White House defends money for the banks

Under fire from Democrats and Republicans alike, the White House on Thursday defended giving billions of taxpayer dollars to banks that plan to use some of the money to reward shareholders and executives — or even buy other banks.

Ed Lazear, chairman of the Council of Economic Advisers, said the government is keeping close tabs on the way banks use bailout dollars to "make sure that there are not abuses." But he said that normal activities of banks, such as paying performance-related salaries or distributing dividends or even purchasing other banks are allowed under the law Congress passed creating the bailout program.

Source: AP News

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