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MONDAY, NOVEMBER 23, 2009
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Bank Execs to Congress: We Are Lending

CEOs defend compensation, call for new regulation

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(Newser) – “We’re lending,” bank executives told Congress this morning, as CEOs including Jamie Dimon, Ken Lewis, and Vikram Pandit testified before the House Financial Services Committee. They also defended the outrage-inducing (but, they stressed, much reduced) bonuses they handed out, according to their prepared testimony. “Our employees worked harder than ever,” said JPMorgan’s Dimon, who gave up his own bonuses. “The compensation we paid them was appropriate.”

Lewis concurred, saying the compensation was intended “to grow our business … and generate returns for investors.” Dimon pointed to the $150 million in new loans JPMorgan doled out in the fourth quarter, while Vikram Pandit boasted of the $36.5 billion in new lending initiatives Citi authorized in December.” Pandit also insisted he’s already “removed the people responsible for Citi’s financial distress.”

People pass a Citbank branch in New York's Financial District Monday, Nov. 17, 2008.
People pass a Citbank branch in New York's Financial District Monday, Nov. 17, 2008.   (AP Photo/Richard Drew)
In this April 3, 2008, file photo, JP Morgan Chairman and Chief Executive Officer Jamie Dimon testifies on Capitol Hill in Washington, before the Senate Banking Committee.
In this April 3, 2008, file photo, JP Morgan Chairman and Chief Executive Officer Jamie Dimon testifies on Capitol Hill in Washington, before the Senate Banking Committee.   (AP Photo/Lawrence Jackson)
In this Sept. 15, 2008 file photo, Bank of America Chairman and CEO Ken Lewis, listens during a news conference in New York.
In this Sept. 15, 2008 file photo, Bank of America Chairman and CEO Ken Lewis, listens during a news conference in New York.   (AP Photos/Bebeto Matthews, file)
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Reader2795
Feb 11, 09 10:34 AM CST
This is a lie, what else would you expect from these largest holders of TARP funds, Ask them to produce the loan list as tranparency and you'll quickly see who their lending to, not main street and most likely all multinationals. Add to this all have tightened their lending requirements so only super prime commerical and consumers get loans. The credit agencies have all revised their risk models and this has caused a resulting impact that try and get money from these folks or get existing debt modified to more favorable terms and their officers will tell you to go pound salt, No TARP for you, is there answer. Congress should be making a greater effort to get mainstreet at there hearings. Reply
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radnip
Feb 11, 09 12:09 PM CST
Were these the 18 billion in bonuses? So $150 million in new business = $18 billion in bonuses. Wow, nice job! No wonder they need government bailouts. Reply
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