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Let’s Question the Bank CEOs

Posted by Larry Doyle on February 11, 2009 9:27 AM |

This morning at 10am, the CEOs of the major money center banks in our country will be in Washington to face Congressional heat. Watch it LIVE on C-Span3.

cspan-bank-logos

These CEOs are easy targets for plenty of reasons. As a precursor to their testimony, I thought it may be helpful to view a 1-minute clip of Jamie Dimon, CEO of JP Morgan, commenting on the proposed stimulus plan, the state of the banking industry, and the concept of nationalizing the banking industry.

If I were questioning these CEOs, I would want to ask the following:

1. To all the CEOs, how do you justify paying $18+ billion in year end bonuses after having taken more than $150+ billion in government funding?

2. Why shouldn’t Citi be formally nationalized right now given the market’s belief that if positions were marked to market properly that the institution would be insolvent?

3. How do you justify the egregious process of raising rates on credit card lines for consumers who are not delinquent?

4. Mr Pandit (CEO of Citi), can you share with us the marks on the super-senior classes of CDOs that you held in your off balance sheet SIVs?

5. Mr. Lewis (CEO of Bank of America), did you feel any sense of obligation to your shareholders to reveal the expected losses from Merrill Lynch prior to asking those shareholders to approve the deal?

6. To all the CEOS, please share with us your opinions as to how much more capital needs to be injected into the banking system in order to recapitalize the system?

7. Mr. Dimon, (CEO of JPM), your bank is the largest player in the CDS (credit derivatives) market, please share with us how this market should be regulated going forward?

8. WHERE’S THE MONEY???????






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