Banks Face Congressional Grilling

Where did the Bush administration’s bailout money go? Concerned congressmen want to know. They’ve summoned to Washington the CEOs of Citigroup, JPMorgan Chase, and seven other financial firms that together received $125 billion in funding from the Troubled Asset Relief Program. Vikram Pandit, Jamie Dimon, and their compatriots will testify before Rep. Barney Frank and the House Financial Services Committee on Feb. 11. Frank and other lawmakers have questioned the effectiveness of the TARP and questioned the banks’ use of their bailout funds. President Obama has said the next phase of the financial bailout will require banks to lend more to consumers and businesses.