Where the TARP Fund Money Went: Not Just Bonuses

The bankers that created America's economic woes are like spoiled children. They accept no responsibility for what they have done and continue with business in usual. Even after receiving billions of dollars in bailout funds, the banks refuse to make loans on the level needed to bring us back out of the tailspin.

Now we Know

For a while we were wondering where the money went. When asked directly by The Associated Press where the money went, the banks refused to give clear answers.

Banking Ads

It can be deduced that some of the money went to advertising. Just before the news broke about the TARP fund helping to pay those disgusting CEO bonuses, Bank of America and Wells Fargo started running PR ads designed to build your trust. Bank of America hired Kiefer Sutherland to do the voice-over on this ad:

http://www.kiefersutherlandhome.com/2009/01/21/bank-of-america-ad-kiefer-sutherland/

"This is America. We protect what we hold dear; and every day, Bank of America is here for you. With 200,000 associates, 6,100 banking centers and hundreds of products and services to help protect what you have and build opportunities for the future. No wonder families of America trust more of their hard-earned money with us than any other bank. Bank of America: bank of opportunity."

Here for You?!?

To hear a voice close to our hearts from the "24" series and many deeply engrained American films is nauseating. May be it was just a gig for Kiefer Sutherland, but for the average American, it is an upsetting reminder of the shameless tactics of the corporate bankers in this country.

America the Beautiful

The Wells Fargo / Wachovia ad is not quite so shameless in the voice-over, but it steals from the American landscape to manipulate us into associating this corporate evil with the places we hold dear. The ad superimposes the shadow of Wells Fargo's trademark wagon train horses over iconic American images.

http://blog.wellsfargo.com/wachovia/2009/01/our_new_commercial.html

American west

Cowboy and barn

Cityscape

Picket fence with a kid throwing newspaper

Lighthouse on the beach

San Francisco Bay Bridge

A church

A town hall

US Capital with flag flying

A home with kids playing in the yard

The excessive bonuses given to the senior management at these companies is a punch in the stomach to taxpayers who were already wondering if it was the TARP fund that paid for these ads.

Now we can say without a doubt that we know where our children's money went. After all, they will be the ones shouldering the burden of this deficit when all is said and done.