Defaulting banks - where will it stop?

[Peter Lemkin]

The Associated Press has revealed that many of the nation’s largest banks are claiming they can’t track how they’re using the billions of dollars they have received in aid from US taxpayers. The Associated Press contacted twenty-one 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. When Congress approved the massive bailout, it attached nearly no strings to the money, and the Treasury Department never asked the banks how it would be spent.