'Vindictive warlock hunt': Comments of the week
April 7, 2017 12:26 PM
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Reader reactions to criticism of Jamie Dimon, the House GOP ganging up on Richard Cordray, a bank's decision to part with Excel to measure credit losses, and more.
Andrew Harrer/Bloomberg
On Minneapolis Fed President Neel Kashkari’s rejoinder to JPMorgan Chase CEO Jamie Dimon’s assertion that “too big to fail” has been solved:
"Kashkari is absolutely right. I find Dimon's statements either naive or self serving, and I doubt that Dimon is naive on these matters. I recall the CEOs of National City Bank in Cleveland and Wachovia in Charlotte stating in my presence in 2003 that both their banks had too much capital (at the time about 5% leverage) and that both could easily handle any economic downturn. Both failed during the crisis — early casualties. Wall Street never learns."
Related article:Fed’s Kashkari: Dimon ‘demonstrably’ wrong on TBTF, bank capital
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On the harsh questioning by House Republicans of Consumer Financial Protection Director Richard Cordray:
"Prior to the CFPB, there was no government watchdog over the financial industry that specifically worked to protect the consumer. The GOP is conducting a vindictive, warlock hunt. For hearings to be fair, they should allow adequate time for response. Otherwise, all they are doing is conducting a political sideshow."
Related article:Long day for CFPB's Cordray as accusations and innuendo fly at hearing
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Criticisizing Colorado’s tough enforcement of its consumer loan interest rate cap, which is worrying online lenders:
“Allow the market to determine interest rates for consumer loans. To put handcuffs on the lenders willing to brave this murky world of compliance only causes more friction, litigation and leads to higher fees paid by borrowers. Let's enable technology and entrepreneurs to use their creativity to continue to drive down the cost of borrowing money by both consumers and small business.”
Related article:Online lenders spooked by Colorado's tough stance on interest rates
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On a story about a bank’s decision to ditch Excel and upgrade systems to comply with credit-loss accounting rules:
“My $250 million mutual bank has averaged less than $10,000/year in credit losses over the past 15 years. Why in God's name do we have to be involved in this nonsense at all? It's going to cost me more to set up and run than we lose.”
Related article:Why this bank is ready to ditch Excel for calculating reserves
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On a Bank of America initiative, driven by millennial employees, to encourage open discussion about hot-button political issues in the workplace:
“As somebody a generation removed from millennials, I have no problem discussing politics with my coworkers, don't see such conversations as unique to millennials, and such talk doesn't interfere with work or friendships one bit.”
Related article:At B of A, talking politics in the workplace no longer taboo
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On how to reform the legislative process so banking laws don’t lead to overregulation:
“I never thought I'd see the words ‘Congress’ and ‘responsible’ in the same sentence. Now the real trick is to get Congress to feel responsible and then act that way.”
Related article:Want to ease the regulatory burden? Reform Congress
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On the Department of Labor indicating that it will likely order Wells Fargo to reinstate a fired employee under whistleblower protection rules:
“I am sure this individual really doesn't want to work with Wells Fargo again, they are just looking to collect the back pay and then split (not that I blame them)."
Related article:Wells may be forced to welcome back another whistleblower
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