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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: elmatador who wrote (81474)	10/16/2011 7:02:32 AM
From: Haim R. Branisteanu	1 Recommendation Respond to of 217689

There is ample indignation over banks being bailed out while their customers are being foreclosed upon, and over banks handing out hefty bonus checks and severance packages so soon after the crisis erupted. Similarly, executives keep getting generous payouts when they leave. Just last week, Bank of America disclosed it was paying a total of $11 million in severance to two executives forced out in a management reshuffle, Sallie Krawcheck and Joe Price, even as the company said it would begin laying off roughly 30,000 employees over the next few years. “Wall Street continues to underestimate the degree of anger among citizens and voters,” said Douglas J. Elliott, a former investment banker who is now a fellow at the Brookings Institution. For the most part, bankers say that they see the protests as a reaction to the high unemployment and slow growth that has plagued the American economy since the recession and the financial crisis of 2008. Despite all the placards and chants plainly indicating otherwise, some bankers suggest that deep down, the protesters are not really all that mad at them. .......................................................................... Mr. Pandit, onstage Wednesday at a Fortune magazine conference, said that the protesters’ “sentiments were completely understandable.” “I would also corroborate that trust has been broken between financial institutions and the citizens of the U.S., and that it’s Wall Street’s job to reach out to Main Street and rebuild that trust,” Mr. Pandit said. The protesters should hold Citi and others “accountable for practicing responsible finance,” he said, “and keep asking us about how we’re doing.”