Vanity Fair editor Graydon Carter says in the June issue that what a "few hundred bankers" have done to the world’s economy "may well turn out to be the greatest nonviolent crime against humanity in history."
"Never before have so few done so much to so many," he writes, saying the bankers have "lost tens of millions of people their jobs and their homes, trashed the retirement plans of a generation, and could drive an estimated 200 million people worldwide into dire poverty."
Graydon Carter |
Despite the above mayhem, there has been not one "sincere apology" nor even "one major voluntary resignation by an American financial executive," he writes.
While banks are at the "heart of the financial meltdown," they are now reporting earnings again, he notes.
Carter doubts the genuineness of such reports, asking, "Who wouldn’t be able to show a $4.2B profit after getting $45B in bailout money?"
Indications are that President Obama and "his lieutenants are seriously in over their heads" in trying to deal with the bankers, he concludes.
The $2.9 trillion, he notes, is "like taking $9,508 from every man, woman and child in America."
Also attacked are bank and credit card charges. Some cards are charging up to 29.9% while Bank of America charges small businesses $500 for the privilege of having a line of credit (there used to be no charge) and JPMorgan Chase charges $250 (an increase from $100).
Bank Reps at Page/Seminar
Bank PR executives are well represented at the meeting May 20-23 of the Arthur W. Page Society/PR Seminar at the Ritz-Carlton at Laguna Niguel, Calif.
More than half (85 of 162) members at the 2008 meeting are members of Page and Page members dominate the executive committee of PR Seminar (21 of 30 members).
The top three Seminarians also belong to Page—Charlotte Otto of Procter & Gamble, who is 2009 chair of Page/Seminar; Johanna Schneider of the Business Roundtable, program chair, and Joan Wainwright of Tyco Electronics, secretary/treasurer.
PR executives who were at the 2008 Page/Seminar included Nicholas Ashooh, SVP, communications, AIG, which is in line to receive $173B from the government; Michael O’Neill, SVP, corporate affairs and Communications, American Express, which turned itself into a bank in order to receive $3.4B in bailout money; Joseph Evangelisti, head of worldwide corporate communications, JPMorgan Chase, which has received $25B; Debra DeCourcy, Fifth Third Bancorp ($3.4B), and Donna Peterman, PNC Financial Services ($7.6B).
Others at the 2008 meeting were David Palombi of Freddie Mac ($44B); Charles Greener, Fannie Mae ($15B), and Toni Simonetti, GMAC ($5B).
Ashooh, O’Neill Speak on Crisis
Ashooh and O’Neill will speak May 22 on "Global Financial Crisis—Lessons Learned."
Moderating the session will be New York counselor Mike Paul.
Paul, who also serves as official spokesperson for Page/Seminar, has been asked to supply the texts of the prepared speeches of Ashooh and O’Neill.
The group has a tradition of barring any coverage on the ground that discussion might be inhibited. However, on several occasions speakers have released their prepared remarks.
One of these was AFL-CIO president John Sweeney who released the text of his 1998 speech titled, "The Nike Economy."
The chief principles of the Page Society are, "Tell the truth" and "Let the public know what’s happening."
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