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 ...
Call it socialist all you want but people are pissed about these fat cat CEOs. Wall Street is to blame for putting Dems into office and Marxism creeping into all walks of life.
Check the links below. Barney did get money from some of the CEO’s.
CEO’s being brow beated in the hearing and their contributions: Lloyd Blankfein, CEO and Chairman, Goldman Sachs & Co.; James Dimon, CEO, JPMorgan Chase & Co.; Robert Kelly, Chairman and CEO, Bank of New York Mellon; Ken Lewis, Chairman and CEO, Bank of America; Ronald Logue, Chairman and CEO, State Street Corporation; John Mack, Chairman and CEO, Morgan Stanley; Vikram Pandit, CEO, Citigroup; John Stumpf, President and CEO, Wells Fargo & Co. 2128 RHOB.
Lloyd Blankfein: http://www.newsmeat.com/fec/bystate_detail.php?st=NY&last=Blankfein
James Dimon: http://www.newsmeat.com/ceo_political_donations/James_Dimon.php
Robert Kelly: http://www.newsmeat.com/fec/bystate_detail.php?st=NY&last=kelly&first=robert
Ken Lewis: http://www.newsmeat.com/ceo_political_donations/Kenneth_Lewis.php
Ronald Logue: http://www.newsmeat.com/fec/bystate_detail.php?st=MA&last=Logue&first=ronald
John Mack: http://www.newsmeat.com/ceo_political_donations/John_Mack.php
Vikram Pandit: http://www.newsmeat.com/ceo_political_donations/Vikram_Pandit.php
John Stumpf: http://www.newsmeat.com/ceo_political_donations/John_Stumpf.php
HS. This was done by Greespan and the bankers you are in love with working together to inflate assets until the bubble burst.
I don’t exactly see any heroes on that list.
Not many but it shows that it’s about 50/50 split between donations to Dems and Reps and some of those who were grilling the CEO’s got donations from them. “Protection Money”
It is pretty safe to say that they get elected because they are a reflection of their various constituencies.
Why is it that every time I see Barney Frank I want to puke?
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