Willie Sutton said he robbed banks because that’s where the money is, but it was never their money. They only handle and maneuver it around, like parking lot attendants.
Yet, according to Sen. Dick Durbin, after smashing up financial vehicles and taking taxpayer billions for repairs, when it comes to the US Senate, banks “frankly own the place.”
As he tried unsuccessfully to line up votes to help avoid foreclosures in bankruptcy, Durbin told voters that though it’s “hard to believe in a time when we’re facing a banking crisis that many of the banks created,” they “are still the most powerful lobby on Capitol Hill.”
In the lull before the Obama Administration announces results of bank stress tests, there is growing sentiment for getting tougher on the keepers of the keys.
Sheila Bair, head of the FDIC, in a speech this week called for an end to the “too big to fail” philosophy that has allowed banks to hold a gun to the government’s head.
“Taxpayers,” she said, “should not be called on to foot the bill to support nonviable institutions because there is no orderly process for resolving them.”