Community banking executives around the country responded with anger yesterday to the Bush administration's strategy of investing $250 billion in financial firms, saying they don't need the money, resent the intrusion and feel it's unfair to rescue companies from their own mistakes....I guess the bigger you are, the less constrained by common sense you are.
Peter Fitzgerald, chairman of Chain Bridge Bank in McLean, [Virginia,] said he was 'much chagrined that we will be punished for behaving prudently by now having to face reckless competitors who all of a sudden are subsidized by the federal government.'
At Evergreen Federal Bank in Grants Pass, Ore., chief executive Brady Adams said he has more than 2,000 loans outstanding and only three borrowers behind on payments. 'We don't need a bailout, and if other banks had run their banks like we ran our bank, they wouldn't have needed a bailout, either,' Adams said.
Wednesday, October 15, 2008
Not everyone is on board the Bailout Express.