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| US bank bosses to face grilling | US bank bosses to face grilling |
| (10 minutes later) | |
| Bosses of eight US banks that have received billions of dollars of bail-out funds are due to face a tough time later before a Congressional hearing. | Bosses of eight US banks that have received billions of dollars of bail-out funds are due to face a tough time later before a Congressional hearing. |
| The chief executives of firms including Citigroup and Bank of America will have to tell the House Financial Services Committee how the money is being spent. | The chief executives of firms including Citigroup and Bank of America will have to tell the House Financial Services Committee how the money is being spent. |
| Together, the eight firms have so far received $166m (£114m) of public funds. | Together, the eight firms have so far received $166m (£114m) of public funds. |
| Members of the House committee have already expressed anger at what they see as a lack of accountability. | Members of the House committee have already expressed anger at what they see as a lack of accountability. |
| Transparency call | Transparency call |
| The eight chief executives due to attend are Vikram Pandit of Citigroup, Jamie Dimon of JP Morgan Chase, Kenneth Lewis of Bank of America, Lloyd Blankfein of Goldman Sachs, John Mack of Morgan Stanley, Robert Kelly of Bank of New York Mellon Corp, Ronald Logue of State Street and John Stumpf of Wells Fargo. | The eight chief executives due to attend are Vikram Pandit of Citigroup, Jamie Dimon of JP Morgan Chase, Kenneth Lewis of Bank of America, Lloyd Blankfein of Goldman Sachs, John Mack of Morgan Stanley, Robert Kelly of Bank of New York Mellon Corp, Ronald Logue of State Street and John Stumpf of Wells Fargo. |
| BAIL-OUTS RECEIVED Bank of America - $45bnCitigroup - $45bnJP Morgan Chase - $25bnWells Fargo - $25bnGoldman Sachs - $10bnMorgan Stanley - $10bnState Street - $3bnBank of New York Mellon - $3bn | BAIL-OUTS RECEIVED Bank of America - $45bnCitigroup - $45bnJP Morgan Chase - $25bnWells Fargo - $25bnGoldman Sachs - $10bnMorgan Stanley - $10bnState Street - $3bnBank of New York Mellon - $3bn |
| They are all due to detail how they have spent their funds so far, and the extent to which this has enabled them to raise lending levels. | They are all due to detail how they have spent their funds so far, and the extent to which this has enabled them to raise lending levels. |
| The committee will also be wanting detailed information on any 2008 bonuses paid out at the eight banks. | The committee will also be wanting detailed information on any 2008 bonuses paid out at the eight banks. |
| "The American people are right to expect that we use [the bail-out] funds responsibly, quickly and transparently," said Citigroup's Mr Pandit in prepared remarks. | "The American people are right to expect that we use [the bail-out] funds responsibly, quickly and transparently," said Citigroup's Mr Pandit in prepared remarks. |
| Mr Dimon said in his written testimony that the $25bn received by JP Morgan Chase had allowed the bank to delay the start of repossession proceedings on more than $22bn of mortgages held by about 80,000 homeowners. | Mr Dimon said in his written testimony that the $25bn received by JP Morgan Chase had allowed the bank to delay the start of repossession proceedings on more than $22bn of mortgages held by about 80,000 homeowners. |
| "Our goal, my goal, is to make this a profitable investment for the American people, as soon as possible," he added. | "Our goal, my goal, is to make this a profitable investment for the American people, as soon as possible," he added. |
| Mr Lewis of Bank of America said it was right that "taxpayers want us to manage our expenses carefully, and provide transparency about how we are putting their money to work to restart the economy". | Mr Lewis of Bank of America said it was right that "taxpayers want us to manage our expenses carefully, and provide transparency about how we are putting their money to work to restart the economy". |
| "Despite recessionary headwinds, we are lending," he added. | "Despite recessionary headwinds, we are lending," he added. |
| 'Great theatre' | 'Great theatre' |
| The hearing, which is due to start at 1500 GMT, will be chaired by Massachusetts Democrat Representative Barney Frank, who is known for his short temper. | The hearing, which is due to start at 1500 GMT, will be chaired by Massachusetts Democrat Representative Barney Frank, who is known for his short temper. |
| 2007 PAY DEALS Jamie Dimon, JP Morgan Chase - $28mKenneth Lewis, Bank of America - $25mLloyd Blankfein, Goldman Sachs - $70mJohn Mack, Morgan Stanley - $2mRobert Kelly, Bank of New York Mellon - $20mRonald Logue, State Street - $28mJohn Stumpf, Wells Fargo - $13mVikram Pandit, Citigroup - $574,000 | 2007 PAY DEALS Jamie Dimon, JP Morgan Chase - $28mKenneth Lewis, Bank of America - $25mLloyd Blankfein, Goldman Sachs - $70mJohn Mack, Morgan Stanley - $2mRobert Kelly, Bank of New York Mellon - $20mRonald Logue, State Street - $28mJohn Stumpf, Wells Fargo - $13mVikram Pandit, Citigroup - $574,000 |
| "This will be great political theatre," said analyst Jaret Seiberg of investment firm Stanford Group. | "This will be great political theatre," said analyst Jaret Seiberg of investment firm Stanford Group. |
| The eight banks secured their bail-outs under the $700bn Troubled Asset Relief Program first unveiled by President George W Bush in October. | The eight banks secured their bail-outs under the $700bn Troubled Asset Relief Program first unveiled by President George W Bush in October. |
| Bank of America and Citigroup have both received $45bn, while JP Morgan Chase and Wells Fargo got $25bn. | Bank of America and Citigroup have both received $45bn, while JP Morgan Chase and Wells Fargo got $25bn. |
| Goldman Sachs and Morgan Stanley both got $10bn. State Street and Bank of New York Mellon were each given $3bn. | Goldman Sachs and Morgan Stanley both got $10bn. State Street and Bank of New York Mellon were each given $3bn. |
| On Tuesday, new Treasury Secretary Timothy Geithner announced a new banking bail-out package totalling $1.5 trillion. | On Tuesday, new Treasury Secretary Timothy Geithner announced a new banking bail-out package totalling $1.5 trillion. |
| This includes the creation of a new fund into which banks can dump any remaining toxic debt. | This includes the creation of a new fund into which banks can dump any remaining toxic debt. |