Who Is Minding The Store?

As you are aware, the Brain Trust (oxymoron) in Washington voted to allocate $700 billion for the relief of the financial crisis. These political leaders deemed it fit to immediately dole out $350 billion and give the other $350 billion out down the road.

Henry Paulson, the Wise Old Owl, urged the President to push this with all of the backing he could muster. The Big Bad Wolf Mr. Bush said you must do this or else the country will fall into disrepair and the economy will collapse.

Each week, since this massive bailout was passed in October, the Feds continue to change the rules of how the money is spent. Now, at the end of December, the major banks have produced reports on the use of the funds.

The emergency bailout provided JPMorgan Chase with a hefty $25 billion. In a recent Associated Press article, Thomas Kelly, a spokesperson for JPMorgan, stated, “We’ve lent some of it. We’ve not give any accounting of, ‘Here’s how we’re doing it.’”

He added, “We’ve not disclosed that to the public. We’re declining to.”

A representative from Sun Trust Banks in Atlanta stated, “We're not providing dollar in, dollar out tracking.” The corporation was awarded $3.5 billion.

Regions Financial, which received $3.5 billion, exclaimed, “We manage our capital in its aggregate.” These words were undoubtedly crafted by a Harvard M.B.A.

A total of 21 financial institutions, each granted a minimum of $1 billion, were asked by the Associated Press four basic questions: How much was spent? What was it spent on? How much is being held in savings? What’s the plan for the rest? The majority of institutions questioned immediately provided stock answers carefully prepared by their public relations departments.

Enough quoting the Associated Press, you can read the article. What they should have asked, but are afraid of the answers, is how much went to the corporate officers? How much went to the principle preferred stock holders? Also, how much went right back into the pockets of the morons who gave it to them in the first place?

When the financial institutions are squandering money like water, then it's perfectly okay to use $17 billion off the top for the auto industrys"Bridge Loan".When it all comes down on March 31, the automobile heads will be right back on the hill asking for another"Bridge Loan”.The sad aspect, is that they still will not have a viable plan to resurrect the industry in America.

It does not take a doctorate in finance to know that when you toss around that kind of money, nobody can control the spending or flow of bushels of $100 bills. This should be enough to motivate, every hard working tax payer in America, to impeach all politicians and jail the crooked bank officials involved in this debacle.

Where is the COMMON SENSE?

Blood Vessels Bursting