Bank Execs Still Ride in Style

Banks are receiving billions of taxpayer dollars to help keep them afloat during the global economic crisis but that's not stopping them from spending like the old days, especially when it comes to limos.

In Battery Park City we found car after car after car lining up to chauffeur Bank of America employees, as well as clients, wherever they want to go.

Since taking over Merrill Lynch, Bank of America has received $45 billion in taxpayer help.

It's only 4 PM, and we found dispatchers here in yellow Merrill Lynch hats pointing bankers to cars. This as buses and yellow cabs keep passing by.

In Midtown, the scene the same at Morgan Stanley, which got $10 billion in taxpayer funds. In the afternoon, drivers tell us it's Morgan employees hopping in and out of these black cars, few wanting to tell us where they were going or how much the ride would cost.

The drivers tell us rides here include roundtrips for meetings at bars and restaurants, or for rides home at night to towns in Westchester or Fairfield County.

Rides to Greenwich, Scarsdale, Garden City start at $75 to $90 one way, not counting tolls, tips or waiting times. Trains to these same towns cost just $9.

In Times Square, anger from taxpayers who watched with us as bankers took their rides.

New York resident Dwayne Corbett says "that's not even cool man. They need to get me one."

Resident Michael Villane says "there is so much more they could be doing more with that money. They could be shoring up and doing credit. And they're not doing it."

Last month, after getting billions of tax dollars, the heads of the banks appeared on Capitol Hill. Morgan Stanley's chief executive was one.

John Mack, the CEO of Morgan Stanley, said "I think the entire industry shares some responsibility and for that we are sorry."

No apology though for using limos. The firm issued a statement "Morgan employees are only permitted to use black cars for travel with clients or to client-related events or if employees work past 9 PM in the office."

New Jersey Senator Robert Menendez says "when you have the taxpayers money at the end of the day you have to look at your entire operation and say 'I need to be responsive. I need to be more responsible'."

At JP Morgan Chase, which got $10 billion in tax dollars, we also found town cars lined up. Drivers along Park Avenue say they make money mostly at night taking bankers to homes in the suburbs but they say there have been cutbacks.

One limo driver says "they do use us, but it's almost cut in half."

$10 billion from taxpayers also went to Goldman Sachs.

Cars were here in the afternoon, and being used.