Bailed Out Banks Set To Appear Before Congress

February 11, 2009

US (ChattahBox) – After Obama’s promise for greater transparency in the way taxpayer dollars are appropriated, the banks who have received bailouts will be going before Congress to explain how it was, and is being, spent.

Set to head the hearings is Rep. Barney Frank (D-Mass), a prospect that anyone familiar with his short fuse temper, and angry tangents will greatly look forward to (not).

“This will be great political theatre,” commented Jaret Seiberg, an analyst with the Stanford Group.

So far, a lack of any oversight has allowed these bankers to receive over $100 billion in taxpayer money, and spend it without any explanation, but that is, according to members of the House committee, at an end.

Set to speak are:

  • Vikram Pandit of Citigroup ($45 billion)
  • Jamie Dimon of JP Morgan Chase ($25 billion)
  • Kenneth Lewis of Bank of America ( $45 billion)
  • Lloyd Blankfein of Goldman Sachs ($10 billion)
  • John Mack of Morgan Stanley ($10 billion)
  • Robert Kelly of Bank of New York Mellon Corp ($3 billion)
  • Ronald Logue of State Street ($3 billion)
  • John Stumpf of Wells Fargo ($25 billion)

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