A Big Banker Calls for Injecting Small Banks With Bailout MoneyBy
New York Times business columnist Joe Nocera gave up his Executive Suite column today and instead published an email sent to him by the veteran of a large bank with 35 years in the business. The longtime banker wrote Nocera a fascinating description of how he believes the government has done enough for the big guys and now needs to “pump money into the local community banks because those are the bankers who understand their markets, and know the businesses in their markets.” The writer, who asked for anonymity, offers up a first hand portrait of the machinations of the big banks who helped fuel the financial mess the country is now facing while also making a powerful case for using bailout funds to help small businesses.
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