Slideshow

'Political pandering to the uninformed': Comments of the week

April 25, 2019 10:00 PM

Readers respond to the debates over economic inequality and CEO pay disparities, weigh in on FDIC board membership, consider LendingClub exiting small-business lending and more.

Representative Maxine Waters, a Democrat from California and ranking member of the House Financial Services Committee, questions witnesses during a hearing in Washington, D.C., U.S., on Wednesday, Oct. 25, 2017. The hearing was titled Examining the Equifax Data Breach. Equifax Inc., already reeling from American probes into the loss of data on 145.5 million customers in a computer hack, will face an investigation in the U.K., where 694,000 consumers had information stolen. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

On Democratic lawmakers grilling big-bank CEOs about how much more they make than their workers:

"What's the pay disparity between these politicians and the underlings in their offices they snap orders at? Just curious."

Related: What’s Jamie Dimon’s salary got to do with income inequality?

James Gorman, chief executive officer of Morgan Stanley, center, listens during a House Financial Services Committee hearing in Washington, D.C., U.S., on Wednesday, April 10, 2019. A decade after the financial crisis, the chiefs of the largest U.S. banks faced a grilling from lawmakers on everything from income inequality to their ties to politically controversial industries. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

Another reader weighs in on the debate over the income gap between CEOs and their employees:

"Political pandering to the uneducated and uninformed. There is wage disparity and will always be in any successful economy. Some people work harder, some people work smarter, some people take more risks and on and on and on."

Related: What’s Jamie Dimon’s salary got to do with income inequality?

Union members gather at City Hall park for a rally in New York, U.S., on Thursday, April 22, 2010. Photographer: Jin Lee/Bloomberg

Jin Lee/Bloomberg

On shareholder protests at Wells Fargo's recent annual shareholder meeting:

"I know WF cast a huge black cloud on the industry, but as a former regulator and banker with over 25 years experience, there's definitely a feeling of schadenfreude reading about this train wreck."

Related: 'Wells Fargo should change today': Shareholders disrupt bank's annual meeting

Senator Sherrod Brown, a Democrat from Ohio and ranking member of the Senate Banking, Housing and Urban Affairs Committee, listens during a hearing with Mary Jo White, chairman of the U.S. Securities and Exchange Commission (SEC), not pictured, in Washington, D.C., U.S., on Tuesday, June 14, 2016. Investment advisers registered with SEC would need to create and maintain transition plans to prepare for a major disruption in their business under rule that will be proposed, White said today. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

On an argument by Sen. Sherrod Brown, D-Ohio, that the White House must appoint another member to the Federal Deposit Insurance Corp. board before the agency reviews the BB&T-SunTrust merger:

"I've never previously observed anyone argue that the law requires the FDIC's board to have a full compliment of appointees before it may take actions. If that were the case, the FDIC board would not have been able to act a large percentage of the time over the past 50 years. That said, I agree it would be a very good idea for the Administration and the Senate to fill the vacancy on the FDIC's board. Bill Isaac, former Chairman, FDIC."

Related: FDIC must have full board to rule on BB&T-SunTrust: Sherrod Brown

A man films the exterior of the Federal Deposit Insurance Corp. headquarters in Washington, D.C., U.S., on Tuesday, Sept. 29, 2009. The FDIC, seeking to replenish deposit reserves as banks fail at the fastest pace in 17 years, today voted to unanimously to have lenders prepay fees through 2012 raising about $45 billion. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

Another reader responds to an argument from Brown that a full FDIC board should be in place before it reviews the BB&T-SunTrust merger:

"More liberal tactics from the 'resist' playbook. The law and fairness require a prompt decision, not a full board. Please ignore this nonsense."

Related: FDIC must have full board to rule on BB&T-SunTrust: Sherrod Brown

On LendingClub shutting down its small-business lending business after five years:

"Fintech for prime consumers is easy. Serving weaker credit profile customers takes more skill and operational advantages such as non-profit tax exemptions, CDFI lower capital funds, etc."

Related: LendingClub to stop originating small-business loans

Man working on a project using futuristic digital tablet

Kirill - stock.adobe.com

Another reader weighs in on the closing of LendingClub's business arm:

"Took them five years to realize they couldn't generate enough of a margin to make small business lending work.....and yet Fintech is the future?"

Related: LendingClub to stop originating small-business loans

A Wells Fargo & Co. bank branch stands at night in New York, U.S., on Saturday, April 11, 2015. Wells Fargo & Co. is scheduled to release earnings figures on April 14. Photographer: Craig Warga/Bloomberg

Craig Warga/Bloomberg

On news that a top Office of the Comptroller of the Currency examiner — who oversaw Wells Fargo and was accused last year of leaking sensitive information about the bank — will become an associate deputy comptroller for midsize-bank supervision:

"Who says working for the government doesn't pay? The OCC will not discipline one of their own because its management is also to blame for its (non)treatment of WF."

Related: OCC official tied to Wells Fargo scandal lands role overseeing midsize banks

Warren Buffett, chairman and chief executive officer of Berkshire Hathaway.

Warren Buffett, chairman of Berkshire Hathaway Inc., left, speaks to David Rubenstein, co-founder and managing director of the Carlyle Group, during the Economic Club of Washington dinner event in Washington, D.C., U.S., on Tuesday, June 5, 2012. Buffett said he doesn't expect another U.S. recession unless Europe's crisis spreads. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** Warren Buffett; David Rubenstein

Andrew Harrer/Bloomberg

On an argument that banks may find themselves pressured to do more to address economic inequality, just as they have on climate change and guns:

"Warren Buffett said, "I don't believe in imposing my political opinions on the activities of our business" and "I don't believe in imposing my views on 370,000 employees and a million shareholders. I'm not their nanny on that." Words Corbat and Dimon should live by."

Related: Banks can’t ignore fight over economic inequality