MR. LOCKHART
Observations from such District input support themes in the national data -- for example , employment growth is quite weak .
MR. PARKINSON
Specifically , they asked the The materials used by Mr. Parkinson , Mr. Gibson , Ms. Hirtle , Mr. Greenlee , and Mr. Angulo are appended to this transcript -LRB- appendix 6 -RRB- .
MR. PARKINSON
I will start by presenting a diagnosis of the underlying reasons that losses on U.S. subprime mortgages triggered a global financial crisis .
MR. PARKINSON
Of course , Citigroup was able to do so only by raising substantial amounts of capital at a relatively high cost , and each of the other companies also announced capital-raising efforts .
MR. FISHER
That leads to further economic weakness -- that plus the fact that they are chary about issuing and paying for things with shares in a very weak market .
STATEMENT OF JON CAMPBELL , EXECUTIVE VICE PRESIDENT , CHIEF EXECUTIVE OFFICER OF THE MINNESOTA REGION , WELLS FARGO BANK ''
MR. KOHN
But even if we thought that a sharper rebound next year was a distinct possibility , I do n't think it would matter very much for our policy purposes here today .
Prior to working for Chrysler , Mr. Nardelli served as Chairman , President , and CEO of the Home Depot .
We are then going to hear from Mr. Robert Nardelli , Chairman and CEO of Chrysler LLC and a member of the Board of Managers .
Mr. Chairman , the Government 's assistance has to include significant help from Main Street as well as Wall Street .
Despite this clear and unimpeachable evidence , there are still some who point fingers of blame to the discretion of Fannie Mae , Freddie Mac , and the Community Reinvestment Act .
MR. WARSH
Financial institution equity prices showed significant underperformance , and some people say that is the Federal Reserve 's fault .
MR. WARSH
Credit availability for small businesses has held up better than I would have expected four or five months ago , but pockets of weakness remain , particularly among the regional banks , which are a source of concern .
Our Chief Compliance Officer will be responsible for making certain that firms comply with the agreed upon mitigation steps .
The Chairman , '' Next , Mr. Robert Nardelli from Chrysler.STATEMENT OF ROBERT NARDELLI , CHIEF EXECUTIVE OFFICER , CHRYSLER
Prior to founding Promontory , Mr. Ludwig served as the Vice Chairman and Senior Control Officer of Bankers Trust Corporation/Deutsche Bank .
The third largest lender , also accounting for about 5 percent , was Third Federal Savings , which I have to say , Mr. Chairman , there are some heroes in this crisis .
Our keynote speaker , Mr. Chairman , was Ed Gramlich , the late Fed Governor who passed away in 2007 .
Chairman Dodd and Members of the Committee , thank you for including us in today 's hearing on the Capital Purchase Program .
The Capital Purchase Program 's goal of providing capital to the U.S. economy is absolutely consistent with our own core business of supporting our customers through lending operations .
The Government 's investment in our firm came along with a special responsibility , as you have noted , Mr. Chairman , to America 's taxpayers .
Mr. Watt , '' Mr. Washburn , you are recognized.STATEMENT OF MICHAEL R. WASHBURN , PRESIDENT AND CHIEF EXECUTIVE OFFICER , RED MOUNTAIN BANK , ON BEHALF OF THE INDEPENDENT COMMUNITY BANKERS OF AMERICA -LRB- ICBA -RRB- ''
MR. GREENLEE
They employed more-sophisticated valuation practices and had invested in the development of pricing models and staff with specialized expertise .
MS. DUKE
At the same time , the credit numbers -- or at least the commercial banks ' part of the credit numbers -- do n't look all that bad .
MS. DUKE
I have n't seen the confidence in banking and banking institutions this low since we were well into the S&L crisis back in the early 1990s .
MS. DUKE
On the asset side , I talked to several correspondent bankers , and they have been told to cut their overall fed funds lines sometimes in half .
MS. YELLEN
So I view inflation as less persistent now than it once was , tending to revert fairly quickly to the public 's view of our inflation objective .
As indicated above , Fannie Mae and Freddie Mac have decided to reduce significantly the use of stated income loans going forward .
I will begin by talking about our activities as the regulator of Fannie Mae , Freddie Mac , and the Federal Home Loan Banks , and then turn to TARP .
Mr. Lockhart , '' Chairman Dodd , Senator Shelby , and members of the Committee , thank you for the opportunity to testify on the Federal Housing Finance Agency 's response to the turmoil in the credit markets .
The objective applies to all Federal agencies that hold troubled assets , including FHFA as conservator of Fannie Mae and Freddie Mac .
Fannie Mae , Freddie Mac , and the 12 Federal Home Loan Banks have played a critical role in dampening that pendulum swing .
Mr. Nardelli served as Chairman , President , and CEO of The Home Depot prior to joining Chrysler last year .
Next we will hear from Mr. Richard Wagoner , Jr. , who has been Chairman and CEO of General Motors Corporation since 2000 .
Prior to joining Ford in 2006 , Mr. Mulally was Executive Vice President of the Boeing Company and President and Chief Executive Officer of Boeing Commercial Airlines .
Our next witness is Mr. Gregory Palm , Executive Vice President and General Counsel , The Goldman Sachs Group , and a member of its Management Committee .
Next to Martin Eakes is Barry Zubrow , who is Executive Vice President and Chief Risk Officer for JPMorgan Chase , also serves as the Chairman of the New Jersey Schools Department Authority .
We want to continue the vital role we 've played for America for the past 100 years , but we ca n't do it alone .