Bailout secrecy

None of your business. That's the message troubled banks are sending when asked how they are using tax dollars Americans handed over as part of a $700 billion government bailout of the financial industry.

The Associated Press sought answers to how the banks were spending their share of the money in a survey of 21 banks that received at least $1 billion. The answers ranged from outright refusal to say to "generic public relations statements" about broad, general usage such as making loans to ease the credit crisis. But few specifics.

Among the comments:

Kevin Heine, spokesman for Bank of New York Mellon, which received $3 billion: "We're choosing not to disclose that." He even asked AP not to tell readers that the bank would not discuss spending specifics.

Thomas Kelly for JPMorgan Chase, $25 billion in bailout money: "We've lent some of it. We've not lent some of it. We've not given any accounting of, 'Here's how we're doing it.' ... We have not disclosed that to the public. We're declining to."

Carissa Ramirez for Morgan Stanley, $10 billion, after refused anonymity: "We are declining to comment on your story."

When the $700 billion Troubled Asset Relief Program was approved to buy stock in banks to help ease the credit crunch, Congress had talked about transparency. However, no conditions have been set on the use of the money.

Elizabeth Warren, the congressional watchdog overseeing the bailout program, said: "If the appropriate restrictions were put on the money to begin with, if the appropriate transparency was in place, then we wouldn't be in a position where you're trying to call every recipient and get the basic information that should already be in public documents."

In the meantime, the administration is pressing Congress to release the remaining $350 billion in the rescue fund. Rep. Barney Frank, chairman of the House Financial Services Committee, though, is drafting legislation specifying how the money be spent.

It should also include provisions for greater accountability and openness.