By Bill George, author of 7 Lessons for Leading in Crisis
Throughout the country, the anger at bankers is palpable. This isn’t a narrow populist phenomenon; rather, it reflects widespread mistrust in the nation’s financial institutions. A “Bank Anger” tour has percolated across the blogosphere. “I Hate Banks” yields 70,000 Google Index results.The vitriol is not restricted to the blogosphere. Mainstream commentators have roundly condemned financial institutions. Keith Olbermann of MSNBC rants: “Break up the banks. Regulate the financial industries to within an inch of their existences.”
Members of Congress are also piling on. Representative Barney Frank, Democrat of Massachusetts, says big banks are “discredited” on Capitol Hill. Senator Christopher J. Dodd, Democrat of Connecticut, has moved to impose limits on bonuses without limiting salaries. In response, the boards of the American International Group and Wells Fargo just increased their chief executives’ salaries to record levels.
The frustration of Americans is understandable. It is natural for citizens struggling to find jobs, avoid excess interest charges on unpaid credit card bills, and live off their shrinking 401(k)s to ventilate anger against bankers and their compensation excesses.
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