Tuesday, December 23, 2008

Go Go Wall Street!

Just in case it wasn't enough to give taxpayer money to Wall Street executives in the form of 1.6 billion dollars in bonuses (since they've done such a bang-up job), the banks have decided that they don't even have to tell us where the rest of the bailout money went.

The Associated Press contacted 21 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.

One more time, for those who missed the lesson: if you're starving and your kids can't afford to go to school, money from the government is welfare and therefore bad. If you're costing your investors millions and taking home millions more in bonuses, money from the government is a "bailout" and therefore not only good, but necessary.


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