Posted on 05/15/2009 11:36:19 AM PDT by jdsteel
NEW YORK (Reuters) - Federal Deposit Insurance Corp chairman Sheila Bair said some U.S. bank chief executives will be replaced in the next couple of months as regulators assess lenders' financial strength, Bloomberg News said on Friday, citing a television interview to be broadcast this weekend.
"Management needs to be evaluated," Bair said on Bloomberg TV's program Political Capital with Al Hunt.
"Have they been doing a good job? Are there people who can do a better job," Bair said. Asked about chief executives being replaced, Bair replied, "Yes," according to the report.
In the last year, the federal government has ousted chief executives of American International Group Inc (NYSE:AIG - News), Fannie Mae (Pacific:FNM - News) and Freddie Mac (Pacific:FRE - News) after taking big ownership stakes.
In March, it pushed out General Motors Corp (NYSE:GM - News) Chief Executive Rick Wagoner after concluding the automaker's recovery plan did not go far enough.
(Excerpt) Read more at finance.yahoo.com ...
This is actually fascism.
“some U.S. bank chief executives will be replaced in the next couple of months”
FASCISM....
It’s what the sheeple voted for.
I’ll bet this is not the “CHANGE!” that these DEMOCRAT-SUPPORTING Bank CEO’s thought they were voting for!!
I don’t want the gov in charge, but I agee many of these fat cats need to be ousted.
Don’t they get to tell their story, though?
Or do you just get to call them fat cats and kick them out?
Do any of their workers who are being whacked get that choice?
They aren’t being publically accused of bad behavior by Gov’t officials, and singled out by the United States Government for firing, but I do see your point.
Are you for shareholder rights or are you just another working class hero populist?
Further, more diversity is needed for banking CEO’s.
Exactly. Forget rule of law or Boards of Directors who have the responsibility and authority for this rather than know-nothing government bureaucrats.
let the boards and the shareholders and employees make some damn noise!! frigging sheep!! the CEOs should say hell no I won’t go and make a loud show of it. Time to push back!!
Can anyone really be surprised about this?
Why? For following the government mandate that they must do sub-prime loans? For taking the TARP money that the government made them take? For not paying the TARP money back, when the government won't let them?
Who and how much are they donating to?
How about let’s audit the Fed before we go ousting these shareholders picks.
I’m sure they will be replaced by CEO’s that buy into the whole Obama plan, and become “partners” with him to turn this country upside down.
FDIC disputes report on bank CEOs being replaced
“NEW YORK (Reuters) - The Federal Deposit Insurance Corp disputed on Friday a report that said Chairman Sheila Bair believes some U.S. bank chief executives will be replaced in the next couple of months as regulators assess lenders’ financial strength.
The FDIC said the Bloomberg News report, which cited a television interview to be broadcast this weekend, was “misleading.””
Who to believe? If this program gets to rolling too fast, the commoners might rebel.
Why don’t we replace the FDIC, the SEC the Congress and the POTUS?
Here is what the SEC overlords did to protect you:
WASHINGTON (AP) — Federal prosecutors and the FBI have been investigating possible illegal insider trading by two Securities and Exchange Commission enforcement attorneys who were in a position to receive sensitive information about agency probes of public companies.
The SEC’s inspector general, David Kotz, found that the frequent stock trades over a two-year period by the pair raised suspicions of insider trading. Earlier this year, he referred the matter to the Fraud and Public Corruption Section of the U.S. attorney’s office in Washington.
Not to worry, they are fixing the problem! Here is how:
Still, the SEC has been taking “additional steps to enhance our protections against the potential for improper conduct ... (including) developing a new computer system to facilitate reporting and review of securities trading by all SEC personnel, hiring a chief compliance officer, and providing greater clarity of our rule governing the reporting of trades,” the statement said.
They are throwing money at it, hiring a compliance officer and doubtless hundreds of lackeys! By golly that ought to fix it.
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