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.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.