I should know

The Trouble with Rescues and Stimulus

Wells Fargo’s Chairman, Dick Kovacevich, was fit to be tied at the meeting with Bernanke; he did NOT want to sign the documents giving the Feds any ownership or “say” in Wells Fargo & Co, he did NOT want the money.

It took the rest of the CEO in attendance, especially Ken Lewis, to convince him to “go along” with the plan “for the good of others”. He was told that if he decided to “op-out” he would look like he was “un American”. He and the others were told by Bernanke that “they had little to say about it”, if they didn’t take the money and sign the agreement THAT DAY, they would suffer the consequences (in so many words). Treasury Secretary Henry Paulson basically told the bank CEOs that they had to accept the government stock purchases for the good of the U.S. economy.