The Recession

Bankers Tell Congress Bailout Money Being Used Wisely

| by DeepDiveAdmin

Bank executives testified before Congress today in an effort to reassure the American public that federal bailout money is being used to reinvigorate the U.S economy, not being spent on lavish corporate gifts and planes.

"There have been no shortage of examples of executives or companies spending money in ways that did not have a direct effect on business," said Bank of America chief executive Kenneth Lewis. Lewis went on to say that banks are now focused on making sensible loans to businesses and homeowners and are completely focused on fixing the country's collapsing economy.