Banks Promise They Won't Use Bailout Money for pay

By: Associated Press
By: Associated Press

Executives from four financial institutions that have received a total of $75 billion in federal bailout funds are promising they won't use the money to pay their executives and employees.

The executives made the pledge Thursday in an appearance before the Senate Banking Committee. Lawmakers have reacted in anger to reports that banks might use the bailout money to pay bonuses to their executives, acquire other banks or finance other business takeovers.

Jon Campbell, regional banking president for Wells Fargo & Co., told the committee his company doesn't need the government's investment to pay for bonuses or compensation and will not use it for that.

Executives from Goldman Sachs Inc., Bank of America and JP Morgan Chase & Co. made similar pledges.

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