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'We made mistakes,' U.S. bank CEOs admit

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posted on Jan, 13 2010 @ 05:55 PM

'We made mistakes,' U.S. bank CEOs admit

Wall Street executives, raked over the coals for lavish compensation plans, apologized Wednesday for industry-wide mistakes in front of a committee investigating the financial crisis of 2008-2009.

Americans are furious and "have a right to be" about the hefty bonuses banks paid out after getting billions of dollars in federal help, Financial Crisis Inquiry Commission chairman Phil Angelides told the heads of four of America's largest financial institutions at the group's first public meeting
(visit the link for the full news article)

posted on Jan, 13 2010 @ 05:55 PM
They came clean. WOW! I must say that this is a major shocker! The CEOs confessed that their bad leadership was to blame for the wrongful use of billions of Tax payer's dollars. I must admit, it takes guts to come clean!

The only problem is this: Nobody mentioned how they could prevent this from happening again! They are saying "I'm sorry! Forgive me!" but are forgetting the most important part! "I won't do it again!"

So in the end it's good and it's bad news at the same time!


(visit the link for the full news article)

posted on Jan, 13 2010 @ 05:59 PM
And nobody gets fired.

And not all the money gets paid back.

And there's no real reform to go with their admitting fault.

And it's all the same, just a different day.

Was their spokesperson "Captain Obvious"?

posted on Jan, 13 2010 @ 06:06 PM
reply to post by Badgered1

That would be an excellent handle "Captain Obvious".

OP, this whole commission to investigate the financial breakdown is a farce. It is modeled after the 9/11 commission. I am sure they have no subpoena power.

It will be the place where they are forced to prostrate themselves and say "I am sorry, we should have done better and it won't happen again-wink wink, say no more say no more".

What a huge waste of time and probably a huge waste of money. I am sure their will be bucks flying around these hearings also.

There is evidence that Geithner, Paulson, Bush, Obama knew what they were doing was illegal, any questions heading that way? Of course not, they cannot and will not truly investigate this. It would show systemic corruption.

Just another white wash.

posted on Jan, 13 2010 @ 07:05 PM
a lack of morality is not a mistake.

It's a state of mind.

posted on Jan, 13 2010 @ 08:06 PM

Originally posted by Magnum007
I must admit, it takes guts to come clean!

No, it takes guts to return the money.

They're laughing all the way to the bank because they know that apologizing won't cost them any money and could actually increase the goodwill of future customers.

posted on Jan, 13 2010 @ 08:12 PM
This is a NO [snip] moment.

But to be fair, some banks have returned the TARP money, and others will in time return it as well. What I want to know is where is our dividend checks for the investment we made in these banks?

Yes they made mistakes, and our congress should implement regulations to make damn sure that it does not happen again.

posted on Jan, 13 2010 @ 09:16 PM

Angelides compared Blankfein to a used-car salesman selling cars that he knows has faulty breaks and then taking out on insurance policy on the cars. To some observers, Blankfein looked rattled by Angelides questions, and the Goldman chief ducked out of the hearing without talking to reporters, as John Mack and James Dimon did.

Go Phil!!

But is today’s public still capable of being shocked by Wall Street’s sins?
The crisis commission’s success may depend on it.
from same source above WSJ .... let 'em know, "Hell, yes, we're angry!!"

Oh, yeah, I want my check, too.

posted on Jan, 13 2010 @ 09:29 PM
No offense to the OP here and I thank him (or her??) for bringing this here. But, I have no forgiveness nor even mercy for these suited crooks who continue to profit directly off of the backs of hard working men & women who are struggling daily just to put food on their tables, clothe their kids and try to have some dignity all the while these crooks are jet setting around the world, eating whatever they want whenever they want, looting their employees financial funds for greed only.

Then all we get is an apology? I'd type what I'm thinking but I have more respect for ATS than that.

posted on Jan, 13 2010 @ 09:44 PM
I'll keep this simple. IMO Bankers that fall short should be getting fat on bonus payments that they ill-deserve. Do nurses get paid extra for each stitch they so or plaster they administer? Do Firefighter get a bonus each time they rescue a cat or rescue a damsel who has her toe stuck in a tap? No, so why should these fat-cats get rich for doig a job they employed to do?

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