You already know certain banks and financial institutions are getting a huge bailout of taxpayer dollars. 7's Hank Phillippi Ryan uncovered millions and millions and millions of their own money! Money they could easily be claiming, but instead, many are ignoring it! It's a real wakeup call, sure to leave all taxpayers fuming!
They pleaded poor at congressional hearings. Even as their corporate jets, lavish parties, and big executive bonuses raised questions about their financial decision making. The feds bailout plan now hands them more than a trillion of your tax dollars!
But we found those very same companies are missing out on big bucks, millions and millions and millions of their own money! But it's money they haven't bothered to claim!
Assistant Treasurer Tom McAnespie, Massachusetts Treasurer's Office"It's their money, they're entitled to it."
In Massachusetts alone, we found bailed out banks and investment companies missing out on more than a million dollars! Remember these are companies who business it is to keep track of cash .
AIG. Bank of America. Wells Fargo.
Hank Phillippi Ryan "Would there be any problem getting it if they asked?"
Assistant Treasurer, Tom McAnespie, Massachusetts Treasurer's Office "Nope."
GMAC. Citigroup.
Hank Phillippi Ryan "Is it a bother for you to get them this money?"
Assistant Treasurer, Tom McAnespie, Massachusetts Treasurer's Office "Absolutely not."
Where does the money come from? It's uncashed checks, liquidated stock, dividends, credits on overpayments, refunds, money that's apparently falling through the cracks of the companies now begging taxpayers for money to survive.
Hank Phillippi Ryan "The fact that you're holding this money for these companies, is it a secret?"
Assistant Treasurer, Tom McAnespie, Massachusetts Treasurer's Office "It's not a secret."
In fact, look where we found it, we just went online to this website: missing money.com, and we found big bucks in states all across the country!
In New Mexico: there's more than $75,000, with some of the cash for AIG and GMAC.
Rick Homans, New Mexico Secretary of Taxation and Revenue "They either havent been aware that the money is here, they may not have looked hard enough to find it, or they justh avent wanted to put the effort into it."
In Texas we found Bank of America. Chase. Wells Fargo and others are missing out their piece of $642,915.
RJ DeSilva, Texas Comptroller's Office "Hey, come and claim it, it's rightfully yours."
And there's a whole lot more. Looking up companies in California, we found a gold mine, $2.6 million! All cash. All unclaimed.
Garin Casaleggio, California Controller's Office"If they are undergoing financial hardship, this could help them out."
In Florida, we found 10 million dollars.
Officials say: bailed out companies, should give them a call.
RJ DeSilva, Texas Comptroller's Office "They've got revenue which they have not thought of before, but now it's time to bring them home."
Every state we checked, there's money to be claimed. Sometimes the exact dollar amounts are not public information–Only the companies are allowed to find that out. Problem is, they're not asking.
US Representative Barney Frank, (D), Chairman House Financial Services Committee "I think they should ask for the money!"
We showed our findings to Congressman Barney Frank, chairman of the House Financial Services Committee and a key player in the federal bailout.
US Representative Barney Frank, (D) Chairman House Financial Services Committee "I would hope this would embarrass them into doing it and I think it's bad enough that they didn't do it in the first place. But if they're stupid enough not to do it after you've caught them at it, some of them may need institutionalization."
Frank says this is the tip of the iceberg. Because of what we found, he's now demanding companies find and claim their cash. And even more, he'll now investigate why these financial giants didn't know where their own money was.
US Representative Barney Frank, (D) Chairman House Financial Services Committee "So I'm going to be insisting that they tell us what their whole systems are, how did this happen and more importantly, how do they stop if from happening in the future."
Some companies have claimed cash. Last year Bank of America got almost 2 million dollars from Massachusetts alone! Other companies told us they were "aware" of the funds or were "checking into it." That's what they told us but now, as Barney Frank says they're going to have to answer to congress.
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