According to an Associated Press article, “Where’d the bailout money go? Shhhh, it’s a secret” (Matt Apuzzo, December 22, 2008), after 21 banks that received at least $1 billion in bail out money were asked how the money is being spent, “none of the banks provided specific answers.” Like I assume most of you might feel, I find this simply amazing.
Chase bank’s answer, as reported in the article, was simply a gem: “We have not disclosed that to the public. We’re declining to.”
In light of the fact that its January 2, 2009, and account holder’s new terms (%5 minimum payment on large, plus a $10 ”finance charge” on what had been promoted as “fixed rate” for the life of the balance accounts) are now, officially, in effect (with no “opt out” – Chase lied to Congress), the answer given really makes me hope that Professor Elizabeth Warren’s Congressional Oversight Committee grills Chase executives and brings their shenanigans to the top of our national conversation. Of course, now that we know that Chase is willing to answer relevant questions with either misrepresentations (or no answer whatsoever), I’m sure that whatever it is they do say will be interesting.
As I indicated in my earlier post, I do think we should close the “bail out” account that we just opened for Chase, right now. If there was any justice or efficiency in this world we’d be able to turn around Chase’s smug disposition with a reply: The public wants its money bank. We’re declining to let you keep it.
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on Jan 5th, 2009 at 8:24 am
[...] profits, this is not leadership, Mr. Smith. Taking bail out money from taxpayers and then refusing to account for that money, is not leadership, Mr. Smith. Lying to Congress about supposedly providing “opt [...]
on Jan 28th, 2009 at 10:06 pm
[...] deliver a formal apology. Living up to promotional claims, now that is leadership, Mr. Smith. Accounting for taxpayers’ bail out money, is leadership, Mr. Smith. Apologizing to Congress on behalf of Chase Card [...]
on Feb 1st, 2009 at 5:47 pm
[...] leave the $25 billion dollars in bail out money that Chase has received (which it won’t account for), and its spending spree buying other banking assets like Washington Mutual on the table for a [...]
on Mar 8th, 2009 at 2:00 pm
[...] card companies is misguided, ineffective, and corrupt. Since all Americans are now in effect, part owner-investors in these card companies, we also feel that we have every right to criticize [...]
on Aug 24th, 2009 at 5:00 pm
I can tell you that they must have used part of it as the free 100.00 bonus they are giving out to people who open a new checking account,and unlike most offers of it’s kind you do not need direct deposit, also they are offering a 3% cash back on purchases made with the debit card. I opened an account to get the gift but I get a very bad feeling from this bank, and had a very unpleasant encounter with the bankers at the Newport NJ location, they made me wait for a long time to do something very simple, while they had 2 workers sitting 1 desk each. The Branch Manager at this loaction was extremely rude to me and I would not be surprized if they go down eventually even with thier bailout. Morgan Stanly are evil, they among other companies profited from 9/11 by purchasing put options, http://911research.wtc7.net/sept11/stockputs.html
I intend to remove my money when the 6 month period ends and I suggest you do also.