CNN

Lots of morons on this post blasting the CEO's.

I hope you are not looking for a job.

The problem is Barney and the Dems, but we can't say that, probably can't post that either.

CNN post this

Congress is using the bank execs as an evil to distract people from their own incompetence and failure.

The money given to the banks wasnt only to encourage them to lend but to shore up their capital positions. Congress and the executive branch knew exactly what the banks would do with the money.

People give far to much credibiltity to the press, which just parrots what they are told by sources in the government. How about a little intelligence from the press corps? Maybe its too much to expect from a journalist that they actually know something about which they report...

Sniffit February 11th, 2009 9:59 am ET

Just switch these CEOs with Michael Phelps in his now-famous picture and stick the first $350B in TARP money in the bong instead of the weed. That's what's went on when the Bush administration failed to supervise and place conditions on the TARP money.
_____________________________________________________
Also the democratic congress!

Sniffit February 11th, 2009 10:00 am ET

@ Capt. Smash

Get used to it…the blithering idiots in the GOP are so mad that the country told them to go eff themselves on November 4, 2008 that they'll blame the next hurricane on a Obama fart.
___________________________________________________
Why not, everything was Bush's fault.

Your legislators voted to give out the money without any restrictions.

If you voted to reelect those legislators,
this is YOUR fault.

How about the gov. just start their own bank with our tax money and start loaning out to us the people. I think this would start to turn the economy around overnight. We would save a lot just on CEO bonuses. Let the private banks fend for themselves like the free market intended. Those that can pull out of the mess they put themselves in good;other wise goodbye. If the private banks had to compete with a Nation Bank maybe they would rein in their bonuses and other excesses.

Listen up ! Listen up!!.....

Take my words, After 1 year all this Bail-Out Money would be gone.
These banks will asking for more and more, because:
1. The Operating Costs of these Banks are more than their earnings.
2. These Banks are Unregulated, they make their own Lending
Rules, and they know how to Short Cut Government Regulations.
3. Their Banking transactions are not Audited by Independent
Agency / Govt.
4. These Banks fool the Public, because the Public is Needy, Lacks
Awareness and are Innocent.
5. The Banking Laws do not have Sharp Teeth to Punish for
Corruption.
6. These Banks Spend excessive money on Advertisement and
Promotion, which is a waste and counter productive, because, this
money is squeezed out of hard pressed business, who are not
benefitted.
7. These Banks Lend and Spend, which dead money, because it
does not generate economy, manufacturing, exports. This money
is spent mostly on Luxury and Entertainment.
8. These Banks are like Termites that are Eating up our Economy.

God Save our Economy from these Banks.

I'll bet we can find some smart, experienced CEOs in India who would manage our corporations from Asia as telecommuters. They would work for less pay I'm sure and I have a feeling that they would do just as good a job. And, we don't have to provide fancy CEO perks like health insurance, private jets, "seminars" in luxury hotels, and $15,000 Persian carpets in their offices.

What have we got to lose by trying?

Look up "tapeworm syndrome",if you really want to know where the money is going.

Think about this bailout...the American taxpayer should get a good hunk of our money now!! Don't those politician realize who needs it more because without taxpayers who would pay their huge paychecks and unreal retirement funds, they don't have to worry about the money. If the taxpayers have no money, no job, no home and no food who will bailout those rich political thieves then? I'm sick of them telling us how they want us to live and wait to see if the money they spend so freely gets back to the taxpayers who should have been paid something first.! After all it is OUR money! We are the stimulating part of all that happens. To me, this is just another way for our government getting control us by lowering our standard of living enough so we will take anything and everything they hand us. They in Washington should get pay cuts, as long as this recession is hurting the American taxpayer, they don't need cost of living raises because most taxpayer don't get any raises let alone cost of living raise. We are now hurting so bad we don't know if we will be living on the street next...its not too far away if our jobs don't start coming back soon! Oh and they need to stop NAFTA now!!

WHY is Barney not in jail????

Anonymous February 11th, 2009 10:25 am ET

Capt. Smash February 11th, 2009 9:13 am ET

The stimulus package is a good thing that will bring more money into the market place and create jobs! The people that get these jobs will buy homes, products, goods and services. That will create more jobs and more jobs and so on.

That statement proves you probably do even know what's in it. Looser
______________________________________________________

Don’t mock someone's knowledge when you can’t even spell loser right!

The US Congress is a joke.

Barney Frank is a lousy congressman. He is more worried about diddling his interns than he is about fixing the problem he caused.

It is very easy for him to blame the bankers. He allowed the bankers to do it. This whole collapse has been coming since the Clinton years. Barney refused to fix it. His cronies at Fannie Mae and Freddie Mac made the money.

Barney
What do you know about Banking? We need to get someone in Congress that understands banking. It is time to set term limits for these guys in Congress.

Barney Fife Frank needs to defend himself. He and Chris Dodd refused to regulate the mortgage industry. They forced banks to allow people with 540 credit scores to get loans.

The entire collapse is Barney Franks fault.

A $500,000 compensation cap for these larcenists is way too high. These CEO's should work for $1 per year until all the government money is repaid.

1. How are the banks calculating a "loss" on home mortgages??
the banks collected interest for many years when the mortgage payments were being made and the banks collected costs from loan processing...where's the loss???

2. Since many people are not spending but are saving (putting their money into saving accounts), what are the banks doing with the money in savings accounts since the banks are not lending the money???

thank you

We have to be sure that this bailout isn't too top heavy. It doesn't matter how much money the big wigs start dishing out if there's no steady market to support the cash flow.

Barney Franks, Dodds, Waters, Meeks, Clay and Davis...... should be removed from their jobs.... just like Blagovich. They are responsible and we are suppose to trust them now.

Google .... 2004 Congressional Hearing Fannie Mae and Freddie
In their own words.... tanked this economy.... they knew in 2004.

Kimberly, you are the joke! You remark that Paulson gave away the money, read the other comments, the people are talking about who caused the problem, BARNEY FRANK and his cronies. You are a left wing nut! Thank God the entire Democratic party is not made up of people like you.

that mustache is actually chocolate residue from the box of Lindt he had prior to this meeting

Fire all these idiots if we are bailing them out, the American people should have ownership over the banks.

This is simply free advertising for bankers to say how great they are and helping our nation AKA complete bullstuff!!!

Every single penny that Barney Frank owns should be seized and given back to the taxpayers!

What's there to defend? Personal aggrandisement over public good? They all ought to be ashamed of themselves for continuing to live a high life at public expense while the vast majority of Americans suffer.

Those crooks should be Made to PAY BACK THAT MONEY!

barney Franks, the man who single handedly cause this financial crisis has the nerve to to stick his head out and complain, he should be in prison with cris dodd and fritz shumer.

Barney Frank is one disgusting individual. Please refrain from posting any photo of him.

What a Merry Band of Thieves-Starting with the biggest one of all FRANK!

Where is the OUTRAGE?

Why aren't these Thieves behind Bars?

Could it be that our new Prez is the leader?

Thain should have his head stuck in his $30,000 toilet while it gets flushed...after he's beaten silly in an alley.

What part of "Get a rope!" is inappropriate here? Accountability continues to be non-existant in the Bush-mentality era. Mr. Obama needs to send a few of these leeches to jail for a very long time. They are crooks, liars and worse. Why should they be giving out bonuses, going off on luxury trips and drawing huge salaries while their businesses are going under? They want taxpayer monies? Then they operate under the dictates of the taxpayers.

Interesting points. Is it anyone's buisness how they use the money, so long as it gets paid back? Well, look at standard lending practices and see what the facts say.

If I get a buisness loan, chances are that not only do I have to show that I can make the payments, but I have to show my books to prove that I can and currently am turning a profit. Now, the bank can't tell me how to run my buisness, but they can call in that loan whenever if things aren't going well.

I guess I can see where folk might get upset, but I also believe that they can spend the money on whatever, just so long as the loan is paid off.

As far as the lending fears go, that is a bunch of BS. I'll tell you this much, show me a bank that is scared to lend and I'll bet you his competitor will. And if there is no one out there willing to loan money, I say start a temporary national bank that lends at a flat rate. You'll see a return the likes of which will MAKE these banks get their acts together.

You people blasting the CEO's need to get your priorities straight–the senators grilling them do nothing but steal your money-and you want THEM to cuff the CEO"S? By the way, Obama is the senator's boss–not the other way around–so please stop saying he is an innocent vivtim–Theater ofthe absurd–crooks interrogating cheats.

Sniffit February 11th, 2009 10:09 am ET

. . . They are BANKS. They are in teh business of lending money . . .
---------–
They're also in business to get their loans paid back. See the problem?

More than 1 bank has already tried to pay back the TARP money, the only problem is that Geithner and the democrats won't let them. The demopcrats want the power, not the money.

What's really ashame is these CEO's are getting this money, it's being broadcast on the news and none of them are being arrested for stealing. Why cant criminal charges be bought against all of the people who got our money and used it for their own good?

Kimberly February 11th, 2009 10:15 am ET Gee, it must be nice in your la-la world. Back around 2005 or so, while you were probably trying your best to be Paris Hilton's wannabe BFF, people like Frank, Dodd, Schumer, and Waters were letting Fannie and Freddie get away with murder. THEY were the ones who let F & F run wild. And then, when the tower crumbled, they turned around and blamed Bush. And idiots like you believed them.

2011 – New, Republican led Congress
2013 – New, Rupublican President
Real Change

Yes we can? – NO YOU COULDN'T

I'm certainly not a big fan of government intervention in private business, but as a small manufacturing business owner who just this month was given a $100,000 loan for equipment expansion from Wells Fargo when two other banks I do business with turned me away, I want to put one good note out there for them. They are helping us to create a couple more jobs now and hopefully many more later. Thank you, Wells Fargo for your support.

The Issue is the banks have not lent money as they should. The CEOs should be made to defend what they are doing with the dollars given to them. Restrictions and monetary payback must be taken with the banks. If this is done, then more money will begin to circulate within the economy.

I just love the way CNN cuts off comments about this gruesome bunch of democrats–Pelosi, Frank, Dodd and Reid. Thanks alot CNN for being the station of liberals–no wonder you are losing viewers!

Why is Barney Frank still employed? I recall watching a youtube video of Barney Rubble from 2004 believing Fannie-Mae and Freddie-Mac were doing fine and the Republicans were exaggerating the problems. Oops.

These people claim that they have not used the bailout money for perks or lobbying, but what difference does it make if you take non bailout money to pay perks or lobbying but replace the used money with bailout money. It is the same result. Bush the Son did not want accountability and is there no accountability.

crusty old barney frank and his band of robbers are grilling the banks ,,, excuse me they are the one who got us in this mess to begin with

ABC News > Feb 2nd, 2009 >

Bailed-out Bank of America spent $10 million on Super Bowl party.»

Just weeks ago, the federal government extended $20 billion to Bank of America to keep it afloat. The bank refused to tell ABC News how much it is spending as an NFL corporate sponsor, but insiders have put the figure at close to $10 million. >>

THIS IS OPEN AND SHAMELESS CORRUPTION

THIS IS A CRIME TO MISUSE PUBLIC MONEY

I really like Obama, sounds like he's really FOR the people, OF the People, that's what we elect these people for.....But those clowns that he has to work with....well, I can't say a good thing about them, so I won't say anything, I guess....But, the thing is this: The people Elected them, they just didn't get into office by theirselves !

Capt. Smash February 11th, 2009 9:13 am ET

The stimulus package is a good thing that will bring more money into the market place and create jobs! The people that get these jobs will buy homes, products, goods and services. That will create more jobs and more jobs and so on.

That statement proves you probably do even know what's in it. Looser

FIRE THEM

Pretty funny that Barney Frank, who is one of the ringleaders of the mortgage mess, is grilling bankers. Barney Frank needs to be grilled on how he forced banks to make loans to low income families who could never afford them. He also needs to explain why he fought the Bush Administration, who wanted to tighten regulation on Freddy and Fannie Mac more thna 2 years ago. His contributiions from Freddy and Fannie Mac need to see the light of day too.

I can't believe my ears. In my entire life I have never been paid one dime for failure. Yet, we are seeing CEO's of companies paying theirselves outrageous sums of monies in bonuses and perks, when their companies are failing.

Perhaps, this money could be used to re-employ some of the thousands laid off during this economical crises. That thought probably never crossed the CEO mind set. I am outraged and congress should not pay one more dollar to companies who's CEO's are receiving anything for their falure. Instead they should demand the removal of that CEO.

When do "We The People" get to grill Barney Frank and his band of thieves for the collapse of Fannie and Freddie???

the only way the government can help our economy is to give every TAXPAYER enough money to pay off their debt, then money will be back in the economy where it belongs, NOT IN SOME CEO'S SWISS BANK, IF YOU CAN GIVE IT TO THEM, WHY NOT TO THE PEOPLE WHO SO DESPERATLY NEED IT, WHAT'S THE DIFFERENCE, HELP IS HELP NOT SOCIALISM.

They took the money under false pretenses. They used the money to buy up smaller banks and widen there monopoly. The Senator recieved kickback and the Fat Cat fired the American Employee only to file for more H1 Visa to hire cheap labot to do the jobs that was once done by Americans?

Wake UP!!!! Checks and Balance has gone out the window.

No Regulation is what McCain and Bush Offered let get this right.

One One need to serve jail time..

why aren't the feds investigating barnie frank for getting fannie mae and freddie mac into the mess it wound up in? As I understand it, frank made millions out of the deals he propogated.

Barney Frank and his cronies are laughing at all of us, because no one is making them accountable for their actions.

Watcher, you make a good point!! What timing for this dog and pony show. Who cares what Congress says, they still get their money! I will take an 8 hour tongue lashing for 125mil, who wouldn't.

My God people! The money went straight on the books to make last years loss -250B instead of -500B!! Haven't any of you ever run a business? And yet you still think government does better??

Jeeesh! You guys must be related to my mothers side..

Blame Barney Frank???? You right wing nuts are KILLING ME! YOUR PAULSEN is the one that gave the money away. You really need to pay attention before you nuts start pointing fingers at ANY ONE on the left. You people are a joke~

Bonuses for failure – only in a 3rd world company would the gov't use it's citizens tax money to give rich people more money. Shameful. STOP THESE BAILOUTS and help AMERICANS!

now we all know what the CEO's did with our tax money – they gave themselves huge bonuses. Why give them more of our money? Give US the money and we'll jumpstart the economy.

WoW ! after reading practically all of these comments on here, I
can't hardly blame the people that are ticked off at this whole thing....

I typically read the "Intelligent Posts" ( not the "one liners" that are lewde / crude / rude ) Those are the people with the most common sense, of course)

First– If you are running a solid business, then you should have been able to tell congress what you needed the money before it was approved. Under the Bush administration, you knew you did not have too.

Second–Just tell the truth that you used it to pay off the debt you owe because of those unsecure worthless finanicial paper you sold to foreign investors. You really did try to sell the Brooklyn Bridge.

Do you think Barney is going to tell the truth? If anyone gives him more money they are out of their minds. He needs to go bye bye.

From Webster's:

"initiative – 1. an introductory step"

"action – 5. a thing done"

See the problem? They are BANKS. They are in teh business of lending money. They don't need "initiatives" to take capital and turn it into loans. They can just do it. This is just a buttload of double-speak from people who are trying to save themselves from Webster's placing their picture next to "pariah."

These banking officials are " liars and theives" $18000 for an "area rug"? Etc,etc,etc. They need to be taken out in the street and tarred and feathered. Don't investigate them, give them to us! We will educate them in a way that no other "banking official" pulls this crap on the American public ever again. They need to be taught responsibility, as it is clear they have none.

How can CEOs get bonuses when they have failed in their job.
Anyone failing in their job would usually get no bonuses and would be shown the door or some retraining...

Barney Frank was warned a long time ago that there were problems at Fannie Mae and Freddie Mac. What did he do as head of the senate banking committee he provided political cover for them because they were stuffing his pockets with campaigh contributions. If Barney had done his job we not be bailing out the banks with TARP funds. He should resign.

How are they any different than Congress; they each take kick-backs (lobbyists, bonuses, etc.) and screw the country?

If one man (Madoff) can steal 50 Billion, I wouldnt think that these big banks would be too far behind but on a grander scale. They have been ripping off the public for years. Now, thanks to Bush they got even more of our money without any accountability. I say, let Congress nail their shameless hides to a post. Before they get one more dime, they should tell us how and when it will be spent and how it will benefit the taxpayers giving it to them.

Arrest them as soon as they walk in the Door. Put them in cuffs, Put them all in separate cells, and start putting the pressure on them, get them to tell on each other. These crooks are getting away with the largest heist in the history of mankind and we are holding their hands, and telling them oh poor baby, lock Um up.
Lock up Bernie Madoff and throw away the key. There are thousands of Madoffs out there, why are we not arresting them?
Who stole my savings, my 401K, and my retirement? We should have consequences when crimes are committed? But we will throw Michael Phelps and A-Rod under the bus because they are such a risk to the safety of society?

Is there anyone out there that is keeping their eye on the bouncing ball?
Christopher Dodd has been Committee Chairman of the Banking, Housing & Urban Affairs for almost the last three years. He and Barney Frank laughed at Bush and Greenspan when they came to them to try to get some oversight and yet some would have us believe that this mess is Bush's fault. The facts don't lie.
Now Chrisopher and his buddies, Nancy and Harry and Barney are all there again trying to tell us what they are going to do with our money and at the same time complaining about what the banks did with the last chunk of cash. Why doesn't someone ask them where the oversight was again?

@ 1/20/13

Still got the wrong date there buddy.

@ Capt. Smash

Get used to it...the blithering idiots in the GOP are so mad that the country told them to go eff themselves on November 4, 2008 that they'll blame the next hurricane on a Obama fart.

Great, much need overhaul...much needed transparency!!!

Let's say I have $1 and tell you I need another $1 to save myself from the boogeyman, so you give me $1 with a mark on it. Then I spend the unmarked $1 on a sack of weed. Does it matter that I didn't spend the marked $1 on the weed but devoted it to the boogeyman problem? That's basically what these jerks are saying.

Just switch these CEOs with Michael Phelps in his now-famous picture and stick the first $350B in TARP money in the bong instead of the weed. That's what's went on when the Bush administration failed to supervise and place conditions on the TARP money.

One more question to ask: how many of you, through whatever means, have moved revenues off-shore to avoid taxation in the United States? Now, how many billions of dollars are now off-shore that have not been taxed as they should have been?

Hint: It will be measured in the TRILLIONS, not millions.

How many jobs could have been saved with the money these morons paid themselves for failure??

"While the firm produced a profit of $2.2 billion in 2008, our revenues were down considerably," Blankfein is expected to say, according to prepared testimony. "Compensation across the firm, dictated by our policies and practices, reflected that. End of year bonuses were down on average 65 percent," with more senior members being down "approximately 75 percent."

I'm sorry if this seems like a stupid question or just plain too much common sense embedded in it but why did you get bonuses at all this year if revenues were down?????

In my house, when "revenues" are down (i.e. husband gets laid off) we don't give ourselves a bonus................. we are forced to cut our expenses. DUH!!!!!!!

The question that need to be asked is:

1) Do the American people really need the services and products of the businesses that are being loaned the tax monies of the American citizens?

That implies that are those PRODUCTS AND SERVICES PROVIDING THE BASIC AND ESSENTIAL NEEDS OF THE PEOPLE.

If not then the banks should note that the tax payers money will go down the drain.

Ask the Morgan-Stanley CEO if they used those moneys to buy oil and rent tankers to store the oil off-shore until the price of oil rebounds, costing a rental of $68,000 a day.

I do not care what they say. I care what they do. CEOs, prove to us what you have used the money for. Show us the records of how you spent each and every cent. Your word means nothing to us anymore.

they should all be fired without golden parachutes.... an unconscionable use of bailout money handed over by moron Bush.

Aren't bonuses issued for the goals reached in business success above and beyond the expected? With that in mind, how do any of these CEOs qualify for bonuses?

One of our Members of Congress recently has referred to the TARP as
a TRAP. Just yesterday, another Member of Congress said "that Americans do not care about the pork" in the Stimulus Bill. I would like to see the results of a public poll on that comment; since Americans
are going to have to pay for Trillions, not Billions any more, as updated
versions of the Bill since Sept. of last year, have become excessive in
cost, let alone, not being directly related to stimulating jobs being lost.
President Barack Obama inherited a budgetary deficet from President
Bush, and at the same time he was expected to push an overloaded Congressional Bill, that would make sacrifices on the taxpayers far
greater than he had anticipated, amidst fear of a faltering economy,
and an impending Depression. He has followed through on promises
of new bi-partisanship; but, has not fully been realized the established
political power, that does not support his effort to protect the taxpayers.

I wonder if anyone will point the finger of blame where it properly belongs...right at Barney Frank.

This is a joke and the Bank executives are clowns. They need to lend more to businesses and stop taking excutive bonuses and lavish vacations.

I still do not see how bailing out the financial industy is helping the average American. The government is so eager to give money to business', but certainly not to the common folk. Bush, your little $600 last year did nothing to help me. And Obama's $500 is going to do even less. Guess I shouldn't complain. I am lucky to still have my job. For how much longer I have no clue.

"That's SO unfair!" said John Thain, CEO of failed Merrill Lynch, from the seat of his $35,000 toilet.

(That's the $35,000 toilet paid for with YOUR bailout money.)

Everyone of those crooks should be held accountable. They
are nothing but pathological liars and low-life. They should
be thoroughly investigated and made to pay back any of the
funds used inappropiately.

Open the books and prove it. We'll believe it when we see it you disgusting sacks of corporate crap.

Do you know who is responsible for this entire financial disaster ?? Rep. Barney Frank is chairman of the House Financial Services committee.

Congress is going to rake these banker guys over the coals, just in time to provide distraction from their absurdly bloated stimulus plan. How convenient.

Barney Frank needs to shut the heck up. He is a big part of the bank-mortgage problems.He was in with Freddie and Fnanie the whole time while they were going under. Just how much did he get out of it? He needs to tell us why he kept a BLIND EYE....... When most were sounding beels about a problem, he was there saying NOTHING was wrong. He needs to answer to the Amerocan public for his not letting all be known. I have NO RESPECT for this so called elected oficial. Until they give MONEY to the American to get the economy moving nothing will change. We are out of JOBS!!!!!! No one will be buying anything until they have money. Too many opeople losing their home and entire lives. Tax xuts do not mean a darn thing. If people are NOT working how and the heck do they expect TAX cuts to put money in our pockets. This whole thing is a JOKE on us. The banks already took millions to pay their CEOs bonus's. What a joke. . If Obama had the ball*s, he would DEMAND they give it back. BUT no......He didn't. So here we sit still in deep dodo. Nothing is going to change Not as along as you have people like BARNEY FRANK in office. That man has alot to answer to. PEOPLE NEED MONEY IN THEIR HANDS NOW.........NOW ! What is it they do not understand. We need to save ourselves and our families. Whitl the fat cats are living hight on the hog, we are forced to live in shelters or our cars. Maybe its time we take back our own country. They only way to get this country moving forward is to GIVE US FUNDS to do it................I am ashamed to b e an American today. Our eletced nitwits, allowed this to happen and BARNEY FRANKS was a big LEADER......HE NEEDS TO COME FORWARD AND TELL THE TRUTH.......No one can buy a darn thing if we do not have jobs and money to do so.....Thats the problem...WE HAVE NO MONEY or JOBS.....You my friends seem to only be looking for yourselves and alwasy will...Good Luck to you all.....You have let this country down yet again...be proud of that.......

RIGHT................I suppose they were the SUCCESFUL ones to deliver ice-water in hell? Please you got the last of America's free money YO. Be honest!

Blatant arrogance. Maybe TARP funding didn't directly pay compensation or dividends or lobbying costs, but if those institutions hadn't received TARP funds, they certainly wouldn't have been able to justify those expenditures to investors or shareholders I wouldn't think. Anyone with a little common sense should be able to figure that out.

Bottom line: When the government hands over billions of dollars to sustain a company from going under, NO ONE shoud be getting bonuses with the money! Especailly fat, bloated executives who are not hurting financially! Even if bonuses are down considerably, 35% of one million is still a significant enough amount of money to be seen as wasted on kickbacks, excuxe me bonuses.

Keep in mind, the banks didn't TAKE money from the government – it was offered to them and the government failed to even ASK the people who funded the bailout if we WANTED to fund the bailout. Because the idiots in the GOP one day were screaming the sky was falling after 8 years of them telling us "Oh everything is fine. Let's not regulate anything."

Now those very same idiots are telling us "Well, this was a long time coming.. it took a while for us to get here so it will take a while to get out."

Which is it Mr.Boner? Can Senator Hypocrite the (R) from Kentucky tell us?

I tried that "repay as soon as possible" line on my lender. Didn't work.

Are dumb and dumber going to be questioning the bankers? Can't we get some adults in there?

These are no longer nickel and diming us in fees to record profits – instead thet are suckung it out of tge gov.

First year mba course teaches you that money is fungible -I hope they call them on that LIE.

Can Barney Phife be impeached?

What's funny is everyone wants to blame Bush for the TARP money being used inappropriately by the banks; i.e., no accountability. The fact is, the two people that are figureheads in the financial downfall of the country, and who had the opportunity to install accountability for the money, are in the picture with this article: PELOSI...and BARNEY FRANK....two "leading democrats." What's truly a moral crime on the part of the American people is their unquestioned support of these two clowns, along with Obama. We're getting robbed blind with the "stimulus-pork pkg," along with TARP...along with Geithner's "brainchild," idea of what to do with mortgages....liberals need to think and research more about who they vote into office, instead of just riding the "feel-good, celebrity," bandwagon of "change and hope." That, as time over the past few weeks has proven, is saturated with lies, and is getting up nowhere.

Interesting. This is a huge moment for these companies to show character and honor. No doubt their report will be doctored, but if they are showing initiatives to do the right thing, then I say get off their back and let them operate.

I love that picture..., my two BFF.

one bank is already paying back some of the funds. I wonder if this has anything to do with the lawsuits being filed against the bank

Sure wish all my tax maoney was like that..

A mere word feast. Show me the books.

Does the taxpayer have a right to be a part of the hearing and ask quesitons? Who is accepting the questions to be asked, on behalf of the taxpayers? Personally, I think every taxpayer concerned about the abuse of their dollars should send a question in. It's my opinion those that sit high in these position both privately and in government have no real concept how enraged the taxpayer is.

Accountability is good. No one is saying these firms should not make their money. All we want is for them to pay us back our money and give us a return on our investment, like any good shareholder would.

It shouldn't be problem for the bank CEO's.

In Obama's address on Monday, he said that Bush's policy in Iraq was the correct one, resulting in a "functioning democracy".

Then he said that he would extend Bush's policy into Afganistan (no timeline, no withdrawal,etc.).

So all the bankers need to do is say what Obama said: "No change".

Did anyone watch Morning Joe this morning on MSNBC? Joe Scarborough was such a blabbering idiot. He had no idea what the hell he was talking about. He blamed the 381-point drop in the stock market yesterday on Treasury Secretary Tim Geithner.

Thank God the Market went down yesterday. It actually was a good thing mortgage rates got better by a half of a percentage point. Joe Scarborough needs to understand when the stock-market tumbles mortgage rates get better. We need low mortgage rate that’s what is going to turn this economy around.

The real reason the market went down yesterday is because those banks that are no longer viable are going to be shut down, and they are scared they are real scared.

The stimulus package is a good thing that will bring more money into the market place and create jobs! The people that get these jobs will buy homes, products, goods and services. That will create more jobs and more jobs and so on.

"We have met the enemy, an' they is us!" (Pogo cartoon, circa 1960s). Not sure, however, if the "enemy" is Wall Street or inept elected/appointed officials.

Interesting that these CEO's have to appear before Barney Frank, one ofthe orchestrators of this recession. Of course all they need to do to stay in the clear is make sure Barney's taken care of. Interesting, what Frank was doing to male pages he's now doing to decent, hard-working Americans.

Oh, and to Rob in Detroit Mi., from the Dolly story yesterday, nice try pinhead, I actually work (more than I can probably say for you), and can see Obama, and the Dems running that sham of a Congress for the socailists they are. Tell me, when you watch the re-broadcasts of the Obama show, I mean press conference on Monday, do you sit there with your pants off, fantasizing that he's just talking to you? You are delusional and far removed from reality.

Citigroup is full of crap. I have a line of credit with them and they sent a letter explaining they were reducing my credit limit. I had not been late on a single payment for them or any other creditor. The customer rep told me they were doing that to everyone. Yet, they are supposed to be lending more money! I knew when they were going to give them money with "not strings attached' that they weren't going to do the right thing. The American people already knew this, why didn't our leaders know this...BIG MISTAKE!

sure they are...they got caught with their greedy hand in the perverbial cookie jar.....

Rep Frank, Please hold the CEO's feet to the fire if they have not properly disbursed the funds they received as it was intended to be used. If they have done wrong some heads need to roll and some prison time need to be looked at as a possibility.

I am amazed at the way these CEO's wasted OUR money.

After reading this article, I still don't understand how these banks did not use any of the TARP money to pad the bank accounts of thier executives, unless they were lying about being broke. No bonuses under any circumstances shoul dbe given untill they have repaid every penny of tax payers money.

The fact that they are laying off workers and giving themselves bonuses, even if reduced, speaks volumns to me about their priorities, morals and ethics. These people remind me of tobacco executives that got up before Congress and swore to a man that " they believed use of tobacco was not adictive and caused no cardio-pulmonary diseases." There are many questions I would like to ask these people about how they use public monies in relation to non-public monies.

Barney Frank seems to be spearheading much of the recent silly, populist rhetoric, which puts our banking system at even greater risk.

Not every single person on Wall Street dealt with mortgages, or traded risky securities!! If the government continues putting artificial constraints on how much securities industry professionals can get paid, they further erode the country's tax base, and put such institutions at an even bigger threat of collapse (either because people leave and/or they stop working 80 hours a week). Democrats – think before you speak!!!!!!

We have not used [TARP funding] to pay compensation, nor did we use it to pay any dividends or lobbying costs," John J. Mack, Chairman and CEO of Morgan Stanley is expected to tell the committee.

No, you used the money that should have gone into the company to help it regain its financial strength. In-the-mean-time, your custmers are still paying high interest on their loans along with the on-going foreclosures with NO (ZERO) help to the very people that made and continue to make your companies sooooo wealthy.

The bottom line is; you folks tried to sqeeze every penny you could from the profits you made from your customers by re-selling your loans as secured investments. You sold them to each other and the world, while telling a lie each time you sold them.

Now, by the grace of God and the strong-arming of the tax payers by the government, they get another chance. How do they thank us? They reward themselves and call us stupid.

These Banks better start owning up to how their are spending our money. I'm sick of all the foolishness, it's about time banks STEP UP and tell the American people WHAT they did with our billions!!!!

NO MORE MR. NICE GUY, SHOW ME THE MONEY!!

SHOW ME THE MONEY!

SHOW ME THE MONEY!

SHOW ME THE MONEY

OTHERWISE, GIVE ME MY MONEY BACK..

This should be good....plenty of material for Jay Leno

It's too late to do anything about the banks that has ripped us tax payers off...................Our congress are a bunch of idots!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I want to hear from them from behind bars.

We have no idea how they are using or plan on using the money, but we do know that they haven;t hired any workers back... they aren't making new loans or extending credit, actually many are eliminating or decreasing credit abruptly.................

Lucy you have some explainin to do!!!

Is that Botox Nanzi in the back ground????All that fine picture is missing is Reid, Dodd and Obama the pride of the democraps

"We have not used [TARP funding] to pay compensation, nor did we use it to pay any dividends or lobbying costs," John J. Mack, Chairman and CEO of Morgan Stanley claims. True? And where did the money come from to pay these bonuses and lobbying costs? Customer accounts?

The Democrats created this economic mess, and now they're going to make it worse.

HORSE HOCKEY!!!!

These people are going to sit there and do a song and dance and fly away with our hard taxed money and you know it and they know it.

They are not going to give any transparency–thats why some of that money ends up in the politicians pockets!!!!

Will this musical come out on Broadway sometime soon or are they going to over budget this song and dance by another 350 Billion dollars?

Stay tuned for more.......

There is the pride and joy and crook of the Democrap party Bonnie Fwank.......Thanks for killing our country Bonnie

Where was the republican opposition, outrage and obstructionism they applied towards the stimulus bill when they wholeheartedly supported the bank bailout??

very sad, they say, we have such an important job, try to fill our shoes with another, O.K. we should try, cause these CEOs are why we are in such a mess

I hope that when the CEOs of these HUGE banks sit before the finance and banking commitee that they have their collective feet held to the fire. Rememeber the auto dealers!!!!! Except if records are correct they collectively have taken far more in BILLIONS and yet now they are unhappy with the way Geitner is laying out plans.

These people obviously live in an alternate universe. While they were giving themselves BONUSES and pats on the back, people like Henrietta Hughes and elderly woman in Fort Myers is living in her car due to foreclosure, This goes beyond inhumane.

The banks need to become held accountable like all Americans and if they cannot meet the test let them fail. They have already been given 350 billion. Just think what good use that could have gone to in this country in the right hands....

Suz, Western NY

Dear Mr President Barack Obama

I am Wyeth employee. I supported your compain and was hopeful that we will come out of this critical financial situation the county is in. I can understand that it takes sometime to get things better. But I think we have to stop doing the same thing over and over again and expect different results.

What so ever, I am greatly disappointed with certain things. One way you are telling to create jobs and on the other hand you are supporting cutting off good scientific jobs – Its just beyond my comprehension and logic. I am employee at Wyeth Research in NY and there are talks for acquisition of Wyeth by Pfizer. This thing as I said is beyong my comprehension and logic. Pfizer is a FAILED company and has not been able to come out with a single product in the last 10 years, and now it comes and buys Wyeth for its products and lays-off the good scientists at Wyeth. Pfizer has been doing the same thing and this is the 3rd acquisition in the last 10 years, including Warner Lambert in 2000 and Pharmacia in 2003. Pfizer acquires good companies and then destroys/lay-offs the good employee's.

This time the American government is using my/our tax money to bail-out these banks and banks are lending money to Pfizer to buy Wyeth. In a way, I am funding my own lay-off, which is supported by President of United States. So again, Pfizer (a failed company) wins, this time supported by American government. All the top management, who basically are good for nothing are making millions of dollars from this deal and letting thousands for people without jobs.

What good is your stimulus package which will provide us $500 once and then we can be on the streets. When we buy our house our credit scores, history etc are checked. How can a failed company like Pfizer get billions of dollars from the banks ??? What's Pfizer's credibility ??? Can they make drugs – the answer is NO...then how and why are they getting these billions of dollars. And that too from our tax.

Would the Goverment provide me 1 million dollar in case I am forced to leave my home with my family. If Pfizer is eligible to get my money...what's wrong me and other people of United States getting money to survive.

I STRONGLY URGE YOU TO PLEASE STOP this Pfizer Wyeth deal and save a good company from getting destroyed and saving the jobs of good productive scientists. We and our future generations need medications and healthcare.

I want to remain anonymous but this is the pain Wyeth Employee or employee from other companies are going through.

Thank you and hoping you will use your power for good of our and the country.

crooks, thieves, liars.

Just don't pay. Just stop paying the banks. Eventually the people will win and these fat kats will starve.

25% ... that's the interest rate on my credit card ... I have paid off every penny I have ever owed with only a few late payments. "Bad credit" is a lie and a scam. Don't borrow.

I am a Democrat all the way through, but I have to say that the use of the TARP funds the way they have been told has caused me great concern. Our country is in such a difficult situation and now that we really need an economic boost, no one trusts the government to do the right thing. The oversight with the TARP plan was never put in place and greed once again caused the American people great distress. I am skeptical with another bail out plan, but trust Obama and most economists. I do not trust the CEOs of the banking industry though. No oversight caused them to play with too much money and take gambles that never came back to hurt them, but caused huge damage for the rest of us.

guess the Dummy decide that the company was to heavy for her.

I think for CNN to sit there and raise questions about President Obama staff severance pay and compare it to the Bank Officials spending is in poor taste and it sets the tone of distrust to the administration. These banks are recieving taxpayers money for bail out and spending like there is not a crisis. At times I just step away from CNN and your reporting tactics. and this seems like its going to be another time where I take a break from you...

They don't get it. If the government gives you 1 billion, then you take 1 million from another account to pay for vacations, retreats and bonuses for CEO's, it does'nt matter. They still blew the money.

As a banker whose employer received TARP money it is important for everyone to understand that participating banks must pay the Treasury a 5% dividend every year on the funds they received. If the money is not fully repaid by five years, this dividend increases to 9%. We cannot afford to just sit on this money and pay those dividends. We have to lend it out or use it in another sensible fashion to obtain a return ideally larger than the 5% we are spending to use the money. Its like paying 5% for a five year CD to get the funds in, so we need to lend it for 7% just to get a 2% return. So..... all we need to do is find someone financially healthy enough to lend to that will accept a 7% loan rate. Easier said than done. None the less, we are participating because we believe that is how we can play our part to help stimulate the economy. Our objective it to pay all the money back at the end of three years, and try to make a margin on the funds while we have it. Again, easier said than done.
All of this must the couched with the understanding that our bank did not make any "sub-prime loans" or do any of the things that have unstabilized the financial system. We are an old fashioned community bank that serves our customers in a partnership. We have impecible financials (5 stars according to bauerfinancial.com) and didn't need the funds to shore up our books. We are participating to help the economy. So don't paint all banks the same color.

This ought to be good...

How much Tarp funds were used as donations to politicians or political parties? Any of those donations go to anyone on the committee?

A plan to overhaul TARP is right on the money. For too long, the CEOs have been riding the greenbacks of American citizens and living the life of their own world of milk and honey. I say, it's about time to do something about the irresponsibility of the CEOs when American children, parents, seniors, and many others are struggling financially in a nation of free to be free!

These people should be questioned on thier actions too. They sure don't listen to the people!

ISN'T BARNEY FRANK, CHRIS DODD, AND A HOST OF OTHER DO GOODERS, RESPONSIBLE FOR THE FANNIE MAE LOANS THAT HAVE BURST THE HOUSING BUBBLE, HUMMMM? WHY YES THEY WERE SHAZAM WHO DA THUNK THE ROAD TO HELL WAS PAVED WITH GOOD INTENTIONS AND SHORT SIGHTEDNESS. THEY MAKE ME A FISCAL CONSERVATIVE DEMOCRAT WANT TO JUST DUMP THESE BUMBS, YA THINK.

So basically Repubs handed these Banks $165 Bil and told them to enjoy! This is more than appalling! Now the same Repubs suddenly have a Giant conscience and large sense of restraint concerning how the Stimulus PLan $'s are spent! HYPOCRISY and Politics at it's Worst! Repubs need to get off the Pulpit and into the Confessional Box!

Who do these people represent certainly not the people.

They may have not used the ACTUAL TARP monies but if it weren't for the TARP they could not have given the bonuses, who do they think we are? Have they ever played the 3 shell game, were is the pea? Why don't they go on another junket with Barney Frank.

The revival of the economy is sooooooooo simple! Just give every TAXPAYING American $100,000 tax free dollars and the economy will take care of itself in a hurry! Case closed!!

They may have not used the ACTUAL TARP monies but if it weren't for the TARP they could not have given the bonuses, who do they think we are? Have they ever played the 3 shell gave, were is the pea? Why don't they go on another junket with Barney Frank.

As the old saying goes-"Put-up or shut-up."

Banks stepping up with justifications and explanations is the best PR they can do to be part of the solution in raising people's confidence in them. But What hurts them right now and what hurts the economy is when people hear over and over again how people with good credit rating are being turned away and not necessarily with justifications and respectful explanations.

You bank big shots pay out $18 billion in bonuses to your executives and I can't get a construction loan on prime real estate property that me and my family own free and clear? Do me, my family and the American people a favor–put down the crack pipe, step away from the vault, spend whatever you have left on a good drug rehab program and then go get a real job that requires manual labor such as a ditch digger! You guys REALLY need to check yourselves before you wreck yourselves-and the country!

BARNEY FRANK NEEDS TO RESIGN, HE IS A MAJOR PLAYER IN THE ECONMIC MESS WE ARE IN, BY NOT OVERSIGHTING THE MORTGAGE COMPAINES AND THE BANKING INDUSTRIES.
******************************************************************
*******HE DROPPED THE BALL BIG TIME********************

Time to tighten your belts little piggy's, the Bush inspired feeding frency for bank CEO's has come to an end. I bet these idiots are longing for the days of Bush.

Answer to Barry Frank and Nancy Pelosi? You've got to be kidding. Isn't she the same person who tried to add so much pork to the stimulus package. Sort of like the pot calling the kettle black.

And isn't Frank the person who told the banks they had to lend to the "questionable" mortgagees starting this whole crisis in the first place? Easy to point fingers especially when you can convince people it was the CEO's and not them. How gullible do they think we are.

They're worse than the CEO's and people need to vote against both of them come next election whether you vote democratic or republican, vote for the change you want which is no more Pelosi, Frank or Reid. They are bad for America.

Shame... Greed has put this country in a desparate situation. I bet they can explain. But we will never see the money. Anyone can make it look like they lended. Would like for the people who received the funds to step up and say so. Theses crooks should be arrested along with the stupid people who lent the money without requiring any accountability.

They need to get back to their lending.......but the people that need it the most are people that have lost their jobs or houses and need to get the money to either find another home or re-educate themselves so they can find other jobs........who is going to lend money to people with out a job? We don't want the banks to get back into BAD LENDING PRACTICE but these are the people that need help the most........so where do we go from here..........all I can say is that the Bush years took away the prosperity of a lot of people and put them at or below poverty levels..........and now the Republicans don't want to help those that they put in this mess.......get rid of everyone one of these GOP lossers.........

Let the banks fail!

Considering how they have been bilking the American people in outrageous bank fees/charges over the years and offering mere pennies for interest on savings in return, why should we feel any sympathy for their plight?

And why have Barney Frank not been investigated and indicted for his roll in Fannie-mae/Freddie-mac which led to the economic meltdown?

OH PLEASE!! 2.2 billion in profit in 2008 and they STILL need TARP funds, give me a break. How could our government even allow these banks who show this much of a profit get these funds. Did ANYBODY perform due dilligence in just handing over these funds. Bank of America claims they are lending, HA! I am a small business owner with excellent personal and business credit who is being affected by this economic flush down the toilet and I still cannot get a loan. So CEO's, COO's and others don't blow smoke up our rears. Start loaning to the people who need a loan, not a hand out as you have received and help the small business owner get back on track!

The corporation has evolved into a very efficient mechanism for inventing new products, producing goods and services, and providing employment. The highly balleyhooed mechanism of free market competition does shape corporate behavior so that it is more efficient. However, what inevitably happens in a highly competitive environment in which lots of smart players are competing for highly desirable rewards is cheating.

Look at pro-sports. There are millions of athletes, all in superb physical condition, all wanting very much to WIN. They all train very hard. What makes the difference between winning and losing is often cheating – using illegal and dangerous drugs.

Corporations are in the same kind of environment. They all draw employees from the same labor pool. Labor is pretty much interchangeable, most employees are average, most corporate training is skimpy at best (saving costs). Corporations cannot outperform each other by hiring smart executives; they ALL have smart executives. They hire each other's executives all the time. How about making better products? Nope, they all hire the same scientists and product designers, and there is really very little difference between Wells Fargo and Chase, or between T-Mobile and Sprint. So how does a corporation defeat a competitor who has the same abilities?

Cook the books, bribe the legislature, exploit cheap labor in the third world, cut costs by cutting salaries and benefits, hire a marketing agency to smear its competitors' reputations by portraying them as hapless losers, make a profit on bad loans and sell those loans the losers that will be holding them when the housing bubble pops, and doing lots of other things that produce undesirable collateral damage to our society, our economy, and our culture.

Government must play the role of referee, making sure the game is fairly played.

Wrong. Go back to when the 1st day they recieved the money and check their ledgers. They used the T.A.R.P. $ any way they saw fit.
Hopefully this will all be brought out to the light.
The CEO's need to be replaced.Maybe with folks that have lost their job/house/veh..........there is a thought.
It started with the CEO's Jets/holidays/fun parties/buying "good" banks.........it did NOT start with them helping anyone excpet themselves.

Call me crazy, but wouldn't it be better to give the actual quotes AFTER they happen instead of relaying what someone is "expected to say?" I'm sure they have planned remarks and there is a lot of pressure to be the first to report a story, but it's a bit ridiculous to report what someone might say in the future.

That said, I hope our lawmakers have learned from this. Obviously, you can't just trust the so called grown-ups in positions of power and money on Wall Street to do the right and honorable thing, so you must legislate and regulate it.

Its nice to hear them say this, but are they producing any paper work to proof it.

Anyone can say any thing but would like to see proof.

Also are they going to request proof of citizens for these loans?

This is to help the economy and to help America

Why doesn't Congress defend their use of our money? It's a scary day when these clowns are organizing our finances. Why don't they reduce the 2008 tax rates? No pork! OBama, we do not want this incredibly ineffective stimulus package. Reduce our rates! Immediate impact. Government programs are not created. No room for pork and corruption. Easy to implement and administer. Give the taxpayer the trillion dollars directly if you are going to borrow another trillion and stick us with the tab.

Palin !
Can one tell the world when this poor show will be finally over?
Its unbelievable how the Media permanently providindg a platform for for "me, myself and I" . Outside the USA people believed that the time of ignorance and stupidity is over.
She's got enough to do at home, let her fulfill the job there and keep her away from any media.

Urs, a friend to the US

Switzerland

Show some proof of the loans that have been made!!

CNN PLEASE POST THIS, MY COMMENTS OF LATE HAVE HUNG SOMEWHERE IN OUTER SPACE WHILE "AWAITING MODERATION"

Finally accountability!!!

what happened to OUR money that WE already gave you??? why did you use so much of it by giving bonouses, fancy spa trips, vacations?? why did the HOME OWNERS not see any relief after WE GAVE you so much of OUR tax money??? WE WANT TO KNOW WHY???????

They should have let the banks go under because it's going to
happen again and again and they will allway's have there hand
out.

"We have every incentive to lend," Kenneth D. Lewis, Chairman and CEO of Bank of America , – just after we return from our "Fiji" team building seminar next week. Thanks America for supporting "Team Failure!"

another rip off thanks to the idiot Bush.....

Why do I not believe a word these people are saying? If you had the money to give those huge, and undeserved bonus billions, then you did not need a bail-out.

More smoke and mirrors! These banks and bankers are just hoping to lie their way out of being regulated... choices and consequences!

"We intend to pay all the TARP funds back as soon as possible," Lewis is expected to say.

OK, good, we finally came to an understanding - we Americans are also going to pay our credit card debts and home mortgage "as soon as possible."

Blah, Blah, Blah, said the rooster in the hen house.

"We have not used [TARP funding] to pay compensation, nor did we use it to pay any dividends or lobbying costs," John J. Mack, Chairman and CEO of Morgan Stanley is expected to tell the committee.

OK so my question is where is the money? If it did not go out any of the doors mentioned above the only other place it could be is sitting in your banks collecting dust for a rainy day because it sure isn't coming out the LOAN DOOR.

It's as plain as the nose on your face (or the ears on Obama's head). You can't nationalize banks in order to save the worse ones from failing. It's bad for two reasons- you are wasting billions to keep the bad ones alive, and preventing competition from spiking up when these losers are eliminated.

Investors are simply not going to put much capital in an enterprise under Congressional control. Congress can, and probably will, change the rules at any time.

"CNN quoting people as saying something before they've actually said it is inappropriate," some English teacher in the U.S. is expected to say.