Where'd the bailout money go?

[Jam]

This is unbelievable! I realize that by now I shouldn't be surprised by such statements, but it still makes my blood boil.

http://www.chicagotribune.com/news/p...,7107103.story

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,'

"We're choosing not to disclose that," said Kevin Heine, spokesman for Bank of New York Mellon, which received about $3 billion.

[Sharky]

Re: Where'd the bailout money go?

I suspect that most of the bailout money is going to simply offset losses from bad loans, thereby shoring up the bank's balance sheets.

Announcing that fact would probably undermine public faith in the banks.

[skurla2000]

Re: Where'd the bailout money go?

I believe that the answer is T-bills. Watch for my new thread where I am going to ask EJ what he thinks about this.

[GRG55]

Re: Where'd the bailout money go?

This is unbelievable! I realize that by now I shouldn't be surprised by such statements, but it still makes my blood boil.

http://www.chicagotribune.com/news/p...,7107103.story

It's probably way, way worse than anybody imagines...

Here is one redeployment of bailout money [the statement that BOC had the funds and it was not taxpayer funds is disingenous to say the least, given they got $15 B directly and another $10B when they "saved" Merrill]...

Bank of America to Pay $7 Billion to Double CCB Stake

Nov. 18 (Bloomberg) -- Bank of America Corp. will pay $7 billion to almost double its stake in China Construction Bank Corp., adding to the purchase of Merrill Lynch & Co. even as it cuts jobs and gets government bailout funds...

...``This is falling closely on the heels of their receiving TARP money, which was intended to spur lending in the U.S. or have bigger, stronger banks buy the failing banks,'' said Jaime Peters, an analyst at Morningstar Inc. in Chicago. ``But neither of these things is happening.'' ...