Top executives from eight banks which accepted government bailout money, met with Congress today to discuss their use of the $165 billion they were granted.

In recent weeks, the public and goverment have become increasingly skeptical about what has happened to the money, as word that despite losing $35 billion in 2008, Wall Street paid out $18 billion in cash bonuses.

But bank execs are claiming they are using the bailout money to lend to the public. Bank of America Chairman and CEO Ken Lewis told Congress that his company extended more than $115 billion in new credit to consumers and businesses during the fourth quarter. The remaining seven CEOs echoed Lewis's statements.

No matter their claims, public resentment for the banks has soared recently due to concerns over misuse of taxpayer funds. This, during a time when Americans everywhere are struggling to keep their homes and jobs. Lawmakers (especially Barney Frank) blasted the execs on behalf of the public, calling not only for an explanation of fund usage, but also for financial firms to change their compensation practices.

But I'm left with the question of why. Why has not one executive been punished? Why is not one person facing jail time? Why must taxpayers bear the burden of paying back trillions of dollars in higher taxes and budget cuts, while bank executives continue to pay themselves their grossly unjust salaries? The Motley Fool posted a lengthy article that is sure to make any American taxpayer angry beyond belief. I urge you to read it, but try to keep your blood pressure in check.

Emily Holbrook
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