Pay Day Loans, New Orleans LA 12/2005
All reproduction rights reserved Wm. Greiner
John C. Hope III, the chairman of Whitney National Bank in New Orleans, stood before a ballroom full of Wall Street analysts and explained how his bank intended to use its $300 million in federal bailout money, by saying, “Make more loans?” , “We’re not going to change our business model or our credit policies to accommodate the needs of the public sector as they see it to have us make more loans.”
And what does this mean? It means , even though the Federal Government , intended this money to help lubricate the financial markets, what it is actually doing is allow people like John Hope to build value and wealth for his shareholders!
As head of a corporation, that is his job, but this illustrates that regardless of what the intentions are of the government, somehow these programs get preverted towards other means and goals!