Banks Take the Bailout Money and Run

By Fred

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.

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4 Responses to Banks Take the Bailout Money and Run

  1. Adele says:

    Too true Fred. I see you’re the financial reporter at Cats Working. I guess it’s not surprising, given your interest in horse racing.

    Alice and I wanted to make sure we wished all of you and Karen a very Merry Christmas. Alice wonders whether you shop for Karen. When she wants to buy a gift for other people (or cats) she has me pick it up or order it online, but without a personal shopper, she can’t figure out how to surprise me if she has to ask me to buy myself a gift. Also, her savings, like everyone else’s, are dwindling.

  2. catsworking says:

    Adele, Karen has been prowling around with the camera again in preparation for a special Christmas greeting from Cats Working.

    When it comes to gifts, I don’t want to give away any secrets prematurely, so let’s just say we take care of each other around here. There’s a nice little basket of gifts on the hearth right now. Yul has hardly been able to keep his mitts off them and has already ripped off a few bows, in hopes something “accidentally” unwraps itself.

    As senior cat around here, the financial beat fell to me because Yul and Adele didn’t have much interest. They think kitty litter and treats grow on trees.

  3. Deb says:

    I heard this reported this morning on one of the news shows. Da…did anyone think of providing some rules to this financial bailout? Oh…Bush didn’t think of that.

  4. catsworking says:

    I don’t blame Bush entirely for this. He had LOTS of help.

    The banks did a great job (much better than the Big Three) of scaring Congress, helped by all the greedy Wall Street knuckleheads trading like crazy to grab whatever profits they could without a thought about leaving the world economy in a shambles. With $350 billion down the toilet, maybe Congress will grow some balls and hold the true architects of this disaster (the executives who have made out like bandits) accountable. The jails should be full of those guys.

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