The Congresscrazies have finished voting, and we’re back.
Rep. Walter Jones has three points:
1. The image of the banking industry is as low as its ever been.
2. You people need to show some compassion.
3. FOR GOD’S SAKE, WHEN YOU LEAVE HERE TODAY.DO WHAT EVER YOU CAN TO FREE CREDIT.
Rep who’s name I missed: How many of you have performed community outreach?
Blankfein: We’re not an originator, we’re a servicer. Our servicer has reached out and been very forgiving.
Dimon: We work very hard to contact anyone who we think might have a problem; if i have to, I’ll go door to door.
Kelly: [smugly] We don’t do mortgages.
Lewis: We take 85k calls a day.
Logue: We are not in the mortgage biz.
Mack: We’re barely in the mortgage biz, but we do try to help.
Pandit: We’re in your homes, modifyin’ your mortgages. We’re not waiting for fire alarms to go off, we’ve installed mortgage detectors. Did we start the fire? I’d rather not say.
Stumpf: We talk to people early and often.
In a move that has got to chap Barney Frank’s hide, C-SPAN has stopped airing the hearing. It’s on CNBC, but being talked over. By all means, continue to air your grievances below, but we’re going to take this as our cue to mosey on out of here. If Capuno and Maxine Waters decide to perform a duet, let us know.
Why are these Reps asking banks what they can do to help out the average American?
These are corporations who exist to MAKE A PROFIT…not a charity.
@1 not if Barney & Co. have anything to do with it…
AHHHH where is it everyone is going to stimulus passage
they have already helped out the avg american.. and they are insolvent because of it
@1, that is not why corporations exist
What the heck are you talking about, #5? Do the words “shareholder wealth maximization norm” mean anything to you?
@5
#1 here, care to explain why they exist to me?
@6, yes it does; in fact, that’s my point.
I just hate it when people use the unmodified term “profits.”
These corporations sold themselves to the government when they took the TARP money. There’s no such thing as a free lunch. By concentrating on pleasing the government wishes they forego their duties to their shareholders.
That doesn’t matter however. The government will continue to throw money at the problem each time claiming that more needs to be spent. Of course we all know that government knows best. All the policies they’ve instituted throughout history have never failed. God help us all.
Back in business
Still on Bloomberg for those interesting in seeing this clusterfuck to the end.
Senile Rep: “Uhh…1…2…3…4…are you Mr. Countrywide?”
Lewis: “No, I am Mr. Bank of America”
I have an odd crush on the Progressive lady. Is that wrong?
Why is Luciano Pavarotti questioning the bank presidents?
Hey, when did we elect B.A. Baracus?
Oh my GOD – this gets worse and worse. I have to t13q`Q
Hi 7, 5 here.
You open a corporation, a retailer let’s say. You sell trinkets–glass figurines depicting kittens–and to help sales you issue credit credit cards to prospective customers.
You buy the figurines for $80 and sell them for $100. Purchases are financed 100% through the credit cards you’ve issued. You sell a menagerie of 1,000 glass cats and make a profit of $20,000. Problem is, unlike Target, you aren’t unable to unload the credit card balances to JPM through an ABS. Also, you forgot to check the credit ratings of your customers. And your store is in Flint, Michigan.
You’ve made a profit; you can book them and everything–the purported purpose of a corporation. Is this is good thing?
/sorry, I’m being a douchebag, the word “profit” is just my #1 pet peeve
Oh my GOD – this gets worse and worse. I hav AS
asZ\
e to t13q`Q
Who knew the “people” were this crazy? This is why I’m never leaving a Boston, New York or San Francisco.
you can still get it live on CNBC.com…but it’s probably not worth it.
I’m seriously worried about the quality of government.
I am very curious as to how Baritiromo’s ass tastes.
DJ Gassy Chaz
“profit, fancy word for money” -michael scott
“I’m woefully unimpressed with the diversity here”…You need to use some of that tarp money to change your race/gender
TARP babies = racist stereotype
“diversity, fancy word for underqualified” –mcp
Won’t someone please think of the children?
i want to cry, ugh
I’m going to MAKE you lend that money, dammit. And report how you do it. And tell me what you would have done without the money.
Or none of the above. But I will bring you back to testify so I can do more useless noisemaking / grandstanding.
Marry Poppins, wtf?
Stan O’Neal?
I too am curious as to what epicurean delights Ms. Baritiromo’s ass could possibly have.
Knealizzle fo shizzle
Could Capuno’s shameless grandstanding have anything to do with the possibility that Ted Kennedy might vacate his Senate seat? Hmmmm