Former FDIC Chair William M. Isaac “Very few banks had anything to do with creating the crisis and most are victims of it”

“We have wasted the past couple years pursuing a mindless vendetta against the banking industry, even though very few banks had anything to do with creating the crisis and most are victims of it. It’s past time for government to put the crisis behind and make job number one helping the private sector get back to work.”

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This is as PRO-BANK and anti-regulation/law enforcement as it gets.

MERRILL’S bonuses given soon after the BoA take over are actually defended…

B of A’s reward for doing the deals was to be summoned to Congress to explain why senior folks at Merrill Lynch were allowed to receive contractually agreed bonuses at the end of 2008. The Securities and Exchange Commission piled on with an enforcement action claiming the bonuses were not properly disclosed in proxy materials.

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B of A Learns No Good Deed Goes Unpunished – Bank Think Article – American Banker

You might know that B of A acquired two giant firms — Countrywide and Merrill Lynch — during the 2008 crisis. What you might not know is that these acquisitions were done without government aid.

If you are a shareholder of B of A, particularly one with a short-term horizon, you are likely unhappy with the acquisitions. But as a citizen and taxpayer you should be very thankful that B of A stepped up to the plate in the dark days of the financial crisis.

As bad as the crisis was, imagine how much more serious it would have been had Countrywide and Merrill Lynch failed. Countrywide was one of the largest home lenders in the country and Merrill Lynch was the largest investment banking firm. Alternatively, imagine how expensive it would have been for government to provide assistance to resolve those firms.

After completing due diligence on Merrill Lynch in late 2008, B of A concluded that Merrill was in worse shape than anticipated and considered abandoning the deal. Then Secretary of the Treasury Henry Paulson threatened that B of A would regret walking from the deal.

William M. Isaac, former chairman of the Federal Deposit Insurance Corporation, is senior managing director and global head of financial institutions at FTI Consulting, chairman of Fifth Third Bancorporation, and author of “Senseless Panic: How Washington Failed America.” The views expressed are his own.

Check out the rest here…

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4closureFraud.org

Comments
24 Responses to “Former FDIC Chair William M. Isaac “Very few banks had anything to do with creating the crisis and most are victims of it””
  1. Charles Fetters says:

    Billy Billy
    When you lay your fat ass head on the pillow to sleep at night, try to envision the number of homeless families that willfully gave up their homes because of fear of ass holes like you. The numbers of children that go to bed hungry nightly. You don’t live in the real world. You have no idea what has happened to this nation.
    It wasn’t the homeowners that ban together to cause this nations crisis, it was greedy CEO’s of the 17 largest banks and Wall street brokers that caused the defrauding of our nation, and they are still doing it.

  2. Tim Bryant says:

    I would love to victimize a bank CEO

  3. Tee says:

    OMG……..not even worth a comment. I really Like the pig in the picture, how fitting for all of them fraudsters….:)

  4. The Last of the Mohicans says:

    Billy, Billy, Billy….You know what? You are exactly right! Every American in a home CONSPIRED to bring down the entire financial system! No, No, Billy Boy! You are right, it wasn’t the Big ole Bad Wolf trying to Blow down the 3 little piglets homes! It was you! Aren’t you supposed to be some former FDIC Chairman? Who was supposed to regulate? No, how can you regulate millions upon millions of bad loans, that each and every Home Owner applied and conspired for!

    Your a very bad, bad WOLF Billy boy!

    Remember, the 3 little piglets and the big bad ole Wolf!

    Hmmm, wonder where this children’s story came from?

  5. Susan Liasson says:

    “Very few homeowners had anything to do with creating the crisis and most are victims of it.”
    Excellent point. Principle reductions//bailouts and jobs for homeowners!

  6. TheHutMaster says:

    Have this “William Isaac” ASSHOLE call me. I will assist him in removing the bullshit from his brain.

    “Fight The Good Fight”
    Every Minute, Every Day.

  7. EXC– USE ME….THIS ISAAC GUY….DID HE ACTUALLY SAY IT’S PAST TIME FOR THE GOVERNMENT TO PUT THE CRISIS BEHIND AND PUT JOBS NUMBER ONE…..LIKE…..JUST PRETEND IT NEVER HAPPENED??? HE SPEAKS FREELY…..BUT I WONDER IF FLORIDA HAS A MASSIVE CROWD AT A RALLY / PROTEST WOULD HE FEEL FREE TO COME AND TELL THE CROWD THAT? DOES HE THINK HIS WORD WOULD BE THE ASPRIN THAT HELPS OUR PAIN ? HE NEEDS TO HAVE ANOTHER DRINK OF WHAT HE HAS BEEN DRINKING…IT MAY BE HIS LAST. ……

    • housemanrob says:

      Marilyn…. He is the unamaginative choice to say something amazingly stupid……or maybe they just can’t think of any more creative ideas……..an oxymoron…..maybe they have bottomed out ………their Ponzi scheme!

      • Rob….I feel they are all running in circles….like roaches when the lights are turned on….they make such a$$es of themselves when they open their mouths…..everything they say sounds so fake..so elementary….I can’t take this stupidity of what they say…..like steal all the homes but give a guy a job….so he can slave for a few bucks…..and we can steal that too. That is what they are saying….they just don’t have the guts to say it…..so I said it for them.

      • housemanrob says:

        Marilyn, Good point…..but they are foolishly arrogant, the tragic flaw of most thieves and killers…..is that they are.wired differently than the rest of us, but most important lack the sensitivity for creative thinking….they think the law will always protect them and there lies their Achilles heal. When it comes crashing down, there will be Bankster jumpers….if you live in New York, keep looking up! More blood in the streets!

      • Rob…You say ‘ wired differently ‘ …I have to agree on that….Not long ago on the internet I saw a doctor explaining the difference between a normal brain and a brain of a criminal / liar…people with problems of that nature…..and it showed the sections with blotches of different colors in the brain of a person who lives that type of life…the normal brain didn’t have those colors….I was interested in watching that cause my grandson is autistic non-verbal and had just had the MRI…and my daughter went back today in fact…and the Neuro said his brain is perfect..shows no seizures…nothing….but he quit talking after a bad reaction at 17 months set of 8 vaccines at once (MMR)….he was very sick for over a week…very sick…so today this Neuro had nothing to say what caused him to stop talking and his other issues….my daughter saw his brain today from the scan…I had told her to see if there was any color or blotches…there were none. So I believe what I watched in that video……their brain is different….that could be mind over matter…..and my grandson’s problem could be genetic or caused from a virus injected.

      • housemanrob says:

        No doubt Marilyn…..it is FACT!

    • housemanrob says:

      ….AND THEY KEEP TRYING TO CONVINCE US…THAT VACCINATIONS DON’T CA– USE AUTISM!

  8. leapfrog says:

    I hope Mandelman sees this article. Maybe he can add William Isaac to his “Bringing Up The Rear” series of articles. I’d love to read Mandelman’s take on William Isaac, the bankster butt-kissing captured “regulator”. William Isaac would also make a good candidate for “Pig’s Ass”

  9. housemanrob says:

    William Isaac obviously thinks we are all still sleeping. Sorry Bill, but we know exactly where you are coming from!

  10. Renoiea says:

    So….let me get this straight…with all of their superior education and years of big business finance and handling the money of wealthy business executives and corporations, these bankers were out smarted and out-maneuvered by little housewives, teachers and truck drivers. they were out-maneuvered by laborers and factory-workers who duped these innocent bankers into lending them money on a “liar” loan? Did these same innocent bankers then tell these borrower that they didn’t want to raise their loan rate and the borrower forced them into it? Did these innocent bankers want to let these evil borrowers out of their loan, but the borrowers had finagled a prepayment penalty so that the banks had to hold them to it? Is that how it worked?

    And now these bankers still have a job and the borrowers are losing theirs? Hmmm….perhaps the borrowers should be the ones getting the bonus’ and raises! these guys are crafty!

  11. lvent says:

    B.S…….there is no excuse why NONE of them did their due dilligence…. the higher ups in CONGRESS were given a NWO plan, perfected the scam and the GSE’s instituted the plan along with all of their minions and cohorts in the financial industry and at the U.S. TREASURY AND THE FED……………..The foxes have been guarding the hen houses all along…and they still are..They have infiltrated America and have hijacked it with many members of this BIG CLUB hiding from within……they are in the CFR….

    • i VENT…..RIGHT ON……AND AND THE RECORDS SHOW WHO IS IN THE CFR…. a bunch of lying scums….and we know who are in all the ‘ parts ‘ of the racket to bring America down…….that is right….they have been under the NWO plan for a long time now…. Ya.. the foxes have been guarding the hen house…BUT… the big bad wolf’s are lurking in the background eyeing the foxes…ready to eat the fox……….

  12. housemanrob says:

    What bank has been victimized….one or two that made a few billion dollars less? Excuse me while I go scream……………..there…that’s better.

  13. Tim Bryant says:

    I wonder what this guy’s drug of choice is?

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