Charles Dallara knows he is not very popular these days. The head of the Institute of International Finance, a lobby group representing many of the world’s biggest banks, offered up some advice for Group of 20 heads of states gathering in Washington this weekend — along with a measure of humility.
“I’m not sure that a message from the global bankers is exactly what is on the top of their wish list to receive before the meeting, given the role that financial institutions have played in this crisis,” he said at a press conference.
Dallara’s group wants government to back off from the private sector as soon as the financial crisis permits, but bristled at suggestions that banks have not done enough to acknowledge their part in the crisis or accept the need for tighter regulation.
“We’ve been rather brutal in our own industry self-criticism that some of these practices were not at all compatible and consistent with sound banking practices,” he said. “I don’t know what else we could do other than to get up here with some whips and take turns with lashes.”
Tempted anyone?
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5 comments so far
This bailout is a failure! These institutions are recieving this money but nothing mandantory was included in the bill that if you get this bailout you will loan so much in a certain time frame to help get things rolling!Therefore they get the money and sit on it. All you hear about is the people fixing to lose their homes! What about the millions who have already lost their homes and have none? This bailout reaps of deja vu from G.W.Bush Sr. days and the S&L bailout where crooks were rewarded with taxpayers dollars including Neil Bush a family member of Georges!
- Posted by donaldI would happily get up there and subject these bankers to the whip.
I think that being publicly stripped, flogged and run out of town on a rail is probably pretty appropriate.
If I am not available, I know a guy…..His name is Pontius Pilate.
- Posted by KDCMore than 3 weeks ago we had to get money for a bail out. STOP the world till the bail out money is appropriated. The world is still going on and the bail out money is going for things that it wasn’t intended. What a screwed up economy. Is anyone at the helm for the USA?
- Posted by Ed PatrickPut the whips away - and put the orange jumpsuits on. Bankers and financial institutions knew well they were not doing their job. Push those loan apps through as fast as you can, without the responsibility to collect on the loans. Takes too long! Better to sell them to another institute, who, knowningly will rebundle them into securities. Can you say FRAUD??? Not only did you encourage defaults, you bankrupted middle America’s pensions/retirements401K’s and credit. Well guess who will be paying the tax bill you are shamelessly begging for - that’s right - middle America. You deserve to go down (in the words of the president).
- Posted by EliseCash is king. The banks will sit on all that we give them. The banks steal again. Once a Rebublican but never, never again.
- Posted by Charles