12.23.08
Show me the money! Banks: “No!”
It’s bad enough that they don’t want to say how they’re spending our money some of them don’t even know:
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 SunTrust Banks (STI), which got $3.5 billion.
Some said they simply didn’t know where it was going. “We manage our capital in its aggregate,” said Regions Financial (RF) spokesman Tim Deighton, who said the bank is not tracking how it is spending the $3.5 billion it received as part of the bailout.
What, did they just think it was a Christmas present from the taxpayers?
Where’d the bailout money go? Banks aren’t saying – USATODAY.com.
