Michael Capuano: Bank Executive Apology

Posted by admin on Wednesday, May 18, 2016

Michael Capuano Money Quote at congressional hearings in 2010, bank executives from top banks apologize for defrauding public, ask forgiveness, given fines instead of jail time. Michael Capuano said:
 
I have some people in my constituency that actually robbed some of your banks, and they say the same thing Quote
 

“You come to us today telling us “We’re sorry. We won’t do it again. Trust us”. Well I have some people in my constituency that actually robbed some of your banks, and they say the same thing” — Michael Capuano

 

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In this quote, Michael Capuano is criticizing bankers who are apologizing for their role in the 2008 financial crisis but asking for trust. Capuano suggests some people he represents who robbed banks used the same excuse of being sorry and promising not to repeat their actions.

His point seems to be that just saying “sorry” and “trust us” is not enough after such a massive crisis caused in large part by the actions of bankers. Capuano appears to be implying the bankers are not truly remorseful and have not taken real accountability if the best they can offer is an empty apology.

The quote conveys skepticism towards the bankers’ apologies and suggests their pleas to rebuild trust through mere words ring hollow given the severity of the crisis they helped precipitate.

Goldman Sachs Washington Post Headline

Academy Award Winning Documentary Film includes the Quote above from Massachusetts Rep. Mike Capuano (D) at the 1:55 minute mark. It’s fun to replay it repeatedly by clicking that time in the progress bar over and over again. Think of letting bank robbers skip their prison terms because they promise not to do it again. That is a clear comparison between the wealthy and everyone else. He also said to bank executives: “You created CDO’s, you created credit default swaps – that never existed a few years ago. Who was the brilliant person who came and said, ‘Let’s do credit default swaps’ – find him, fire him”

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