With breathtaking, yet unsurprising, arrogance, 21 banks who received more than $1 billion in bailout money refused to tell The Associated Press…
How much has been spent?
What was it spent on?
How much is being held in savings?
What’s the plan for the rest?
All we do know for sure is that the top 600 executives spread among the 116 banks who have received some money so far raked in $1.6 billion in salaries, bonuses, and whatever other perks they could grab in 2007, the year leading up to the current mess.
The same questions should be posed to those guys about their personal finances. If they can’t answer every one in detail, they have no business running a bank.
The banks claim these jerks need big bucks to reward their crackerjack judgment and keep them motivated.
Are they kidding? We’re talking about the judgment that sent them begging to Congress for a handout because they blew the assets they had like drunken gamblers in Vegas.
Any bank accepting taxpayer money that can’t account for it obviously has a glaring lack of oversight at the highest levels. Those executives — and the boards who picked them — should all be fired. Immediately.
Banking and insurance are two industries that collect cold, hard cash from consumers while providing precious few tangibles — often nothing, in insurance’s case — in return. When imposing higher interest rates and premiums and bogus fees failed to satisfy them, they brazenly robbed American taxpayers of $350 billion — so far.
Let’s hope Congress has the sense to slam the till shut on their fingers until these thieves get their greed under control and offer ways to get the U.S. out of the deep hole they helped to dig.