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Bailout!
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<blockquote data-quote="perda04" data-source="post: 629422" data-attributes="member: 2348"><p>$176 BN made no noticable difference.</p><p></p><p><a href="http://news.yahoo.com/s/nm/20090211/bs_nm/us_newusn_4" target="_blank">Wall Street CEOs feel the rage in Washington</a></p><p></p><p>WASHINGTON (Reuters) – Wall Street bank executives felt the rage of Democrats and Republicans in the U.S. Congress on Wednesday over how they used $176 billion in bailout money without making a noticeable impact on the anemic economy.</p><p></p><p>Lawmakers seized the opportunity presented by a congressional committee hearing on the troubled bailout program to grill eight bank CEOs and vent rising public anger over the economic crisis.</p><p></p><p>Questions abound about what the banks have done with the money, given an ongoing credit crisis that has added to the country's deteriorating economy. The hearing came a day after Treasury Secretary Timothy Geithner failed to inspire market confidence over the government's financial bailout plans and sent stock markets plunging.</p><p></p><p>Democratic Rep. Barney Frank, chairman of the House of Representatives Financial Services Committee, set the tone for the hearing by telling the CEOs they need to understand Americans' anger and frustration and cooperate with lawmakers willingly, "not grudgingly, not doing the minimum."</p><p></p><p>"I want to know where the money has gone," said Democratic Rep. Paul Kanjorski of Pennsylvania. He told the executives that if their banks did not use the money, "Please find a way to return that money before you leave town."</p></blockquote><p></p>
[QUOTE="perda04, post: 629422, member: 2348"] $176 BN made no noticable difference. [url=http://news.yahoo.com/s/nm/20090211/bs_nm/us_newusn_4]Wall Street CEOs feel the rage in Washington[/url] WASHINGTON (Reuters) – Wall Street bank executives felt the rage of Democrats and Republicans in the U.S. Congress on Wednesday over how they used $176 billion in bailout money without making a noticeable impact on the anemic economy. Lawmakers seized the opportunity presented by a congressional committee hearing on the troubled bailout program to grill eight bank CEOs and vent rising public anger over the economic crisis. Questions abound about what the banks have done with the money, given an ongoing credit crisis that has added to the country's deteriorating economy. The hearing came a day after Treasury Secretary Timothy Geithner failed to inspire market confidence over the government's financial bailout plans and sent stock markets plunging. Democratic Rep. Barney Frank, chairman of the House of Representatives Financial Services Committee, set the tone for the hearing by telling the CEOs they need to understand Americans' anger and frustration and cooperate with lawmakers willingly, "not grudgingly, not doing the minimum." "I want to know where the money has gone," said Democratic Rep. Paul Kanjorski of Pennsylvania. He told the executives that if their banks did not use the money, "Please find a way to return that money before you leave town." [/QUOTE]
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