Chief bank executive takes issue with bailoutSubmitted by libertyBoy on Fri, 09/26/2008 - 19:52
As if congress hasn’t heard enough from the American public of their distain toward the $700 billion bank bailout - excuse me - rescue plan, I found an article describing that some bankers are even speaking out against the plan.
Apparently, John Allison the chief executive officer of BB&T (14th largest bank in the nation) has sent a 14-point letter to all 535 members of congress in which he criticizes the bailout package.
In it he points out:
- "There is no panic on Main Street and in sound financial institutions"
- That it is “inappropriate that the debate is largely being shaped by the financial institutions who made very poor decisions.”
- "The primary beneficiaries of the proposed rescue are Goldman Sachs and Morgan Stanley. The U.S. Treasury, he says, is 'totally dominated by Wall Street investment bankers,' and 'cannot be relied on to objectively assess all the implications of government policy'"
Allison has taken public stands on political issues before. In a press release in January 2006, BB&T announced that it discontinued lending to "commercial developers that plan to build condominiums, shopping malls and other private projects on land taken from private citizens by government entities using eminent domain."
The release quoted Allison as saying, "The idea that a citizen's property can be taken by the government solely for private use is extremely misguided, in fact it's just plain wrong.""
If Paulson and Bernanke don't put this bank out of business, I’m moving my accounts over there.