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Our Congress is asking questions of banks’ CEOs and they need to be asking the CFOs who actually might know the answers. (or Board members.)
Is it possible that the bank CEOs are too insulated from the actual decision-making and running of their companies that they don’t make these decisions that Congress and the American people want to understand?
It looks like the people that would have the answers are the Board of Directors for corporate governance and specifically, the Chief Financial Officers in these banks that would know how compensations are structured, why decisions to raise credit card interest rates have been made and how TARP money has been spent.
At the Congressional hearings, it was obvious that they had the wrong people trying to answer the questions. The day after they get back to their offices – nothing will be any different, nothing will change as a result of the efforts by Congress to understand what the bankers have done with TARP moneys or anything else.
– cricketdiane, 02-11-09