Why did the Senate hearing on how the financial institutions used federal bailout funds sound like a lot of self congratulations? Maybe because that's what it was. The hearing gave representatives from big financial players (JP Morgan Chase, Bank of America, Wells Fargo, Goldman Sachs) an opportunity to tout their successes and marginalize their role in the recent financial debacle.
Of course none of the banks providing executives with bonuses paid for with money from Capital Purchase Program. Duh. The program explicitly forbids using money this way. It warrants no gold star.
Monday, November 17, 2008
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