What banks are doing (or not doing) with the bailout money

Sigh.... but are we surprised? Like Iraq, this is what happens when you rush to drastic action without a solid plan.

http://news.yahoo.com/s/ap/20081028/ap_on_bi_ge/financial_meltdown

WASHINGTON – An impatient White House served notice Tuesday on banks and other financial companies receiving billions of dollars in federal help to quit hoarding the money and start making more loans.

Treasury Secretary Henry Paulson has said the money was aimed at rebuilding banks' reserves so that they would resume more normal lending practices. But reports then surfaced that bankers might instead use the money to buy other banks. Indeed, the government approved PNC Financial Services Group Inc. to receive $7.7 billion in return for company stock and, at the same time, PNC said it was acquiring National City Corp. for $5.58 billion. (me: so PNC was begging the Feds for help, but had $6B cash on hand to acquire a weakened rival? Worse than the Katrina victims who used their gov't debit cards to buy new TVs. Paulson should sell their stock or paper back to punish PNC and similar abusers.)

Officials have said that there are few strings attached to the capital-infusion program because too many rules would discourage financial institutions from participating. (me: Yeah, right. Well if they demand blank check freedom and won't accept "money with rules", then it's not the gov's job to accommodate. I thought beggars can't be choosers! Let them stay out in the cold and see how their customers & shareholders respond.)

Fucking tired of this crap.