For: Matt Apuzzo (*)
His clients demand any bank before giving them money that they say to them in what the loan will be invested, but that apparently is not applied to the proper banks of the United States that there received thousands of million dollars of the American taxpayers as part of a gigantic plan of rescue.
The principal banks of the country say that they cannot determine with accuracy how they are investing the money or simply they refuse to speak about the topic.
The banking JPMorgan Chase received 25.000 million dollars as part of the plan of rescue.
Is here the answer of Thomas Kelly, one of his spokesmen: "We give part of the money. We do not give part of the money. We are not offering any dear of how we are doing it. We have not revealed that to the public. We refuse to do it".
The Associated Press got in touch with executives of 21 banks that received at least 1.000 millions of dollars in money of the taxpayer and it formulated four questions: How much money has been spent? In what did it wear out? How much is retained in saving accounts? Which is the plan for the rest?
None of the consulted banks offered specific answers.
SunTrust Banks Incorporated, from Atlanta, Georgia, received 3.500 million dollars in money of the taxpayers. This is the answer of Barrly Koling, spokesman of the institution: "We are not providing a pursuit of dollar for dollar" of the loan.
In some cases, the banks simply ignore where the money went to stop.
Regions Financial Corporation, a company of Birmingham, Alabama, received another 3.500 million dollars of the plan of rescue. His spokesman, Tim Deighton, told that the institution is not giving him pursuit to the money.
" We administer our capital in his set", he argued Deighton.
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The answers underline the secret that surrounds the rescue program for 700.000 million dollars. The department of the Treasure has been using the money to buy actions in North American banks. The hope was that the sudden cash influence was allowing the banks to begin to give money.
Pressed by the government of the president George W. Bush so that they were approving with rapidity the rescue plan, the legislators practically did not establish any obligation so that the banks realized the received money.
Neither are sanctions if the banks, instead of giving money, use it to deliver large bonuses to his executives or to buy other banks.
" It turns out to be completely appropriate that the village of the United States knows how they are using his dollars in the private sector", indicated Elizabeth Warren, who presides at a committee created by the Congress to supervise the plan of rescue of the financial institutions.
At least for the time being, there is no yet way of which the taxpayers develen the secret.
" It is a question of legitimate questions that should have been answered from the first day", supported the republican representative Scott Garrett, member of the commission of financial services of the Lower House, that was opposed to the rescue plan.: "Where will this money go to stop? How will it be worn-out? When will we obtain records of that?".
Practically every bank interrogated by AP, included the Citibank and the Bank of America, two of the principal recipients of the money of the plan of rescue, answered with generic declarations offered by his chiefs of public relations.
These financial institutions told that the money was being used to strengthen his accounts and so that they should do loans in order to attenuate the credit crisis. In no case they offered concrete information.
(*) The Associated Press
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