Senators Hypocritically Slam Bankers

February 12. 2009

Bank CEO's in Congress getting pimp slapped by senators

UPDATE: 2-13-09 1:50AM - There was an error with the "Senators Hypocritically Slam Bankers" article, not my doing, but it has been fixed now. Sorry for the inconvenience or any confusion. The site's copyright notices and affiliated site links have also been altered and removed from the bottom of some pages, also not my doing. I am working on fixing it. Thanks for your patience.

I find it appropriate, yet hypocritical that senators slammed the nation's top banking CEOs in Congress yesterday, as several members of the House and Senate, previously took deeply discounted home loans from them, in what can be viewed as buying their favor. There wasn't much impartiality, now was there.

To blame them for the crisis, you must also blame yourselves, as you let it happen at the hands of the SEC and FBI when many red flags were brought to your attention by independent sources.

These two regulatory and investigative agencies knew what was going on for years and their respective management instructed employees to let it to continue, under the misguided belief some citizens are too rich and powerful to go to prison. This misplaced nationalism and elitism caused a catastrophe to take root and mushroom.

President Barack Obama needs to use his post to author and propose tougher legislation aimed at companies, to ensure this never happens again. A legislative memorial needs to be dedicated to the current crisis, as a reminder of what not to do.

I'm sure the American people would have preferred if a handful of lawbreaking, high profile rich people were incarcerated a few years ago, in what Congress would deem embarrassing, rather than have the terrible scenario of widespread financial disaster unfold, the latter having now happened.

It’s ironic in light of what has befallen the economy, but I’m sure if you had asked the American people to take a vote on which they would prefer, I’m sure they’d choose option B:

A.) let a group of rich, well-connected individuals, that do not even constitute .05 percent of the population, run loose in corporate America, committing financial crimes that will severely damage the U.S. economy to the point of collapse and loss of status in the world at #1, bringing with it terrible economic hardship and suffering on a nation and several of its allies.

-or-

B.) Charge, incarcerate and thereby neutralize, a group of rich, well-connected individuals, that do not even constitute .05 percent of the population, running loose in corporate America committing financial crimes. Lock them up, thus averting said miscreants from severely damaging the U.S. economy to the point of collapse and loss of status in the world at #1, bringing with it terrible economic hardship and suffering, on a nation and several of its allies.

Only an idiot would choose option A, but that’s what members of the Congress, FBI and SEC chose for America a few years ago, through acts of willful criminal negligence, to protect rich and notable citizens, committing financial crimes in corporate America.

Just because someone appears in Forbes, Time, People magazine and other periodicals, doesn’t mean they should be allowed to run wild with dangerous conduct that destroys the financial welfare of an entire nation.

Congressmen grill bankers

Blame them for financial meltdown

Thursday, February 12, 2009 - Congressmen were practically lining up yesterday to take whacks at the nation’s most powerful bankers, accusing them of letting down America and pushing the nation’s economy to the brink.

“You created the mess we’re in,” Rep. Michael Capuano (D-Somerville) said at yesterday’s hearing of the House Financial Services Committee, which hauled eight bank CEOs to Washington for hours of grilling. “And now you’re saying ‘Sorry. Trust us.’ . . . America doesn’t trust you anymore.”…

But the hearing was unofficially an opportunity for House members to flail away at CEOs from Bank of America, Citigroup, Morgan Stanley, Wells Fargo, Goldman Sachs, JP Morgan Chase, Bank of New York Mellon and Boston’s own State Street.

http://www.bostonherald.com