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February 04, 2009
Who's Minding the Store?
By Cathy Spencer
Almost weekly we learn of seemingly outrageous expenditures by banks and finance companies that benefited from the taxpayer bail-out. Executives taking corporate jets to Washington, executive retreats and company junkets to exclusive resorts, shopping for a new corporate jet and paying huge bonuses to the executives of these failing companies are some of the most recent examples. And now ABC's Brian Ross reports that Bank of America executives spent this past weekend in Tampa celebrating the Super Bowl at exclusive parties and enjoying a lavish suite during the game. Meanwhile, Morgan Stanley hosted a 3-day "Conference for Clients" at a 5-star resort in Palm Beach, FL. Rep. Elijah Cummings (D-MD) is quoted as saying, "...the Congress is going to have to do something." But are these expenditures irresponsible? Is there any oversight? What checks and balances should be in place? Help your viewers/users understand the intricacies of the situation as well as any abuses. Separate the hype and provide the helpful. If your market has exclusive resorts or large conference centers, monitor them for upcoming events to see if any involve companies that received relief from the bailout.
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