Queens Congressman Gary Ackerman has been on a roll lately. Last week, he launched withering questioning of the hapless SEC regulators who still couldn't uncover the $50 billion dollar ponzi scheme perpetrated by Bernie Madoff, even after having the entire case delivered to them wrapped in a bow several times over a decade. Today, he's got 8 CEOs of the largest banks in the country, banks that have taken well over $125 BILLION dollars in so called "TARP' funds over the last few months, though none of them seem to be lending any of it.
In this video from the folks at TPM, Ackerman asks JP Morgan CEO, Jamie Dimon, "What did you do with (our) $25 billion dollars?" The good stuff begins at about the 3:35 mark.
Dimon's response can be roughly translated as, "We didn't use it for new lending."
