Wall Street Execs Head to DC

A day after the Treasury announced the Obama administration's bank rescue plans—and the stock market fell drastically—Wall Street bank executives are headed to testify in front of Congress. And you'll be comforted to know they aren't taking private jets; CNBC reports, CEOS of Wells Fargo, Bank of New York Mellon, State Street, Morgan Stanley and Citigroup "are taking commercial flights to Washington for the hearing," while the heads of JPMorgan Chase and Bank of America are taking the train. Nightline's Terry Moran spoke to President Obama yesterday, saying, "Judging by the reaction in the markets Wall Street really doesn't like" the bailout plans to which the president replied, "Well, you know, Wall Street I think is hoping for an easy out on this thing and there is no easy out. Essentially what you've got are a set a banks that have not been as transparent as we need to be in terms of what their books look like." But Obama did add, "Keep in mind though, there are a lot of banks that are actually pretty well managed -- JP Morgan being a good example."

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By Jen Chung in News on February 11, 2009 8:58 AM

Comments [rss]

rcltrh

They should arrest them all as they exit the aircraft. Not another penny should be given to a single one of them. Depression now, depression 6 months from now. What's the difference except we would be able to start over quicker if we went ahead and let all the banks fail tomorrow instead of in July. Any company receiving bailout money who pays a nickle in bonus to anyone before paying US back should have every executive put in jail. I also like the Chinese model, Nannystate.

Felix Hoenikker

http://www.youtube.com/watch?v=pD8viQ_DhS4

the fun starts at 2:10

This is ugly.

Dirk

I'm beginning to hate everyone.

babyhitler

It seems the government's plan of dealing with this bailout is to just publicly berate the CEO's instead of you know, actually regulating how the money will be spent. It's like giving a 1000 bucks to your spoiled daughter and telling her to buy food and water for college and then she blows it all on dinner at le cirque and you give her an earful while she sits there trying to look ashamed but is really smirking when you aren't looking.

drewo

Yes, these people should be harshly questioned as to how they can take taxpayer money and just waste it away, and propel our country into a trillion dollar budget deficit.

But our politicians in Washington answer to no one, do they?

NannyState

In China they publicly execute scum like those CEOs. We need to adopt the chinese model.

EastRiver

I had you pegged as someone very much into protecting the Constitution.

Papercutninja

"Boohooo boohoo...poverty, we got screwed too, look at us, we're taking semi-public transportation with the serfs and undesirables, we can't cut the bonuses, they're necessary to keep our douche employees douchey...""

There. Now you don't have to watch C-Span.