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Bank of America CEO: No Apology
I was waiting for the daily White House briefing. It was a lovely near-spring day. Most of the reporters were outside, many preparing to hurl questions at the banking CEOs who were finishing their private lunch with President Barack Obama in the East Wing. It was expected that the soon-to-be departing bankers would stop at the stake-out position in front of the entrance to the West Wing and field queries from the journalists.
And then they came. Mostly tall men. All white, I recall. In very nice suits. Most had silver hair. It was as if Central Casting had been asked for a dozen banking chiefs. After being surrounded by reporters and camera crews--business journalists were in a frenzy--the gaggle of titans made its way to the microphones. They said what you'd expect: that they had had a productive meeting with the president, that we're all in this together (just some of us have more retirement worries than some others), that Treasury Secretary Timothy Geithner's toxic assets plan is a good first step (these guys are lucky to have anyone giving them any kind of step), that they were not surprised by the public outrage over the AIG bonuses (did they want to seem more out of touch?), that the financial regulatory system does need updating, and that we're all in this together. Oh, did I say that already? That was a talking point that someone had obviously instructed them to use whenever it was necessary to exhale.
I was standing toward the back of the pack of reporters, watching as each question seemed to bounce off the impenetrable wall of spin the bankers had constructed. (Was it woven into the Italian wool of their suits?) There came a momentary pause in the not-so-tough grilling, and I yelled out, "Do you think you owe the American people an apology for helping to cause this economic decline?"
The men at the front of the banker's crowd looked at one another, and then one moved to the mike. It was Kenneth Lewis, the CEO of Bank of America. He noted that there were few financial institutions that had not committed mistakes. "I don't think the public should think we've done everything right," he said. (Not much need to worry about that, sir.)
But what about a simple plea for forgiveness?
"At some point," he said, "we have to stop talking about the past and talk about the present." Apparently that point was right now. He said nothing else about the mistakes of the past. He pointed to "mixed signals" in the economy that had positive implications.
So no apology, no expression of regret, no "my bad." Onward and--we can hope--upward. I suppose that high finance means never having to say you're sorry.
Thanks for keeping this alive.
Seems like the MSM have moved on from the trillion dollar rip-off. Ho-hum. Wonder what Meghan McCain thinks?
Let's put to rest the canard that bankers are "special" people
I love how financial people act like those leaders "at the top" in finance have special abilities like Michael Jordan or other phenomenal athletes who don't use steroids. It doesn't take special talent to be a CEO. It takes good social skills, some luck and basic intelligence, not a genius IQ. And, as we've seen, you can be really f*ckin STUPID too.
No apologies
There aren't any apologies because the bankers were in the presence of (ugh!)) commoners, who don't rate anything approximating civility, let alone contrition. Their delusional sense of superiority simply won't allow them to admit they're anything less than perfect, and so far, the commoners have gone along with the sham. This may not last too much longer, I hope.
One skill you seemed to forget
Good Comment, but you did not mention:
To be a Banker you need the ability to get your hands on Other Peoples Money easily, or in their pockets at least.
John L. Green
Garden Grove, California
Something We Learned from Bush and Cheney
tagged as:- result
Being a rich SOB means never having to say you're sorry.
A Novel Thought
tagged as:- solution
A rather sarcastic article from a commentator that I respect. The mob needs villians and the Left is more than happy to fan the flames of hysteria. We certainly, as a people, would never wish to take any personal responsibility for this situation. After 30 years of electing hacks that dismantled the New Deal the voters finally awoke from their collective fog. President Obama realizes that the country needs these silver-haired men dressed in impeccably tasteful suits to provide the foundation for an economic recovery in this country. When will the David Corns of this country stop with the unproductive scape-goating and get on boad the "recovery train"? Perhaps David could use his talents in assisting Congress with the very necessary task of re-regulating the financial industry.
Re-regulation? Why not.
tagged as:- solution
For starters, line the bankers up, and have'em do the count. Every tenth gets hung until someone apologizes. When someone does, have'em do the count again, and every fifth gets hung until they say who's at fault. Last but not least, fire all their butts, because they obviously cannot handle the job. Oh, and seize their assets. Theirs and their families'.
To replace them, hire someone who can balance a simple checkbook without doing any creative accounting. Preferably some single mothers of at least two kids, because folks like that know how to make a budget.
You think I'm kidding? I'm past kidding, ever since our retirement account melted to about 1/3 its normal size.
No, Americans do not "need"
No, Americans do not "need" villains - the villains "say" we need them but we dont.
Guillotine the Bankers - its
Guillotine the Bankers - its "necessary" - its "the only way" to recovery - you "have to understand" - bankers are thieves and liars - Bank CEOs on spikes - Jailout not a Bailout - Bankers: first to Iraq, then to Hell.
Apologizes
If we line up all of the CEO's in corporate America that need to apologize to the middle class, the line would be never ending. I'm afraid that hell will freeze over before any of them do though.
To say that we need "these silver-haired men dressed in impeccably tasteful suits to provide the foundation for an economic recovery" is the same as saying that we need the inmates to run the insane asylum.
You Got it Backwards
tagged as:- solution
You are one of the inmates and the most patriotic thing you can do at this moment in time is to go out and purchase a big ticket item. If all of the inmates were to do that, recession over, happy days are here again. President Obama is saying the country needs the bankers and he puts the inmates' money where his mouth is. Get with the program or remain a part of the problema.
Quite Frankly ....
President Obama understands one thing you "seemingly" don't ... which is that the "inmates" need a JOB in order to be able to go out and buy a big ticket item. Maybe the inmates were laid off, let go and then their company "fought" against their unemployment benefits, or maybe the inmates are struggling to keep a home from being foreclosed OR just maybe the inmates are killing themselves to pay those high health insurance premiums, co-pays and drug costs. It's easy to look at it from your "CEO-huge-bonus" standpoint when most Americans don't have that economic advantage that you do. There's two classes of people left in this country and quite clearly the "haves" haven't a clue what it's like to be a "have-not" or "have-little".
Perspective
tagged as:- solution
The last time that I checked Cheryl, 90% of the inmates were employed. Let's reduce the number to 85% since the Government's figures don't count those that have given up looking for work. Would the economy begin recovering as soon as the employed begin to "shop" again. My point to David Corn and the rest of the inmates is to stop bashing bankers. It serves no constructive purpose. If crimes were committed, by all means prosecute. The solution is to re-regulate the financial markets. However, the inmates are going to need their banker to loan them money for that dream home or that new car when this crisis is over. Will those silver-haired gentlemen be the villians when the inmates wanna borrow again? Wake up America!
And by the way Cheryl, I was not born wealthy and no matter my net worth, I realize that I have and always will identify myself with the middle-class. However, I am an elitist but not because of my bank account. I have the satisfaction of knowing that I have never voted for a bum or a crooked politician in my life. Hell, I even voted for McGovern, how many of the inmates can say that? When the inmates hold up Reagan as a God, and don't realize that the Bushs are one of the biggest crime families in this country, they get screwed over. In essence, the inmates get what they deserve.
Crime Families?
I have talked about Bush's escapades being criminal since 2000, but I was just laughed at and called un-American, (funny, I served in the US Army from 1970 thru 1978, and The parties that called me this never removed their silver spoon to serve a day). I always believed Reagan was evil, and even Clinton was too conservative. Obama is the first President that I actually voted For. I have always found myself voting against the lesser of 2 evils. I honestly believed Ralph Nader was the best choice for the nation, as his life has been dedicated to us the people.
John L. Green
Garden Grove, California
Finance
"Finance is the art of passing money from hand to hand until nothing is left."
Just deserts
The truth is, for what they've done--a form of treason by their helping to destroy the U.S. economy--these guys all should be hanging from lampposts. In chickenhearted contemporary America, we're embarassed and uncomfortable when someone tells the truth. Even one as obvious as this is.
No Apology
My father used to always tell me as a child, "What goes around, comes around."
Fwd: Check your credit card
tagged as:- solution
Corporate Slavery, A new free Market
We must stop the predatory actions of Banks, Insurance, Credit agency, finance and Card company's.. if left to continue at current rates, the whole system will end in financial ruin at which time no recovery will be possible, just do the math!..
The ill gotten gains by the new Corporate Slave Trader CST holder aka Financial Contracts is the tools chosen by thousands of financial company Hit-men legal contract departments. By diabolical wording “legal” contract language to there benefit, the “disclosure” of “”you are now my indentured Slave for the rest of your financial life”, goes unseen and hidden by mathematical and legal verbiage and jargon.
The poor illiterate financial borrowing fools are forced into financial indentured slavery upon signing his freedom away. The slave has no escape route after signing the slave contract all means to freedom have been removed or blocked by legal slave contract law. Even the bankruptcy route is no longer a viable refuge anymore due to the dilution of the law and the incorporation of new corporate language to benefit the Slave Trader Financial Contract holder.
All escape clauses are for the financial company only. the chains have all but been removed from the new corrupt corporate masters of the Slave Trader Free Market.
Only with strong reconstitution of strong Financial Law Reform, with very high monitory fines and 150 year prison sentences can we hope to detour the greed. It is just that, that served us well in the past, with “put in jail powers” like President Roosevelt had used to prosecuted and sent to jail corporate war profiteers who abused the poor and dead solders for monitory gain.
Currently.. and until strong oversight by congress is enacted, congress will be blinded by K street funding and continue to look away while sacrificing individual freedoms of protection from the Slave Traders Financial Contracts. This will not worry congress as long as the K-street loop hole is not cut, or worry the conscience of congress that it has instituted the new world order that is awarding corporate governments unfair, but, very lucrative Slave Trade Financial Contracts.
We must stop, by force if necessary,.. the unfair monitory slavery that induct the poor and indentured humans. This practice of corporate human slavery by financial contracts for corporate greed must end.
The net that caches the poor slave is: the Financial Contract
"We must not educate or teach to read the poor slave, for he may see then the net that enslave him is the” “Slave Financial Contract Law".
If slaves are allowed to read and understand the enslavement contract, no "right-minded" Slave would sign his freedom away. As repeated by Bankers in the north and south in 2009.
The K-street corporate slave chain gang will be hard to block even with the force of new law due to the obscene corruption and billions the slave trade generates in capital salve debt Market – Money!
your rediculous "column"
tagged as:- solution
Y'all are so terribly misled by everthing the press is feeding you that it is tragic. These bankers are not the appropriate target for your anger. In fact, I don't know, is Ken working for $1/day now as other CEOs who have the wisdom and patriotism to do of late out of their fear of idiots like you and an administration that is out to destroy them along with anything good in America?
Bankers just acted rationally to a system set up by and defended by the government (democrats). CRA was created by FDR and its expanded requirements by W. Clinton. Loose loan criteria were created by government affiliated entities, Fannie and Freddie, with Barney Frank (democrat) approving for Congress as the Congressional Finance Committee Chief, together with his live-in boyfriend who was "Director of Loan Products" for Fannie Mae, and with the helpful support of Chris Dodd (democrat) Chief of Senate Finance Committee. These folks (demonrats) fought regulatory attempts by every single Republican on the Senate Finance Committee, even the special investigation that found Fannie and Freddie out to be the crooks they were. They fought Bush and then McCain. ACORN, who was recently given $4B in the biggest government grap in history, "the Spending Bill," encouraged and even trained by our laudible President, was the chief lobbyist for these shoddy loan products that are responsible for this nation's and now the world's financial troubles.
WHERE DO YOU GET OFF SUPPORTING THESE MONSTERS????!!! While showing your ignorance with continued blaming of the hand that feeds you????!!
1) Government sets up a system that encourages greed
2) People follow
Human nature. If you don't like, don't encourage it.
Free markets don't encourage greed, they simply operate with full understanding of its inevitability. We all want to produce/have more. It is actually one of our finer qualities, leading us to the productive nation that we now, or at least did, live in.
I'm done with you idiots. Have fun with this.
For a bunch of accountants,
For a bunch of accountants, they certainly show an astounding lack of accountability.
there is no apologies
"we stop talk about the past and talk about the present". and there is on apologies, does this not look so arogance.? why they say like it is so simple ?
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of course there's no
of course there's no apologies. they like not touch with law or kinds of that..