Nightly News Perplexed by TARP Recipients Lending to Foreign Countries
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Uploaded on Mar 15, 2009
Business & Media Institute
Thursday, March 12, 2009
Global banks lending money to other countries including the playground of the Middle East angered Congressmen, but Lisa Myers investigation didnt point out that those critics of how the banks lent money voted for TARP (Troubled Asset Relief Program) in the first place.
In a segment on March 11 NBC Nightly News, Myers, NBCs senior investigative correspondent, probed into why three particular banks Citigroup (NYSE:C), Bank of America (NYSE:BAC) and JPMorgan Chase (NYSE:JPM) made loans to overseas institutions, but supposedly neglected domestic institutions.
In December, Citigroup after taking $25 billion in bailout money, announced that it arranged $8 billion in financing for public entities in Dubai, some of it the banks own money, Myers said. In India, JPMorgan committed to investing as much as $1 billion there and around the world, while Bank of America bought a $7 billion chunk of Chinas construction bank. All this while some American companies were struggling to get loans.
Myers segment then showed four outraged members of Congress on a subcommittee of the House Oversight and Reform Committee Chairman Reps. Dennis Kucinich, D-Ohio, Mark Souder, R-Ind., Patrick Kennedy, D-R.I., and Elijah Cummings, D-Md.
Theres got to be number one, transparency, Cummings said. And the American people have got to see that theyre getting something out of the deal. Thats the problem. Duh!
One problem. Of those upset members of the subcommittee shown in Myers report, only Kucinich voted against the TARP bailout when it passed on Oct. 3, 2008 by a 263-171 vote. Myers neglected to point that out for viewers.
But she did point out how the TARP how failed to do what it was intended to do unfreeze credit.
Today, a new independent analysis said, based on limited data, there appears to be a trickle of increased spending, Myers said. The study by a unit of Dow Jones found the three big banks that received $75 billion from taxpayers provided about $100 million in additional loans.
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