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American Scofflaw
The Washington Post reports major US banks are on pace to spend more than half their bailout money on rewarding their shareholders. The thirty-three banks are set to receive some $163 billion in government bailouts.

Half of that sum would go toward paying off shareholders over the next three years. The Bush administration touted the bank bailout as necessary to resume lending. But Treasury officials say the banks would never accepted loans if they weren’t allowed to redistribute dividends to shareholders.

Democratic Senator Charles Schumer of New York is calling for the suspension of dividend payments at bailed-out banks.