Winston-Salem is home to one large bank, BB&T. We used to be home to Wachovia but then they went and "merged" with First Union and moved HQ to Charlotte, so we here in Winston have just one major bank that we call our own. Thus it was with a little bit of hometown pride that I read in today’s paper that the bank’s head honcho sent a letter to the Congress critters detailing why he thinks the bailout stinks.
For John Allison, the high-risk rollers on Wall Street are getting
too much of the ear of Congress and having too much say in resolving
the financial nightmare that they created.
That’s why Allison, the chairman and chief executive of BB&T
Corp., submitted a 14-point letter Tuesday to all 535 members of
Congress with a simple message regarding the proposed $700 billion
"There is no panic on Main Street and in sound financial
institutions," he wrote. "The problems are in high-risk financial
institutions and on Wall Street."
He said that it is important that "Congress hear from the well-run
financial institutions, as most of the concerns have been focused on
the problem companies. It is extremely important that the bailout not
damage well-run companies." Allison’s opinion is seconded by local
community-bank officials and community-bank trade groups.
"Community bankers did not create this financial crisis, but our
banks and communities are clearly feeling the impact," the Independent
Community Bankers of America said in a statement. "As the fundamental
drivers of local economies — we could be in a strong position to help
resolve this crisis."
Go get ’em Mr. Allison.