- Chief executives of some of the largest U.S. banks appeared before Congress on Wednesday, giving lawmakers their first opportunity to grill the lenders since the 2007-2009 financial crisis.
The tone, questions and players were distinctly different from a decade ago, when lawmakers focused on banks’ ability to safeguard the financial system and avoid future bailouts. Among the CEOs on the panel, JPMorgan Chase & Co’s Jamie Dimon was the only one who headed his bank before the financial crisis.
Ronald O’Hanley, CEO of State Street Corp, and Charles Scharf, CEO of Bank of New York Mellon Corp, the country’s two largest custody banks, also appeared. Citi’s Corbat declined to comment, citing an ongoing investigation into the matter. The Bank of America and Morgan Stanley CEOs said they had conducted internal investigations and did not find any suspicious activity.
Some Republican lawmakers criticized such policies on Wednesday, with Representative Bill Posey cautioning banks against withholding financing from legal business and Representative Sean Duffy accusing Bank of America of denying Americans their Second Amendment rights. Since the crisis, the country’s largest banks have added more than $800 billion in capital to bolster the financial system.
After watching this fiasco I can't imagine how one of these bankers could be a Democrat. Seriously that would be triple double dumb.
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