Where'd the bailout money go? Shhhh, it's a secret
It's something any bank would demand to know before handing out a loan: Where's the money going?
But after receiving billions in aid from U.S. taxpayers, the nation's largest banks say they can't track exactly how they're spending the money or they simply refuse to discuss it.
"We've lent some of it. We've not lent some of it. We've not given any accounting of, 'Here's how we're doing it,'" said Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money. "We have not disclosed that to the public. We're declining to."
"In any moment of decision the best thing you can do is the
right thing, the next best thing is the wrong thing, and the
worst thing you can do is nothing. After all, if we do the
wrong thing, at least we can learn."