Tuesday, December 23, 2008

So How Many Banks Have Restored Lines of Credit Since the Government Bailed Their Bankrupt Hineys Out?

The $850 billion question being asked of the major banks who took the government bailout is this: what did you do with the money, and why aren't you loaning money to your customers that the money was intended for?

Of the 210 banks who took the bailouts, how many have restored lines of credit to their customers?

Not many. They aren't answering questions as to where the money went, have reduced or eliminated lines of credit to their customers, and have paid out "golden parachutes" (bonuses) to their executives, despite claiming that they wouldn't do so.

If the banks aren't more forthcoming in what they've done with the money, then those loans should be revoked and the banks seized.

They cannot do what they've done and then pretend that they owe the taxpayers nothing. That won't fly.

This is just more proof that the sheer size of the bailout was a huge mistake, isn't working and is in desperate need of fixing.

No comments: