Citigroup must die in order to make way for stronger banks to thrive

When asked this pertinent question of Bill Nesbitt's (Chairman and CEO of Central National Bank), "why are local banks, including your institution, doing well despite the current economic crisis which has plagued so many other financial institutions?"

Nesbitt's answer, "While we are not immune from the impact of the current crisis, we are still doing well because we did not participate in the home financing debacle. We continued to require adequate down payments and home values have remained relatively strong in Waco. Also, we are real banks. We are subject to strict regulatory standards that have stood the test of time and our compliance with those standards is subject to regular oversight by bank examiners who know us and know what they are doing. Investment banks are not really banks and are not subject to the same kind of oversight."

Again, in reading this article in its entirety, I was quite impressed with these local banks as opposed to banks like Citigroup and Bank of America.  These banks and those similar to it should be the ones whose practices should be heralded.  They are not using tax payer money, but performing well under such dire circumstances.  They should be the very benchmark for our economy as we go forward.

Conservative or not, these bank CEOs deserves a medal.  These are the bankers our economy must come to rely on instead of giving billions and billions more to banks like Citigroup.  Let them chart the course.

As Americans try and hold onto some form of hope, the hope comes from banking practices such as these banks in Texas and not on Wall Street. Perhaps if we had bankers like Bill Nesbitt and S. Royce Brown instead of bankers who underwrote questionable loans, we would be in far better condition today.  Now these nefarious bankers on Wall Street think they deserve our support? They are simply thugs running off with the people’s money.

Author’s email address is, xmjmac@optonline.net

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