Mar 18, 2018

Where'd the bailout money go?

Published Dec 26, 2008, 5:20pm
Where'd the bailout money go? Shhhh, it's a secret

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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."

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