll out of that soapbox as soon as he takes office
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post #18 of 32 (permalink) Old 12-23-2008, 04:55 AM
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Obamas gonna have ya'll out of that soapbox as soon as he takes office
Actually, I'll probably be one of the last ones, with my new role.
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post #19 of 32 (permalink) Old 12-23-2008, 09:19 AM
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Quote:
Originally Posted by Denny
We (the American People) stood by and bitched, but just watched it happen. Congress can do whatever it wants and the people just bend over and take it.












I'm out...
Got any suggestions of what else we can do? We could all stop paying taxes, however that will only work if EVERYONE does it. We could all stand around and picket, but responsible Americans don't have time to take off of work for this. We could vote in somebody GOOD for office but we never get the chance and only have two choices. You can email, call, write your senators but it will not do any good.

What else can we do?
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post #20 of 32 (permalink) Old 12-23-2008, 09:45 PM
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Here's you a chart to help explain where the 8.5 trillion is going...



link


Quote:
Originally Posted by mikeb
Also heard today that some of the banks that received the money gave their CEOs lavish year end bonuses.
AP study finds $1.6B went to bailed-out bank execs

...The average paid to each of the banks' top executives was $2.6 million in salary, bonuses and benefits.

Lloyd Blankfein, president and chief executive officer of Goldman Sachs, took home nearly $54 million in compensation last year. The company's top five executives received a total of $242 million...
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post #21 of 32 (permalink) Old 12-23-2008, 10:55 PM
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Originally Posted by mustangguy289
Got any suggestions of what else we can do? We could all stop paying taxes, however that will only work if EVERYONE does it. We could all stand around and picket, but responsible Americans don't have time to take off of work for this. We could vote in somebody GOOD for office but we never get the chance and only have two choices. You can email, call, write your senators but it will not do any good.

What else can we do?
The wife and I are actively looking into alternative living arrangements. As of right now, the Seychelles Islands are topping the list. Now, I know most can't afford to make a move like this, but every financial situation can have a "best case scenario."

What brought me to this is the blind 54% of America that I KNOW cannot be swayed into doing what is best for the people. Most will only conceit AFTER it is too late, IF at all. So much for the voting and/or petitioning... protesting or ANYTHING unified for that matter.

Sometimes, you have to just take matters into your own hands and save the motherfucking day yourself.
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post #22 of 32 (permalink) Old 12-24-2008, 05:47 AM
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Quote:
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What brought me to this is the blind 54% of America that I KNOW cannot be swayed into doing what is best for the people.
You're part of the blind if you think electing McCain would have made any difference in this mess. McCain has supported these bailouts too, just like Bush & Obama. The elite of both major parties are all in this together.

The way to vote this out is to throw off the blinders, don't be afraid to vote for someone who isn't one of the "Big 2"...(Dem or Rep). WE have to get outsiders in office and toss all the insiders. The time is short though, soon we won't even have the opportunity for anything other than a shame vote.

Hell, Sadam Hussein was elected, 100% turnout and 100% voted for him! The ultimate sham election.
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post #23 of 32 (permalink) Old 12-24-2008, 10:06 AM
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Quote:
Originally Posted by mikeb
Hopefully there will be a cleansing of congress in the next election.
Don't count on it. Almost all the current shit bag incumbents kept their seats this time around.

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post #24 of 32 (permalink) Old 12-24-2008, 10:23 AM
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Looks like congress is responding to pissed off constituents.

http://www.foxnews.com/politics/2008...ut-recipients/
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post #25 of 32 (permalink) Old 12-24-2008, 12:09 PM
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Quote:
Originally Posted by White trash wagon
You're part of the blind if you think electing McCain would have made any difference in this mess. McCain has supported these bailouts too, just like Bush & Obama. The elite of both major parties are all in this together.

The way to vote this out is to throw off the blinders, don't be afraid to vote for someone who isn't one of the "Big 2"...(Dem or Rep). WE have to get outsiders in office and toss all the insiders. The time is short though, soon we won't even have the opportunity for anything other than a shame vote.

Hell, Sadam Hussein was elected, 100% turnout and 100% voted for him! The ultimate sham election.
LMAO @ you think that all I worry about is a stupid bail-out!
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post #26 of 32 (permalink) Old 12-24-2008, 12:32 PM
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LMAO @ you think that all I worry about is a stupid bail-out!
Well, you were responding to what the OP was about...the bail-out.
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post #27 of 32 (permalink) Old 12-24-2008, 12:46 PM
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Wish I was close to retirement age. Pack my bags and be Costa Rica bound. F this nonsense.
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post #28 of 32 (permalink) Old 12-24-2008, 12:57 PM
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Wish I was close to retirement age. Pack my bags and be Costa Rica bound. F this nonsense.
That's whose in the worse shape, they just lost 40-50% of thier retirement finds, plus thier home has lost value.

I know a lot of people around 60 & they all say thier fucked and will have to work until thier 70 now. Only those who got COMPLETELY out of the market 12 + months ago are OK,unless they own a home in California & Florida.
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post #29 of 32 (permalink) Old 12-24-2008, 01:06 PM
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Well, you were responding to what the OP was about...the bail-out.
AAAAAAnd did I mention that McCain was the answer? If you look into it, It didn't matter who would be President-elect because neither were in Office at the time of the bail-out vote

MOST (Dem and Rep) failed us on that day.
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post #30 of 32 (permalink) Old 12-24-2008, 01:14 PM
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I like how it said "pressured by the BUSH administration" to hurry up with no strings attached.... then later "a watchdog" appointed by democrats.

so the mess up was all bush, then the dems came in to get some accountabilty and fix it...
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post #31 of 32 (permalink) Old 12-24-2008, 01:21 PM
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I like how it said "pressured by the BUSH administration" to hurry up with no strings attached.... then later "a watchdog" appointed by democrats.

so the mess up was all bush, then the dems came in to get some accountabilty and fix it...
There was so little resistance, you'd have to get to an individual level to see who cared. This isn't a party thing, as both parties failed us.
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post #32 of 32 (permalink) Old 12-24-2008, 01:31 PM
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Now that people have quit complaining about Texas and the BCS they're complaining about the Big Bad Bailout again. Great.

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