• Mega-Banks Use the Uncle Sam ATM

    The banks and financial institutions to whom Americans have trusted their money now need a bank of their own. And they’re more than happy to wait in line for the Uncle Sam ATM. Bear Streans withdrew $29 billion. Fannie Mae and Freddie Mac teamed up to take $200 billion of government cash. Now AIG’s getting a modest $85 billion.

    One reason the government’s so willing to part with this taxpayer cash—and its expected to dole out a trillion dollars by the end of the year—is that these same companies have been wielded their own cash on Capitol Hill for years. Even in dire financial straits, they’ve been hefty campaign contributors and big-time lobbyists throwing lavish parties for our “leaders.” So the American people get what they always get: The Best Government Money Can Buy.

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