US Bank essentially avoided the mortgage crisis and as such had no need for government bailout dollars. What does their CEO think of the government’s efforts to assist less discerning banking organizations?

While government leaders were well-intentioned in setting up the Troubled Asset Relief Program, it’s a “lousy program,” U.S. Bancorp CEO Richard Davis said at a business leaders forum Tuesday.

U.S. Bank was told, not asked, to participate in the program, which is a Darwinian attempt to “synthesize” weaker banks into stronger banks through consolidation, Davis said at the forum.

The problems with the U.S. Treasury Department’s program are that its goals and rules have changed since its inception last fall, it’s poorly defined and it’s caused collateral damage to healthy banks.

Davis said he would be “darned” if Minneapolis-based U.S. Bank would suffer collateral damage from the government’s “sloppy attempt at nationalizing the [banking] industry.”

No, that doesn’t sound like Socialism at all.

Source Minneapolis / St. Paul Business Journal

This entry was posted by by Johnny Roosh on Tuesday, March 3rd, 2009 at 6:00 am and is filed under Business, The Economy and The Markets, Capitalism v Socialism. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.