Wall Street bank executives felt the rage of Main Street over how they used $176 billion in bailout money without making any noticeable impact on the economy.
Appearing before Congress, the CEOs Bank of America , Citigroup , JP Morgan Chase, Wells Fargo , Morgan Stanley , Goldman Sachs, State Street and the Bank of New York Mellon were all questioned about how they've used TARP money.
"I want to know where the money has gone," said Democratic Rep. Paul Kanjorski of Pennsylvania. He told the executives that if their banks did not use the money, "Please find a way to return that money before you leave town."
Bankers sought to be contrite, assuring lawmakers that the billions of dollars in taxpayer money had been used to boost lending, not to pay executives, lobbyists or shareholder dividends.
"We have a hard-earned reputation for frugality, not extravagance," said Ken Lewis, CEO of Bank of America. "Taxpayers have invested in our company, and they deserve to know what return they are making on their investment and when it will be paid back."
If the CEOs found themselves forced to eat a little humble pie -- then they should be glad they weren't called before our Fast Money audience.
Rob W. writes, "I am so sick and tired of the Wall Street apologists." And Mike L. would probably send them to the guillotine. He writes "It is my belief that the individuals responsible for bringing our great nation to its knees are, and should be treated, as financial terrorists."
And that leads to our Fast Money Reader Poll. Do you think anything positive will result from these CEOs appearing before Congress?
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