Bank Chiefs Will Be Replaced in Next Few Months, Bair Predicts - Bloomberg.com: "May 16 (Bloomberg) -- Bank chief executives will be replaced in the next couple of months as the U.S. scrutinizes financially troubled lenders, Federal Deposit Insurance Corp. Chairman Sheila Bair predicted.
“Management needs to be evaluated,” Bair said yesterday on Bloomberg Television’s “Political Capital with Al Hunt,” being broadcast this weekend. “Have they been doing a good job? Are there people who can do a better job?”
U.S. regulators in releasing stress-test results on 19 banks May 8 ordered 10 including Citigroup Inc., Bank of America Corp. and Wells Fargo & Co. to raise $74.6 billion in capital to withstand a “deeper and more protracted” slump. CEOs of Citigroup and Bank of America, which got $90 billion in total U.S. aid, remain on the job, while Fannie Mae, Freddie Mac and General Motors Corp. executive were ousted after getting help."
Government is delving too deep into business at this point. It is very intrusive and follows the patterns of communism.
No comments:
Post a Comment
Spamming will be removed.
Due to spamming. Comments need to be moderated. Your post will appear after moderated regardless of your views as long as they are not abusive in nature. Consistent abusive posters will not be viewed but deleted.
Note: Only a member of this blog may post a comment.