Wednesday, February 11, 2009
Bailed-Out Bank CEOs Face Congressional Grilling
Here is an article about eight bank CEO's having to "face the judge" and say how they have been using tax payer's money.
http://www.foxnews.com/politics/2009/02/11/bailed-bank-ceos-face-congressional-grilling/
Do you think these CEO's should have to answer for how they spent the money? How does this make you feel about the upcoming stimulus bill that is being discussed?
http://www.foxnews.com/politics/2009/02/11/bailed-bank-ceos-face-congressional-grilling/
Do you think these CEO's should have to answer for how they spent the money? How does this make you feel about the upcoming stimulus bill that is being discussed?
# posted by Abbi @ 8:38 AM 
Comments:
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These CEOs should definitely be held accountable for how they are using the bailout money. I have no doubt that there are still some greedy executive, and this is somewhat apparent with the planned Vegas trip that Wells Fargo eventually cancelled. Maybe with these accountability measures in effect, the banks will use the money effectively and efficiently.
# posted by 
: 5:07 PM
: 5:07 PM
On one hand, the public gets some satisfaction watching their elected representatives reaming the "bad guys" in this economic crisis, and hope that it has a lasting effect.
On the other hand, it's kind of hard to stomach seeing the harsh criticism coming from the same people who basically handed the TARP funds to these bankers without the proper safeguards to ensure that it was handled responsibly, and not hoarded as has seemed to have happened. There better be a lot more transparency and monitoring in the upcoming stimulus bill, because I don't know if the public has the patience for a second time.
I think the public placed trust in Congress, and by extension the banks receiving the funds, assuming that the banks would operate ethically and in the public's interest. I shudder to think that Congress could have also placed that kind of trust in the people whose poor decisions played a large part in creating the mess in the first place.
And why aren't they all fired anyway? How bad do you have to screw up in business before your boards throw you out on the street?
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On the other hand, it's kind of hard to stomach seeing the harsh criticism coming from the same people who basically handed the TARP funds to these bankers without the proper safeguards to ensure that it was handled responsibly, and not hoarded as has seemed to have happened. There better be a lot more transparency and monitoring in the upcoming stimulus bill, because I don't know if the public has the patience for a second time.
I think the public placed trust in Congress, and by extension the banks receiving the funds, assuming that the banks would operate ethically and in the public's interest. I shudder to think that Congress could have also placed that kind of trust in the people whose poor decisions played a large part in creating the mess in the first place.
And why aren't they all fired anyway? How bad do you have to screw up in business before your boards throw you out on the street?
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