Bank comes forward after criticism
Citigroup Center in New York
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Several weeks ago, a congressional watchdog panel came down hard on the Treasury for its use of the first $350 billion in bailout money. The panel accused the Treasury of not keeping track of how banks were using the money. One bank has taken matters into its own hands, and has issued a report on how it spent its share of the Troubled Asset Relief Program funds.
To read about the congressional panel’s criticism, check out this article by your online payday loan store.
Citigroup issues quarterly progress report
Citigroup received $45 billion in bailout money from the Bush administration last year. The bank’s quarterly report reveals that it used $36.5 billion in TARP funds for home loans and various other loans, including $1 billion in student loans and $2.5 billion for business and personal loans.
The bank used $27.5 billion to help stabilize the housing market. It spent most of it purchasing mortgages, and about $8.2 billion went to giving new home loans to customers with good credit. A survey published this week says lending at most banks is still pretty tight, even with government aid.
More banks to follow suit
Bank of America says it will also include its TARP spending when it files its quarterly reports. B of A received $45 billion in bailout money. There is no word on when the bank will file its reports.
Wells Fargo has not filed a full report of its fourth quarter activity. However, the bank has said that it “paid a $371.5 million quarterly dividend to the U.S. Treasury in exchange for the $25 billion that the Treasury Department invested in the bank last fall,” according to CNN Money.
Check back with your online payday loan store for more financial news.
As long as taxpayers foot the bill for these banks, there’s a problem. You see, shareholders benefit from increased dividends, but the taxpayers get NOTHING for their money. That’s a criminal act against the American people that President Obama has done nothing to rectify so far.
vkingston is absolutely right – and there should be a repayment clause in the bailouts, where the banks are obligated to fork over half of all profits until the bailout is paid back. When I pay my taxes, enriching these kind of people are not what I have in mind. I have in mind that the tax dollars I provide to my government is going to be put to use in a way that benefits the people, and by that I mean average Americans – not the super wealthy. But at least they’re coming clean with spending it on what they were supposed to.
Despite the good these banking lords are trying to proclaim, I think the first half of the bailout money went directly to drunken bums. It was an absolute waste! And keep it down on your corner, Sir Citigroup. Don’t think the people have forgotten about your little spending spree on the dollars we’ve sweat. Come to think of it, I think I deserve a free trip to Hawaii on your $50 million private jet. I ‘am’ part of the taxpayer group that you screwed.