We’ve forked over $750 billion to bankers so that they can buy other banks, pay themselves nice salaries and attend conferences in sunny climes where they gloat over our stupidity and their greed.
Most of the banks that received the money are far smaller than behemoths like Citigroup or Bank of America. A review of investor presentations and conference calls by executives of some two dozen banks around the country found that few cited lending as a priority. An overwhelming majority saw the bailout program as a no-strings-attached windfall that could be used to pay down debt, acquire other businesses or invest for the future.
I can hardly wait to see what the next trillion goes to.