The flat-out refusal of the nation's bailed-out banks to tell us anything about how they're spending that money was disclosed recently by the Associated Press.

Quite a few of the news media used this headline: “Where'd the bailout money go? Shhhh, it's a secret.”

The Associated Press' Matt Apuzzo contacted 21 banks that have received at least $1 billion in government money and asked four questions: How much has been spent? What was it spent on? How much is being held in savings, and what's the plan for the rest?

None of the banks gave specific answers. One took it beyond stonewalling with, "I just would prefer if you wouldn't say that we're not going to discuss those details."

Another recent story disclosed the same banks awarded their top executives nearly $1.6 billion in salaries, bonuses and other benefits last year.

The news left many people stunned, but if you've looked at your credit card interest rates lately, you might have already been stunned. Maybe you asked them why; I did and got these answers.

The first is more responsive than what the top guys are telling the big media. The second is from a company whose chairman ran up a $211,182 bill for private jet travel last year when his family lived in Chicago and he commuted to New York.

Response from Citi

Subject: Your bailout money

Date/Time 12/19/08 03:15:57 PM

You wrote:

If you can afford to spend $400 million on naming rights for the Mets stadium, you can lower my interest rate. The government bailout was intended to help consumers.

Subject Re: Your bailout money

Date/Time 12/19/08 04:27:29 PM

Customer Service Wrote:

We would like to inform you that we have restored the APR on your account to the standard APR on all of the active balances, including:

- Balance Transfer Rates

- Rate Sale Offers

- Intro Rates

- APR Buy-Downs

The lower APR will appear on your next statement.

Thank you for using our website.

Response from Chase

Date:12-20-2008 11:46:47

From:Credit Card Support

Subject:Re: Fees/Finance Charges Message:

Dear SOPHIA JENSEN:

We apologize that our previous response did not fully address your inquiry and would like to take this

opportunity to resolve any remaining issues.

We've received $25 billion and we're working to make sound decisions; we want to be sure these funds will help us expand the flow of credit where it makes the most sense. This could help customers across our consumer, corporate, institutional and governmental client bases.

The funds we received will help us expand the flow of credit where it will be most effective. And, while we still have to make the right decisions for each and every customer, the purpose of the Troubled Assist Relief Program isn't individual assistance."

I know Congress is working diligently to make sure they can help consumers, and we're working to ensure that each account decision is handled appropriately in this current economic environment.

If further questions should arise regarding the information above, please call me at the number below. If you have concerns regarding any other issue, please contact Cardmember Services at 800-436-7927.

Thank you,

XXXX

Customer Care Specialist

Chase tried damage control Tuesday with a statement that they are "lending the fund to consumers, small businesses, corporations, municipalities and other institutions in a disciplined and responsible manner."

Credit unions aren't getting a lot of attention in this chaos, perhaps because they are only getting $40 billion total, and it can only be spent on mortgage help for their members. Both Mendo-Lake and Redwood credit unions serve Lake County.

Sophie Annan Jensen is a retired journalist. She lives in Lake County.

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