Posted on 02/11/2009 3:34:09 PM PST by Libloather
Wall St. CEOs scolded by lawmakers
By Steve Holland and Karey Wutkowski
2 hrs 39 mins ago
WASHINGTON (Reuters) – Wall Street bank executives squirmed under a public scolding in the U.S. Congress on Wednesday over how they used $176 billion in bailout money without noticeably improving the battered economy.
"America doesn't trust you anymore," Massachusetts Democratic Rep. Michael Capuano told eight bank CEOs during a congressional hearing on the troubled bank bailout plan.
Lawmakers' remarks reflected public outrage over the economic crisis but the tone was more civil than the grilling last week by many of the same lawmakers of securities regulators over Bernard Madoff's alleged $50 billion fraud.
They demanded to know what the banks have done with the bailout money, given an ongoing credit crisis that has added to the country's deteriorating economy.
The CEOs, representing the titans of the once seemingly invincible capitalist society, argued that they had responsibly used billions in taxpayer dollars to increase lending, not to pay executives, lobbyists or shareholder dividends.
**SNIP**
CONTRITE ENOUGH?
More so than other lawmakers, Capuano expressed frustration.
"You come to us today on your bicycles after buying Girl Scout cookies and helping out Mother Theresa and telling us, 'We're sorry, we didn't mean it, we won't do it again, trust us.' Well, I have some people in my constituency that actually robbed some of your banks and they say the same thing," he said.
(Excerpt) Read more at news.yahoo.com ...
"At your level, why do you need bonuses?" Frank asked. "This notion that you need some special incentive to do the right thing troubles people."
"It's complicated," Mack replied.
Barney gets his bonuses in different ways. Just ask his Fannie Mae boyfriend.
Socialists Marxists.
I listened to some of this in my office and it was very clear we have some of the dumbest congressmen in office. How do these nitwits get elected. They do not have a clue
Show trials, another step towards communism.
Barney Frank is an embarrassment to our nation. As recently as 20 years ago; he would have been kicked out of the House. Now the Dems make him their go to person.
Look, guys, I grew up next door to one of these small time Siciliano wiseguys and they're all alike (the wiseguys are, not the Sicilians) ~ they're C R I M I N A L L Y M I N D E D !
I came home from work, made supper, clicked onto FR and read that Rep. Capuano (D. MA) tells people that Americans no long trust THEM!! A democrat from the PDRM (Peoples Democratic Republic of Massachusetts)!!! I threw supper out and am looking for a straw to use with my bottle of wine. As my son-in-law said,” we are so XXXXXXXXXXX)
Congress is demagoguing the issue, what else is new? But the bankers hung that big ole pinata up there to be swung at. If the backlash goes too far and has unintended consequences, they have only themselves to blame. At least the Scottish bankers had the presence of mind to pretend contrition at their hearing yesterday. Their American counterparts are too arrogant even for that.
They get elected by a voterbase that has the same mental midgetry....
The corporations hate the free market as much as Barney Frank does. Make no mistake about that. They don’t want to compete, they want a tilted playing field.
LOL - excellent summary.
I wonder how much campaign funds these government guys have forced out of this Wall street CEO’s over the years.
........All but one reported that their companies own or leased airplanes, prompting California Democratic Rep. Brad Sherman to advise them to give up the expensive aircraft........... Why is nobody asking this question? “How many members of the committee have flown on corporate aircraft provided by companies or lobbyists with legislation pending before this committee? A show of hands please?”
I have no warm fuzzies for the CEO’s either, but at least they answer to a board of directors and they KNOW their business is on the rocks. Those silly senators just ignore the monumental mess they have made of this country.
I am convinced the only thing that's going to return some semblance of order and sanity to our world is a complete and total collapse of the financial base on which it rests. Every system has its limits, a point beyond which regardless how strong or resilient it is it simply can't continue to perform.
The only way we are going to slay the dragon that is consuming our very lifeblood as a great nation is to starve it to death. And the only that will happen is for the entire system to collapse. One thing about government, it needs us a lot more than we need it! Government at every level is run by incompetents at best, idiots more often than not. They do not have the capacity to produce anything of value. They are leaches, parasites, who live off the blood and treasure of others. If we aren't making the money they can't get the money to sustain themselves. It's just that simple. As tough as it's going to be on us I think it just might be worth it to rid the world of the all-consuming virus that government has become. When the chips are down it will those who have been producing right along that will have the skills and knowledge to keep it going. It's like a forest fire. It will come through and burn everything to the ground. In a few months though little green sprouts will begin to dot the landscape. And the cones from those pine trees who were old and dying anyway will have released the seeds for the new forest. Seeds that could never have germinated had it not been for the fire melting the wax that protects them in the cone.
I know it sounds pretty nasty, but that's where it's going. We have simply gone beyond the point of no return. I can't think of a single problem that we have solved in the last 40 years. All we've done is put off the day of reckoning. That day is getting nearer. If you have any doubts just watch our ‘leaders’.
“”How do these nitwits get elected. They do not have a clue””
EASY - their constituents have their hands out!!!! Big time. Maxine should know representing SOUTH CENTRAL LA or to be politically correct in CA now - SOUTH LA.
“”I came home from work, made supper, clicked onto FR and read that Rep. Capuano (D. MA) tells people that Americans no long trust THEM!! A democrat from the PDRM (Peoples Democratic Republic of Massachusetts)!!! I threw supper out and am looking for a straw to use with my bottle of wine. As my son-in-law said,” we are so XXXXXXXXXXX)””
I couldn’t have said it better.....but I had a bowl of ice cream instead.
Does this idiot think that people not trusting corporate CEOs implies they would then trust government representatives. I guess some of them can be as dumb as all of them.
Loving one's government is patriotic, trusting one's government is just plain foolish.
“”the same mental midgetry....””
Or the same midget mentality??? Whatever - they are making us all question our own sanity!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.