Bankers not grilled on flying or lyingPosted: Sunday, December 14, 2008
There’s no love lost from The Icepick for the Big Three’s too-good-to-live-in-Detroit CEOs. But CNN’s Campbell Brown makes an excellent point: Why hasn’t anyone from Capitol Hill pressed the bailed-out banks’ leadership if they’re flying around in private jets, the same way Detroit’s big bosses were famously questioned?
To me, it brings up the larger question of value: why are the banks, which were mismanaged every bit as the automakers, given more of a free pass when it came to Bailout money? Why let the bankers off so easy?
And remember, the bankers had the added element of lying to (or at the very least, misleading) their customers. Even people who took out more traditional loans during the housing bubble were misled, with loan officers practically guaranteeing first-time buyers that their monthly mortgage payments would not be much higher than their present rent. “Not much higher” translates to “more-than-double” in banker-speak.