Kenny Lewis, Chief Executive Undertaker at Bank of America, took the opportunity to write an op-ed piece in today’s WSJ.
Some of the bank myths he aimed to dispel:
The banks aren’t lending, The banks are insolvent, The Troubled Asset Relief Program (TARP) hasn’t worked, Taxpayers have given the banks billions and won’t get their money back, The banks that caused this mess must be held accountable, The only way to fix the banks is to nationalize them.
Funny, these sound more like facts than myths to anyone who trades for a living or reads a newspaper once a month.
Here are some additional bank myths I’d love to see him dispel:
The banking system is the biggest ponzi scheme of all time after social security.
The banks are feeding taxpayer money into an industrial-size woodchipper.
TARP was cooked up during a pot-fueled dorm room session at GW Univerity.
John Thain wore a ski mask during the Merrill compensation board meeting.
B of A and Citi are in a 10k race to zero…for charity.
Op-Ed Piece: Bank Myths (WSJ)
Full Disclosure: No Positions.