Watch CEO's of large banks who received TARP funds being questioned over their allocation of these funds at http://www.cspan.org/Watch/C-SPAN3_wm.aspx
We will be live blogging so check back often...
10.15 a.m. No action yet...politicians cat fighting over time allocation to get their 2 bits in....
10.35 a.m. CEO's start their prepared testimony...basically defending themselves...
from the kind of information that these CEO's are presenting, it looks like their lawyers have done a great job!
Citi CEO has requested his Board to pay him a $1 salary and no bonus till the bank returns to profitability.
11.21 Rep Kanjorski- When did you first realize that there is a huge problem, what did you do?
BOA CEO Lewis- August 2007 timeframe the then treasury secretary contacted us....
Goldman CEO Blankfein- Before August 2007.
Rep Kanjorski- What do you see in the future? Have we failed?
No time for answer.
11.30 Rep Waters- Since you received TARP funds have you increased credit card interest rates?
BOA- Yes increased credit card rates to 9% customers
did you reduce the amt of credit available to customers?
Rep Waters to BOA- Do you have a loss mitigation department offshore?
BOA CEO- I dont know
You have to be 2 months behind to receive loan modifications?
According to Rep Waters BOA & CITI received processing fees for receiving TARP funds. (None of the CEO's quite understood this...)
11.40a.m. Responding to a question, CITI CEO claims that Citi is successful at helping its mortgage customers if customers talk to them, open up to them.
Rep Maloney- Questions BOA CEO on the issue that has been on everybody's min...Merill's multi billion $$ bonuses.
1 year ago