|
||
Show Me the Money
In all my years of running non-profits and a financial institution, I was expected to account for every penny my organization received. Whether it was for a general operating grant or a cash flow loan, detailed reporting -- including financial statements, budget narratives, and a description of what the money was used for -- was demanded in return.
And that was for private money. If my organization received government funds, the financial reporting requirements were nothing short of punishing.
So it seems nothing less than scandalous that the banks receiving public Troubled Assets Relief Program (TARP) funds should be allowed to casually "decline" requests to account for that money. 21 of these banks were contacted by the Associated Press and were asked to report on how much TARP money was spent and on what. None provided specific answers. Some shrugged their shoulders and said they didn't know. You would think they were sitting in their living room and someone asked where they put the TV remote.
In fact, their responses amounted to a giant middle finger to the American taxpayer. "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."
I want everyone reading this to stick their head out their window, or cubicle, and yell at the top of their lungs: "Where's the frickin' money? I'm mad as hell and I'm not going to take it anymore!"
Thank you.
Some simple accounting on how the money was used should have been the first condition placed on banks, even if it had to be the only condition. As a friend of mine commented, there should have been a GPS tracking device, blue dye, a little red blinking light -- something -- attached to this money before it was just given away.
If change is to truly come to this country, let Wall Street and bank accountability be the first order of business.
This entry is cross-posted on the DMI blog.
Loading comments…
Want to reply to a comment? Hint: Click "Reply" at the bottom of the comment; after being approved your comment will appear directly underneath the comment you replied to
We asked for this by letting them stick us with TRICKLE DOWN economics for the last 30 years... We believed that fairy tale and frankly IF they did give the numbers, would you believe them..
SUCK UP economics is what we have, the Vampire on Wall Street are stealing from the middle class....
Don't get mad, get even. If you think you have money in one of those banks, withdraw it immediately and put it in a small, local bank. If you have money in stocks and bonds, take it out and put it into certificates of deposit and municipal bonds.
I think you're right,
The american taxpayers DO need to know how they are spending their tax dollars.
and the Public already knows they used $1.6Billion dollars for the CEO's,
"golden parachutes"..
Oh yea...that lady, Elizabeth Warren, from harvard law school, is watching also.
She had an article out once..that said that the average amercan family are being bombarded
by credit card debt, and the average family are using credit cards just to survive, ...they are being compounded into paying late fees, universal defaults, and the credit card companys are making
millions off of people..that, is how they make the most money..so we do need accountablilty, and regulations to be followed..no way, are they supposed to get a "blank check", because they may
just blow it..remember AIG's $400, 000 Spa treatments? and even after that,
they got caught in Phoenix Arizona, for a "secret meeting"?
You gotta "follow the money" and see where your tax dollars are being spent..
follow the money
($$ka-ching$$)
Will someone please provide a list of banks that DID NOT RECEIVE TARP MONEY?
I found the list of the banks that received the funds. My 2 banks are on the list, which means that if they needed the money from the FED, they were mismanaging my money.
I want to move my money to banks that are conservative in their investment habits. Where's that LIST?
My biggest fear is that the FED is now helping to create mega-banks that are TOO BIG TO SUCCEED!
Elimanate the Fed. Creating money on computers is the problem. Go back to real currency backed by precious metals.
http://www.brasschecktv.com/page/498.html
I am equally outraged. Here is a copy of the letter I sent to my senators and representative, feel free to send it to yours too!
Dear Representative Schakowsky,
How do you plan to ensure that the Wall St. bailout money is spent
wisely by the banks that received it? I was shocked to read in the AP news that banks are refusing to disclose how they are spending taxpayer money.
Where is the oversight that was promised? Are there any requirements to ensure the bailout money is spent for the public good, or was the money given with "no strings attached" as the AP news report suggests?
Without strict oversight I think this could possibly be an historic waste of public funds. The public deserves to know how their money is being spent.
Please let me know what you plan to do. Thank you.
Regards,
Steve Glickman, Chicago IL
This is all a scam. And, just watch the wealthy investors who put their money with Madoff get bailed out by the taxpayers. What are the common denominators in all of this???? Taxpayers scammed again by a well defined group of people.
Where is my bailout money?
First of all, the banks didn't show their books and balance sheets BEFORE they got the money. That was the time for Congress to squeeze the banks and see what's cooking. Today, seeing what the banks did with the TARP funds is just for comfort. The money is long gone.
There might be another reason why the banks refuse to disclose what they did with the TARP funds: they're pretty much broke. They will hide their books until they plug all the black holes they themselves created with taxpayer money. Maybe the economy can't handle the truth, so to speak.
Bad as it is with the US bail-out business it's about the same in Europe and all over. "Money" is
what "money" can buy and right now tremendous amounts of buying power is transferred from the middle-class (chiefly) to the very rich and powerful, and not just in the US. It doesn't take a genius to reckon that the Obama government will do little, if any, change
To be perfectly blunt about it ... it makes no more difference than it would have made if, say, the Germans during the Wiemar Republic days had stopped to account for all those banknotes they were shoving into their stoves.
You cannot "make" money. Governments can print as much of the stuff as they want to, but that does nothing for trade. Nor, in this case, does it do anything at all for the fundamental business-model of banking. Sure, I can put a huge "debit from nowhere" on your banker's-books and (presto!) "it's sweetness and light again!" But it's just not ... real.
This banking crisis is fundamentally and completely based upon fraud ... crime ... and about fifty years of dreaming that we could make money for the whole world. It won't be swept away with a pen.
Congress should STOP ALL TARP FUNDS until we get answers...
Wake UP Congress and do YOUR JOB or consider taking a pay cut like you want the other BiG Shots to do...
Haven't you heard. Congress is getting pay raise in January.
http://www.hawaiireporter.com/story.aspx?ef5aa057-f206-41f5-a88a-91a76c0ee86e
All of the money in the first 350 billion was well spent, except the auto loans.
We will never see the money back from GM or Chrysler. What sucks is GM will probably need another 50 million. Chrysler is toast.
The financial institutions are making interest payments to the American taxpayer as we speak. Plus, when we exercise the stock warrants, at today's cost basis, the net return could easily be double or triple the original 350 billion.
What scares me is what they are talking about concerning the 2nd 350 billion. If it they spend it on homeowner mortgages, we can kiss most of that money good bye. We need to hold Frank, Reid, and Pelosi accountable.
I didn't mean 50 million. I meant 50 billion!!!!!
Are you kidding me, that is another fairy tale and this time we want to see the number and transactions...200 billion dollars in dividends taxed at 15% from pretax money from poor slobs like me who have marginal tax rates of 40%....
NO MORE TRICKLE DOWN Economics - it did not work for the FRENCH and we all know what happened to the top 1%....NO MORE PREFERENTIAL TAX RATES, all income subject to income tax rates and payroll taxes without caps...
What the hell are you talking about?
wrong. The bank bailouts are just paying off gamblers.
CDS is two folks betting on horses, in this case, stock prices.
Hoover and Japanese both wasted money on the banks to similar lack of effect.
Direct investment in infrastructure energy is the only way out.
That or war spending.
Do you know what a loan is?
Do I need to explain to you what a loan is?
Come on, show us how smart you are.
"In fact, their responses amounted to a giant middle finger to the American taxpayer. "
Isn't that what our GOVERNMENT does every time it passes a law or provision that
FAVORS one person or company or entity at the expense of another person/company
or entity?
Whatever happened to laws that apply to everyone ....... equally?
It is supposed to be social engineering and those with the money control the game... We need to follow Canada's example and have FREE ELECTIONS on WEEKENDS...with government dollars for the candidates.. and we need that to go to at least 3 candidates for each election...I am sick of the Republicans and we need another party.
The banks have control of the narrative and the money. And narry a moment of accountability. I don't understand what the incentive is for them to be honest, forthright, and properly pay back the tax payers when they can so easily hide the money about. They can do anything they want under the guise of 'well if we told you it could sower the markets.' It's not like they've earned enough of my trust to where I am OK with that. In fact I feel pretty well validated in thinking they will take every advantage of the position that they can. When we have CEO's previously blind to the complex inner actions of their own employees, whom have received no punishments, and are still rewarded to retain their 'leet skillz' I just don't understand how we can expect not to get screwed by this since little about that structure has changed. I doubt the banks themselves even understand what is happening with the money.
You must be logged in to comment. Log in or connect with
