BB&T Corp. Chairman Takes Issue With Bailout Plan (Is This the Goldman Sachs Bailout Act)

Dow Jones ^ | 092508 | Matthias Rieke

[Fred]

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.

[Fred]

"The primary beneficiaries of the proposed rescue are Goldman Sachs (GS) and Morgan Stanley (MS)."

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

[Admin Moderator]

The link you provided for this doesn’t work. Please provide a working link.

[Coldwater Creek]

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.

[Coldwater Creek]

Read the article in full at Journalnow.com

[Coldwater Creek]

You can also just go to Summery for BBT yahoo. Lots of interesting stuff in this article.

[Fred]

Here it is

http://money.cnn.com/news/newsfeeds/articles/djf500/200809251152DOWJONESDJONLINE000702_FORTUNE5.htm

[Constitution Day]

NC ping please!

[wbill]

He said that it is important that "Congress hear from the well-run financial institutions

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.

[RatRipper]

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.

[Admin Moderator]

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.

[07Jack]

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.)

[Coldwater Creek]

I was lucky enough to get in on BBT’s IPO.

[Fred]

Not a problem. I always try to use the proper freeper etiquette.

[Nickname]

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.

[MitchellC]

NC *Ping*

Please FRmail MitchellC if you want to be added to or removed from this North Carolina ping list.

[cherry]

its all about the concentration of wealth into fewer and fewer hands.....

that is what all of this is about......

[mykdsmom]

My local Raleigh NC conservative talk show host just spent 2 hours on the air with this guy as the guest. I didn't get to hear all of it because I had to go to an appt. but he will probably post it online at their website tomorrow @ WPTF.com.

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.

[TaxRelief]

Where is the original letter written by Allison?

[TaxRelief]

A .pdf of Allison’s letter can be found here:

http://media.gatewaync.com/wsj/pdfs/2008/09/allison.pdf

[Revolting cat!]

That letter is a must read!