Bank Nationalization Video & Audio

“…Well for instance you say nationalize the banks and regulate them and your writing it as others are. It was securitization that got us in the current -- know this idea of buying and selling mortgages and and banks are back in the same thing. …”

“…pour money into the financial system. Are radical departure for the federal bank but critics say he gave too much to banks. . And in the woods yet to reports today from the White House and the Congressional Budget Office pretty much say the federal …”

“…he also advocated a government run health care program he also advocated nationalizing banks like President Obama is doing so alert came back today it's been what six years since he -- anybody up -- Hitler …”

“…empowers engaged in a career path that resulted in a bank robbery and murder on the problem cause she supported. On General Petraeus if Huard Brandeis University alarmed -- in a career you …”

“…you know say that the Obama administration should be kicking down doors nationalizing banks kicking out the CEOs and as you said at the start. How come the bank CEOs are getting to stay. They can't -- it just always raises the question we we heard we hear this from you …”

“…even if you contemplate. And a more dramatic candidacy recapitalization. All of bank system using government money so they -- would end up with -- majority ownership. Even if you hinted that that will cause. …”

“…his own rhetoric. Is that he truly wants to be forced to nationalize the banks in pursuit of his ultimate goal of a socialist economy. …”

“…of -- Of a grand. Scheme. By Barack Obama to try to nationalize as much of the economy as possible upon what are you basing your hope by the way. I cannot believe that anyone …”

“…The bank Bank of America did you hear what they're guy said yesterday Ken Lewis is evidently you're that -- He thinks that they're they're not going to need that they're going to be able to pay off all their bad loans and debts of snow this. I think they're getting like 45 billion or something from the government and he doesn't think they're gonna meet any more than. And they're going to be fine and he's happy that. The the administration doesn't want to nationalize any of the banks he doesn't -- and yeah that's necessary and. …”

“…1990s I never invested funds. Instead those funds were deposited in a bank account and chase Manhattan. Wouldn't clients who wished to receive the profits that they believed they had earned with me. Or to redeem their principal I just went to chase Manhattan bank. . And took money that belonged to them or other clients. And that's the whole puzzle way you know is -- so I …”

“…it's done feeding at the public trough chairman Richard Parsons says the bank doesn't need any more capital objections from the government -- company the bank will remain in private hands. The company's chairman also nixed the idea that the government would have to nationalize the bank earlier this week Citigroup said it was profitable the first two months of 2009. State senator Mary Walsh has been tapped to …”

“…know this real -- and then this is what happens guys -- bank. . When we have someone who really is more -- to be it college professor. In as president of the United States I …”

“…growth. The credit crisis is -- real. But for the most part banks or not the problem. Forty years ago bank credit accounted for about 60%. Of the total credit and our economy. When this crisis started banks accounted for less than 30%. What's gone is an easy credit that got us into this mess as unregulated non bank lenders have failed. And the market for many asset based securities all have all but disappeared. It is true that banks to tighten lending standards after a period in which standards were too lax. It's also true that in a recession demand for new loans goes down. As does the number of qualified or. So there a lot of reasons you'll we would expect banks to be lending lists. But according to the fellow reserve data. Bank credit is actually increased. Over the course of this recession. And business lending his modestly so far in 2000. Mortgage finance volume is booming as a result of low interest rates. Most banks from making as many loans as we responsibly can given the recessionary environment. One choice of the banks have had to answer in this environment is very troubling the suggestion that we or lending. More because we -- wasting money and unjustifiable expenses. And that's a tough charge to answer. Taxpayers -- and rightly so. If -- bank has accepted public support. All this financial decisions successes should signal to conservatives over and frugal approach reflecting the difficult times. It's all too easy to type any dollar public support any expanse that is being extravagant or unnecessary. In some cases I think public judgments on this issue actually have been royal. But I also -- Banks have been criticized for activities in fact have very serious business purposes. Compensation is an example. I completely understand the outrage. That people feel when they hear banks that lost money paying out large bonuses to top executives. I do believe in pay for performance. That's why given the decline in -- 2008 earnings. Even though we are more than four billion dollars we pay no year in -- compensation. Numbers are executive management team. Including me. That I think that was the right thing to do. I also think that top bank executives can can handle artificial caps on compensation. Related to public financial support. We're not going to leave the company -- We've invested our careers here in -- he runs BD. But when artificial caps -- out into the organization. They hit associates who were not part of executive management. But his compensation reflects the area high revenue production. We could lose those associates to a foreign bank or up in investment critique that is not operating in the same rules such a loss hurts our company. And our shareholders. …”

“…WBZ radio was on hand as Ken Lewis the CEO of Bank of America address the Boston College chief executives club in Boston. …”

“…gives you some insight. And how can Lewis has been sealed a bank that's made more than four dozen acquisitions. Over the years and got bigger and bigger. We're behind a bank that once about it that was noticed the first national bank a -- and after several different generations wound up becoming part of Bank of America jet. What this Ken -- say about how the bank bailout effort is doing so far. Well he makes the case that even though they were reluctant in the first Friday actually take money they they were forced to accept cash from the government back in the fall. In his view he thinks it is working its leading to banks making more -- stabilize the system. It would expect America over the course of these here should make before accounting charges have -- fifty billion dollars he says Bank of America. Should be able to earn its way out of this crisis. Our thanks Peter how reporting from downtown Boston thanks …”

“…system is central to any economic recovery. But at least one major bank executive is fighting calls to nationalize the banking system. And since Peter Howell. Joins us live from Boston now with the story Peter. Yet thank each network outside the Bank of America into it at headquarters here by Austin's financial district. Ken Lewis the CEO of BankAmerica was in town today. As a bank this had to go back three times per taxpayer bailouts. Taxpayers are now in the bank American attitude of 45 billion dollars plus another hundred billion dollars in loan guarantees. But mr. lewis' message today was we are …”

“…I think the stock market is saying we think you're going to nationalize the banks right. When the stock market -- and nationalize the banks and shortness to a black it's not around that time because and a national and so I agree with him on many …”

“…essential part of that framework are these so called stress tests on banks. . What the heck is a stress test for back I don't know it is for me but what's the stress test for the bank absolutely it's stress testing itself well first it stresses me to think that the government know stressed that the right. For that for the US government to now be able to stress test banks like questioned. Really there their ability in the quality of the -- just let us put down a stress test itself. Is really going -- looking at a bank's balance sheet and looking at its income stream. In assuming certain sets of scenarios such as for example unemployment figures will increase by -- you know half or 9% the next six months of the year. They're also looking GDP -- GDP will continue to drop. It also should include a stress test of saying that mortgages whether they're commercial residential. The default probabilities who often increase now we do that stress test that won't get a sense of a picture of the future. Of what banks are going to be what we consider to be strong which ones are going to be weak and and which ones are going to be ugly. In and that is the stress test. The concern I have about the stress test is what with the US government to the treasury the Federal Reserve the FDIC once they have this information right. So what kind of common sense approach the kind of thing you do like that for your health take in your car in this case we're taking in the thanks -- the the other question though related to this. Is this question of nationalizing. . The banks it's some thing that has the markets scared. This past week both Ben Bernanke and Geithner both seem to indicate fairly strongly. That wasn't the direction that they were headed or preferred what's your view on so called nationalization. 13 late in fourth -- two things number one nationalization. Should not happen. Because. Because banks themselves need to take risk shareholders need to take risks and east -- each bank needs to stand on its own feet. But the reality yes the nationalization is happening it's happening because he's banks have taken excessive risk. And now needs to be fixed unfortunately there's no other players out there that is investors to go and -- up these banks. . So that's what we're seeing this week the city group looks like now probably 36. To 40% of Citigroup's going to be …”

“…in the economy and it's it's waning and as a result our banks are also suffering and showing us. So it's is significant we have to stop the hemorrhaging. And that's where Washington's coming in now talking about more regulation more stimulus more plants. Fundamental. To this economic recovery. Is going to be the health of the banks I mean it's easy to poke fun at bankers these days. But it isn't the banking system in many ways the critical linchpin. In order to really jump start the economy. Absolutely that that's a very important point you are raising because the banks themselves -- the lifeblood of our economy that is if capital doesn't flow we're all realizing that now. In the whole economy …”