I feel like if I were the Financial Services Roundtable and I wanted to send a letter to Congress telling them to get rid of a rule that gives lashings of government support to little banks at the arguable expense of, um, this cast of ne’er-do-wells, I would do it anonymously. Or, like, I’d try to trick Matt Taibbi into writing it. Because it’s government support of banks. Banks!We hates banks:
This past week, Sen. Bob Corker (R., Tenn.), a member of the Senate Banking Committee, said the program shouldn’t be extended. “The program’s benefit to the community banking system is, at best, unclear,” he said. “It’s time to move beyond this period of unprecedented government support of the banking industry.”
The program is the FDIC’s transaction account guarantee program, which basically guarantees transaction accounts above the normal $250,000 FDIC limit, meaning that corporate and municipal treasurers can confidently keep their checking accounts at tiny little (but government guaranteed) General Universal Nationwide Bank of America1 instead of opening a money-market checking account at, like, Reserve Primary. Read more »
Tim Pawlenty, the former Republican governor of Minnesota who criticized Wall Street while running for president last year, is joining the Financial Services Roundtable as president and chief executive officer…In a Bloomberg Television interview last year before he ended his presidential run and joined Romney’s campaign, Pawlenty said his “truth message to Wall Street is going to be, ‘Get your snout out of the trough’.” He was viewed as a potential Romney running mate before the former Massachusetts governor selected Representative Paul Ryan of Wisconsin. “Obviously, I was one of the voices saying we need to fix the problems,” Pawlenty said in an interview today. “There’s been an attempt to fix them. Now we just need to make sure they don’t overreach and stifle economic investment and job growth.” [BloombergBusinessweek]
The Financial Services Roundtable has had to sit Congress down a few times and explain things to them, and they’ve been extraordinarily patient. FSR president Steve Bartlett has spent many hours walking the halls of Congress in his ostrich skin boots (really). But he’s a busy guy and he just can’t keep homeschooling the Congress kids any more, who we assume are still struggling with the difference between assets and liabilities. So he’s sending them off to college for some formal schooling: Read more »
It’s not just doctors and scientists that need STEM education. America’s shifting economy is demanding more trained workers in many different sectors. See how Travis Brooks got the hands-on education he needed to become a technician at the Chevron Pascagoula Refinery. Visit The Atlantic to learn more.