February 3, 2009

Banks Getting the Message

Our Money is Not To Be Misused

The first TARP distribution of more than 350 billion dollars was used to provide bonus's and for mergers and acquisitions. That and the outrage over 20 billion in bonus money handed out to Merill Lynch execs seems to have finally gotten through to the people who have broken just about everything.

via cbsmarketwatch.com: Citigroup Inc. unveiled plans for using $36.5 billion of the $45 billion it received in government investment recently, saying the lion's share will go to residential mortgage lending.

In addition to the mortgage lending, Citi said it would use $2.50 billion for personal and business loans, $1 billion for student loans, $5.8 billion for credit card lending and $1.5 billion for corporate loans

We can demand these institutions use our money properly or face serious consequences. Whats shameful is that these are not criminal events and so people like this cannot be prosecuted.

Thanks for Reading

Howard Bell


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