Wednesday, March 11, 2009

Taking Candy From Strange People

Your kids know better than to take candy ....

U.S. financial institutions that are getting government bailout funds have been told to put off evictions and modify mortgages for distressed homeowners. They must let shareholders vote on executive pay packages. They must lower dividends, cancel employee training and morale-boosting exercises, and withdraw job offers to foreign citizens.

As public outrage swells over the rapidly growing cost of bailing out financial institutions, the administration of President Barack Obama and lawmakers are attaching more and more strings to rescue funds.


A growing chorus of industry experts is warning that asking weak banks to carry out the government's economic and social policies could increase the drain on the public purse. These experts say that the financial assistance, while helpful in the short run, could require weak banks to engage in lending practices that will lose them even more money, and that the government inevitably will become more heavily involved in dictating how banks do their business

Yah, hey.

The demands to modify mortgages or forestall evictions are especially onerous, some bank executives say, because they could prompt some institutions to take steps that, while helpful to homeowners, could lead to greater losses

It must be in the Constitution--the right to occupy a single-family dwelling, right?

In effect, M&I's Board of Directors includes such business luminaries as Barney and Nancy. THAT has to be reassuring (or 'inspiring confidence') for employees and the shareholders, no?

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