Follow us:

Northwest Voices

Seattle Times letters to the editor

April 29, 2009 at 4:30 PM

Banks want higher grades

They’ll have to earn them

Let me get this straight –the Federal Reserve has released preliminary results of its stress tests to the banks it is testing, and now those same banks are lobbying for better scores [“Stress-test stress: Banks lobby for better grades,” Business, April 28]. Since when did an audit become negotiable?

I spent 38 years in the banking industry in Washington and Oregon. As a branch manager, I was given no preliminary audit score so I could lobby for a better score.

I received my audit report, studied it, reviewed it with my staff, then wrote my branch plan to correct any shortcomings and reinforce the branch strengths. Branch managers who received very low scores were put on probation or, in some cases, terminated. Failure to implement the branch plan between audits was grounds for probation or termination.

The rules were clear: Operate within bank regulations and policies or face the consequences. No negotiation. No favors. No persuasion. No lobbying. No nonsense. Just do it right.

But now I see that, as usual in this country, we have two sets of rules: one set for the well-placed, the influential, the wealthy and the powerful, and another set, called the law of the land, for the rest of us. These bank executives need to be held accountable for their failures and shortcomings and those of their banks — just the same as they have held their managers and tellers accountable to bank rules, regulations and policies under threat of probation or termination.

Drop the double standard now!

— Paula Joneli, Des Moines

Banks subject to customer scrutiny

Since the banks have tightened up their lending practices to the point where hardly anyone can get a loan anymore, I believe that bank customers should demand that their bank fill out a creditworthiness report for the customer to approve or decline before they deposit one cent into the bank account. Seems that turnabout is fair play.

The same should go for GM, Ford and Chrysler auto-loan institutions as well.

— John Gagnier, Duvall

Comments | More in Federal bailouts

COMMENTS

No personal attacks or insults, no hate speech, no profanity. Please keep the conversation civil and help us moderate this thread by reporting any abuse. See our Commenting FAQ.



The opinions expressed in reader comments are those of the author only, and do not reflect the opinions of The Seattle Times.


The Seattle Times

The door is closed, but it's not locked.

Take a minute to subscribe and continue to enjoy The Seattle Times for as little as 99 cents a week.

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►
The Seattle Times

To keep reading, you need a subscription upgrade.

We hope you have enjoyed your complimentary access. For unlimited seattletimes.com access, please upgrade your digital subscription.

Call customer service at 1.800.542.0820 for assistance with your upgrade or questions about your subscriber status.

The Seattle Times

To keep reading, you need a subscription.

We hope you have enjoyed your complimentary access. Subscribe now for unlimited access!

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Activate Subscriber Account ►