Bank Executives Will Tell Congress: 'We're Lending'

Tomorrow, we will get to see what the banks have been doing with taxpayer money. I will be interested to see how tough Congress comes down on some of the wasteful spending that these companies have implemented. It seems obvious that JP Morgan, Bank of America, and Citigroup would present numbers with how much they have loaned out. Citigroup has said it has authorized the use of $36.5 billion of $45 billion received for new lending programs and JP Morgan has said it has given out $150 million in new loans. Yet, are to really believe that they are using our money wisely at this time? With the new harsh checkdowns that the president is suggesting he will implement, these banks better be doing something productive with their bailout money. With the new bad bank being created to take over problematic assests from banks, I see very little left for these companies to use as excuses for any new failure or unprofitable quarters.