Posted on 09/25/2008 12:17:23 PM PDT by Fred
Edited on 09/25/2008 12:23:18 PM PDT by Admin Moderator. [history]
Chairman and Chief Executive John A. Allison voiced strong reservations about the government's plan to help the mortgage market.
In a letter to Congress dated Tuesday, Allison didn't oppose government action outright. But he suggested changes to Treasury Secretary Henry M. Paulson Jr.'s proposal to inject $700 billion in fusion to liquefy mortgage assets.
(Excerpt) Read more at money.cnn.com ...
This article clearly states which lending institutions will benefit (Clue, Warren Buffet, the bottom feeder, just bought a ton of them)...can only post part of it....sorry
The link you provided for this doesn’t work. Please provide a working link.
BBT is a very solvent regional bank. I had made up my mind that the Paulson plan was the best that we could do, now I’m more confused than ever.
Read the article in full at Journalnow.com
NC ping please!
OOOOOoooooo......that's quite a haymaker. :-)
I like BB&T and I like John Allison. That being said, BBT stand to profit most, if all of its competitors go belly up.
I am a former AL regulator and current banker. I have friends in the NC Banking Commission. I heard Allison speak about four years ago. I personally did a review of BB&T’s financials last week related to my bank. BB&T is a rock solid regional bank. Allison is a very impressive, straight up guy. You can have confidence in his point of view.
Thanks for finding a working link for this, Fred. I had searched Google but their link also linked to a 404 error page at CNN.
BB&T is a first class operation, right down to their NASCAR Nationwide Series sponsorship of Clint Bowyer’s #2 BB&T Chevy (currently 1st place in standings.)
I was lucky enough to get in on BBT’s IPO.
Not a problem. I always try to use the proper freeper etiquette.
Well, we can’t have a well-run financial institution benefit from the failures of liars, cheats, gamers, crooks and thieves.
Working hard, playing by the rules and trying to follow both the letter and spirit of the law simply don’t pay in today’s world.
At least that’s the lesson I’ve learned over the past few years.
Those of us who try our best are only the means for our government to reward losers and make themselves feel important, generous and caring.
that is what all of this is about......
He was a very impressive speaker and seemed to have some great ideas on how to fix this mess. He also said if they pass this in it's present form it will hurt the economy even more. What the He!! is Bush thinking? He's just signed onto Paulson's poisonous plan w/o entertaining others ideas out there.
Where is the original letter written by Allison?
A .pdf of Allison’s letter can be found here:
http://media.gatewaync.com/wsj/pdfs/2008/09/allison.pdf
That letter is a must read!
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