Tuesday, January 27, 2009

Some bankers got it right. So, why are they being ignored?

Marketwatch profiles three bankers who got it right.Here's one,John Allison:
The chairman of BB&T Corp. not only led his bank through the dicey mortgage waters, but has been drafted as a populist hero for his stand against the government's banking bailout.
It was Allison who wrote a stinging letter to Congress on Sept. 23, arguing that the contemplated bailout would reward poorly managed banks at the expense of properly managed banks like Winston-Salem, N.C.-based BB&T.
Allison, 58, urged some controversial reforms like the elimination of "fair value" accounting, but as someone who built BB&T into one of the top 15-biggest banks by assets in the U.S. market during the last 30 years, and largely avoided the toxic mortgage mess, his record is hard to debate. Plus, he doesn't mince words.
An article well worth your time.