SunTrust Banks Inc.

22 Dec

Where'd the bailout money go? Shhhh, it's a secret

Posted by cahn in Alabama, Associated Press, Atlanta, Bank, Bank executives, Bank of America, Bank of America Corporation, Bank of New York Mellon, bank spending, Barry Koling, basic accounting, BB&T Corp., BB&T Corporation, Birmingham, Bob Denham, Bush administration, Carissa Ramirez, Christopher S. Rugaber, CITIBANK, Comerica Inc., Comerica Incorporated, Congress, Dallas, Daniel Wagner, Department of the Treasury, Elizabeth Warren, few banks, Florida, generic public relations statements, Georgia, Henry Paulson, House Financial Services Committee, Huntington Bancshares Inc., Huntington Bancshares Incorporated, Insurance, JPMorgan Chase, JPMorgan Chase & Co, Kevin Heine, Marshall & Ilsley Corp., Marshall & Ilsley Corporation, Morgan Stanley, New Jersey, New York, New York Mellon Corp., North Carolina, Regions Financial Corp., Regions Financial Corporation, Richard Becker, Scott Garrett, SunTrust Banks Inc., SunTrust Banks, Inc., The Bank of New York Mellon Corporation, The Netherlands, Thomas Kelly, Tim Deighton, Treasury Department, U.S. Bancorp, United States, USD, Washington, Wendy Walker, Wisconsin

WASHINGTON (AP) -- It's something any bank would demand to know before handing out a loan: Where's the money going?

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.

"We've lent some of it. We've not lent some of it. We've not given any accounting of, 'Here's how we're doing it,'" said Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money. "We have not disclosed that to the public. We're declining to."