BANK CEOS DROP BOMBSHELL: BAILOUT ACTUALLY NOT NECESSARY
I guess this means they’ll be giving the money back:
Lloyd Blankfein, CEO, Goldman Sachs: “I don’t necessarily think it was necessary at the time, but — and this was said at the time — they were looking ahead at an emerging recession that was going to get worse, and for prudential reasons, it was necessary for the systemic safety and soundness. And as subsequent events have borne out, I think it has provided safety and soundness, and taken some of the risk away from the system.”
Ken Lewis, CEO, Bank of America: “I actually agree. I know at the time we did not feel like we needed the 15 billion. But I think in light of the severity of the recession, and in light of the speed at which the economy deteriorated, I think we have lent more money because we had the TARP funds and that level of capital.
This dramatically conflicts with everything I have been told by everyone since this crisis hit in late 2008. It conflicts with what my senators told me and with what my representatives told me. It conflicts with what liberals told me and with what conservatives told me.
No one, except people like me, said “slow down, let’s take this slowly and carefully.” To the contrary: everyone said it was an emergency, a crisis, a panic. Paulson got down on his knees to beg Pelosi to pass this. Yesterday the Motley Fool circulated a video of Rep. Paul Kanjorski claiming that when Paulson asked for the money, the US and world economies were 3 hours or so from complete collapse.
And so in a total panic, people who we expect to keep their wits about them handed over hundreds of billions of dollars over to the banking and credit industry, no strings attached, and now the banks claim they never needed the money anyway?
I have two things to say.
Everyone who voted for this thing? YOU’RE FIRED. Not because it wasn’t necessary (who fuckin’ knows at this point, and lord knows Lloyd Douchenozzle and his buddy from Bank of America have their own agendas), but because it’s clear you don’t have the temperament for the work you do.
To all you ceos now saying this wasn’t necessary: GIVE OUR MONEY BACK.
February 11th, 2009 at 7:59 pm
I want my money back too goddamn it. I didn’t want to give it to them either. They stole it right from under our eyes. They stole it. It’s gone.
The bankers are like mafia, nobody’s going to touch them.