WASHINGTON (Reuters) – Wall Street bank executives squirmed under a public scolding in the U.S. Congress on Wednesday over how they used $176 billion in bailout money without noticeably improving the battered economy.
“America doesn’t trust you anymore,” Massachusetts Democratic Rep. Michael Capuano told eight bank chief executives during six hours of congressional questioning on the troubled bank bailout plan.
The lawmakers reflected public outrage over the failure so far of a $700 billion financial bailout program to stop the economic free fall and growing taxpayer fatigue as the price tag for rescuing the economy grows.
They demanded to know what the banks have done with the bailout money, given an ongoing credit crisis that has added to the country’s deteriorating economy.
The CEOs, who as the titans of the once seemingly invincible capitalist society earned a total of $118 million in 2007, struck a contrite tone.
“I feel more like corporal of the universe, not captain of the universe at this moment,” said Ken Lewis, CEO of Bank of America, as he came under intense questioning from California Democratic Rep. Maxine Waters.