You turn to us for voices you won't hear anywhere else.

Sign up for Democracy Now!'s Daily Digest to get our latest headlines and stories delivered to your inbox every day.

Bailed-Out Banks Can’t Account for Gov’t Funds

HeadlineDec 23, 2008

The Associated Press has revealed that many of the nation’s largest banks are claiming they can’t track how they’re using the billions of dollars they have received in aid from US taxpayers. The Associated Press contacted twenty-one 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. When Congress approved the massive bailout, it attached nearly no strings to the money, and the Treasury Department never asked the banks how it would be spent.

The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to democracynow.org. Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.

Non-commercial news needs your support

We rely on contributions from our viewers and listeners to do our work.
Please do your part today.
Make a donation
Top