It was really sad for the chief executives of eight firms including Citigroup and Bank of America as they have to answer the House Financial Services Committee how the billions of dollars of bail-out funds to face hard times have been spent.

Together the eight firms have so far received $166m from the public funds which resulted in the fury of Members of the House committee which is equivalent to lack of accountability.
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 mutually have received $45bn, while JP Morgan Chase and Wells Fargo got $25bn. Goldman Sachs and Morgan Stanley individually got $10bn. State Street and Bank of New York Mellon were each given $3bn.

The earshot of this case is to be chaired by Massachusetts Democrat Representative Barney Frank,who is known for his short temper.