John Reed, Former Citigroup CEO, APOLOGIZES For Creating Monster Of A Bank »
Posted By Radiofreeeuropa 1 week, 6 days ago in Business & Finance
It may be the most direct apology of the financial crisis. Former Citigroup chairman and CEO, John Reed, has apologized to a Bloomberg reporter for his role in creating the ailing mega-bank, which has received $45 billion bailout funds and more than $300 billion in asset guarantees.
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Radiofreeeuropa
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cowboygrandpa1 week, 6 days ago
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"I'm sorry," Reed, 70, said in an interview yesterday. "These are people I love and care about. You could imagine emotionally it's not easy to see what's happened"...
Congress' overhaul of U.S. financial regulations should include ordering banks to hold more capital, ensuring executives' compensation is aligned with long-term profitability and banning firms that take deposits from also engaging in equities and fixed-income trading, Reed said.
"I would compartmentalize the industry for the same reason you compartmentalize ships," Reed said in the interview in his office on Park Avenue in New York. "If you have a leak, the leak doesn't spread and sink the whole vessel. So generally speaking you'd have consumer banking separate from trading bonds and equity."
Reed's apologia comes on the heels of his letter to the editor of the New York Times last week, in which he put forth his support for separating banks lending operations from their trading arms. In 1999 Congress repealed the 1933 Glass-Steagall Act, and opened the door for commercial banks to meld with trading houses.
Salon's Andrew Leonard lamented earlier today about why there aren't more bankers willing to apologize:
While other bankers are running around trying to defend the Christianity of profit-seeking, and the banking industry as a whole is fighting tooth and nail against any regulatory reform, here's one former executive willing to apologize and admit error. It's refreshing, and worth applause."
Greed is not a part of Christianity. Nor is the accumulation of great earthly wealth, while others die for the lack of the basic necessities.
It is very anti-christian though. You will know them by their fruits.
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