Eight 'Wall Street Titans' rocked up to Capital Hill Wednesday for a grilling over bailouts, bonuses and all the other baloney. It made for great theatre, and gave us a chance to get to know some of these guys a little better. So, based on their performances Wednesday, we have graded 'em.
New York State Attorney General Andrew Cuomo has to written Barney Frank, Chairman of the House Financial Services Committee on the issue of those bonuses Merrill Lynch paid to staff a few weeks back. Here's the full text of the letter:
'Mr. Chairman, Ranking Member Bachus, Members of the Committee. My name is John Mack, and I'm the Chairman and CEO of Morgan Stanley. I appreciate the opportunity to speak with you today about our role in the TARP program and how we're using capital to help address the credit crunch squeezing the American economy. I'll also discuss some of the changes we're making at Morgan Stanley as well as broader reforms we would urge to restore confidence in our industry and the markets.
'Mr. Chairman and Members of the Committee, I’m John Stumpf, President and CEO of Wells Fargo & Company.
'Mr. Chairman, Ranking Member Bachus, Members of the Committee. I am Vikram Pandit, Chief Executive Officer of Citigroup, and I want to thank you for the opportunity to represent our Company here today.
Mr. Chairman, Ranking Member Bachus and members of the Committee, thank you for inviting me to testify today regarding the participation of State Street Corporation ('State Street') in the Treasury Department’s Capital Purchase Program ('CPP').
'Mr. Chairman, Mr. Bachus, Members of the Committee. My name is Bob Kelly and I’m Chairman and CEO of The Bank of New York Mellon. I appreciate the opportunity to speak with you about our participation in the Capital Purchase Program. I’d like to briefly tell you about our Bank, explain how we came to participate in the program, and tell you how we’re using the capital we received to help expand the flow of credit in this extraordinarily difficult environment.
'Chairman Frank, Ranking Member Bachus, Members of the Committee, my name is Jamie Dimon, and I am the Chairman and Chief Executive Officer of JPMorgan Chase & Co. I am pleased to be here today to assure the Committee that we at JPMorgan Chase are doing everything we can to help restore confidence in the U.S. financial system and to ensure that we are fulfilling our responsibilities under the Troubled Asset Relief Program (TARP) as Congress intended: to restore liquidity and stability to the U.S. financial system, to ensure the continued flow of credit to consumers and businesses, and to encourage modification of residential mortgages.
'Chairman Frank, Ranking Member Bachus, and Members of the Committee:
Bank of America's CEO Ken Lewis prepared a statement for the Committee on Financial Services. Lewis spoke to the committee Wednesday. His statement is below.