March 28, 2024, 08:08:59 AM *
Welcome, Guest. Please login or register.

Login with username, password and session length
News: NEW CHILD BOARD CREATED IN THE POLITICAL SECTION FOR THE 2016 ELECTION
 
   Home   Help Login Register  
Pages: 1   Go Down
  Print  
Author Topic: "Ex-bank CEO lashes out at 'clubby' Wall Street"  (Read 1365 times)
0 Members and 1 Guest are viewing this topic.
WhiskeyGirl
Monkey All Star Jr.
****
Offline Offline

Posts: 7754



« on: April 14, 2010, 10:18:08 AM »

Quote
FORMER Washington Mutual chief executive Kerry Killinger has blamed federal regulators and an insular Wall Street culture for the demise of the bank, saying firms that were "too clubby to fail" were protected during the financial crisis in 2008.

Mr Killinger, who is testifying before the Senate Homeland Security and Governmental Affairs Committee's investigating panel, in prepared testimony complained of "unfair treatment" of Washington Mutual, the largest bank failure in US history in 2008, when it was seized and sold to JP Morgan Chase & Co.

Mr Killinger argued that the seizure "was unnecessary" and said the company "should have been given a chance to work through the crisis".

Regulators didn't give Washington Mutual benefits afforded to other banks in crisis, Mr Killinger said, pointing to injections of capital through the Treasury Department's Troubled Asset Relief Program, Federal Deposit Insurance Corp guarantees and Federal Reserve injections of liquidity.

How many lost their retirement savings when GM & Chrysler were taken over by Obama?

How many big Wall Street banks and hedge funds made out like bandits?

http://www.theaustralian.com.au/business/news/ex-bank-ceo-lashes-out-at-clubby-wall-street/story-e6frg90o-1225853437868

Isn't there still that pesky problem of banks and other moving bad news off the balance sheet?

Logged

All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
****
Offline Offline

Posts: 7754



« Reply #1 on: April 14, 2010, 10:19:31 AM »

How can there be massive 'profits' and salaries/bonuses when they move their bad news off the balance sheets to make themselves look better?

Why is this legal?
Logged

All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
Pages: 1   Go Up
  Print  
 
Jump to:  

Use of this web site in any manner signifies unconditional acceptance, without exception, of our terms of use.
Powered by SMF 1.1.13 | SMF © 2006-2011, Simple Machines LLC
 
Page created in 6.186 seconds with 19 queries.