Where the Bailout money gone?

A year or two ago, when we talked about spending $100 million for a bridge to nowhere, that was considered a scandal.

You moght came accross with the following questions that any bank would demand to know before handing out a loan to you:

1. Where's the money going?
2. How much has been spent?
3. What was it spent on?
4. When are we going to get a record on it?
5. How much is being held in savings, and what's the plan for the rest?
   
   But after receiving billions in aid from U.S. taxpayers, the nation's largest banks say they can't track exactly how they're spending the money or they simply refuse to discuss it.
   
   The Treasury Department has been using the money to buy stock in U.S. banks, hoping that the sudden inflow of cash will get banks to start lending money.
   From who, it will buy the shares, existing shareholders or issuance of new shares?
   

• If state buy the shares,
  
  By Issuance of new shares? From market
  
  =>What about the ownership =>Who will sell the shares and without
  and management? manipulating the price to state
  =>Is state headed toward =>Who will get benefited, we understand.
  socialism leaving capitalism far behind?
  =>To whom the bank will lend this money?
  =>Who will get benefited, we understand.
  =>The nation might never get a clear
  answer on where hundreds of billions
  of dollars went
  
  There has been no accounting of how banks spend that money. Lawmakers summoned bank executives to Capitol Hill last month and implored them to lend the money — not to hoard it or spend it on corporate bonuses, junkets or to buy other banks.
  
  But there is no process in place to make sure that's happening and there are no consequences for banks who don't comply with.
  
• Nearly every bank questioned — including Citibank and Bank of America, two of the largest recipients of bailout money — responded with generic public relations statements explaining that
  
  “The money was being used to strengthen balance sheets” and “..continue making loans to ease the credit crisis.” Every accounting people can understand the meaning of “…strengthen balance sheets”. How much proportion is used for each of these two components?
  
  JPMorgan Chase's ..”It has planned to lend $5 billion to nonprofit and health care companies next year.”
  "We're choosing not to disclose that,"
  “We're not sharing any other details. We're just not at this time,"
  “the bailout money "doesn't have its own bucket for reporting."
  "We are going to decline to comment on your story."
  "I just would prefer if you wouldn't say that we're not going to discuss those details."
  "It would take a lot of nerve not to give answers,"
  
  But no bank provided even the most basic accounting for the federal money
  
• Do you remember?
• "A year or two ago, when we talked about spending $100 million for a bridge to nowhere, that was considered a scandal"