Finally, we are going to get to hear some lies on Capital Hill about where the bailed out banking funds have gone (here). Thus far, all we have to go on is the word of the bank CEOs, which really means a lot in our day and time. My guess is that we are not going to hear anything out of the ordinary; no one in America really knows where the funds have gone, so why should the CEOs tell us anything beyond what we want to hear. We know they’ve paid themselves bonuses and that they’ve “frugally” spent lots of money on retreats and conferences, but I’m sure the CEOs will try and forget that for today’s testimony.
When America gave out funds, without imposing specific reporting requirements, it basically GAVE the funds away. The public will never really know what happens to all of the money…the story will fade away and the Government, by which I mean the people, will never receive a return on its money. We’ll just have some nice pictures of fat, bald bankers in double-breasted suits testifying before Congress to look back upon in a history book one day.