Tag Archive: Citigroup

Feb 21 2013

Five biggest TBTF banks are among least reputable companies in America

Harris Interactive’s annual “Reputation Quotient” survey for 2013 finds that the five biggest “too big to fail” (TBTF) U.S. banks have some of the lowest reputations in the country according to their survey of the general public.  All five of them are ranked in the lowest eight slots among the sixty most visible companies measured.

The maximum “reputation quotient” is 100.  Any quotient lower than 64 is considered to be “poor” and anything below 50 is considered “critical”.  All of the big five TBTF banks scored lower than 64 and Goldman Sachs is below 50, so its reputation is in “critical” condition.

Bank of America and JP Morgan have seen some improvement in their score this year, but their reputation still falls into the “poor” range.  

Harris Interactive also ranks industry reputations.  The banking and financial services industries rank above only two other industries:  government and tobacco.  Banking and financial services have improved over last year, however, by seven and eight percentage points, respectively.  Technology, travel and retail are the top three.

This poll has been published for fourteen consecutive years.  This year, more than fourteen thousand interviews were conducted for data collection.

Bank Size (1 is the largest)

bank_size_2013_table

Harris Reputation Index

bank_reputation_harris_table_2013

Sources:

FFIEC – Top 50 holding companies (HCs) as of 12/31/201

relbanks.com – The Largest US Banks

The Harris Poll 2013 RQ® Summary Report – A Survey of the U.S. General Public Using the Reputation Quotient® (This file is a PDF)

Jul 28 2012

Our Treasury Secretary Was Chosen to Represent Bankers. Not You.

Cross posted at our new beta site Voices on the Square and in orange.

That’s right, and it was clear to everyone who opposed the pick of Tim Geithner from the start.  In his testimony yesterday on the NY Fed’s knowledge of the LIBOR scandal, Tim Geithner once again stated the falsity that the NY Fed was not a regulator (like he has before showing he’s either a liar or completely incompetent), when in fact he was one of the most important regulators, unknown to him, supposedly.

This was during the proceedings looking into the 100 cents on the dollar backdoor bailout of Goldman Sachs through AIG facilitated while he was President of the NY Fed.

COUNT 2: He wasn’t even a regulator! In Geithner’s own words during confirmation hearings in March: “First of all, I’ve never been a regulator…I’m not a regulator.” According to the New York fed bank’s Web site, that was your job!!

Quoting from the Fed’s website: “As part of our core mission, we supervise and regulate financial institutions in the Second District.” That district of course is the epicenter for bailed out banks and billion dollar bonuses.

It is not just the responsibility of Fed Board governors like Tim Geithner said in his testimony yesterday while trying to inflate the case for his so called “intervention” that wasn’t on LIBOR. This lack of knowledge and corruption bothers me and it also bothers me that so many don’t care, because there is an election. I feel like we are all being lulled to sleep every night by MSNBC and the partisan cable news 2012 election war syndrome.

Shortly after the President was elected, there were many naive Democrats who claimed Giethner was “a brilliant pick” merely because the President picked him which is always the criterion, sadly. I saw it as the beginning of the end of any chance of a functioning financial system that we were promised during the 2008 election by this President.  That’s why I got involved in 2008, and that’s why a lot of us are unmotivated to say the least.

You see, to be making excuses for Tim Geithner even now while not even understanding the responsibilities of the NY Fed is outright embarrassing and immoral for all the damage it causes.