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View Diary: Senator Elizabeth Warren Strikes Nerve, Terrified Bankers Howl In Protest (186 comments)

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  •  Based covered. (10+ / 0-)
    One top exec emailed: “...As Federal Reserve Governor Tarullo explained in response to her question, the low valuations are more likely due to continued economic uncertainty and concerns on the part of investors regarding the impact on banks' profitability due to the hundreds of new regulations, higher levels of required capital, and significant activity restrictions.
    See Warren's second point, Mr. Executive:
    Second, would be that nobody believes that the banks are really manageable. That is, if they are too complex either for their own institutions to manage them or for the regulators to manage them.
    The economic uncertainty surrounding banks in particular is due to the fact that executives seemingly have no idea what their organization is doing half the time. Or, they DO know and don't care. In which case, see Warren's first point again and stop whining about it.

    it fitfully blows, half conceals, half discloses

    by Addison on Sat Feb 16, 2013 at 02:25:05 PM PST

    •  Don't know/Don't want to know. (6+ / 0-)
      Recommended by:
      eXtina, elwior, ozsea1, worldlotus, MichaelNY, Woody

      I think you're right on both counts. These Wall Street CEOs are:

      A.) Not as brilliant and knowledgeable as they're made out to be. Some of the operations and products at these banks are so complex that even their executives don't completely understand them. We're a long way gone from the big banks essentially being S&L operations.

      B.) Sometimes it is in their best interests to not know everything their employees are doing.

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