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Big bank CEOs take heat from both Democrats and Republicans

May 27, 2021 15:16 PM UTC

CEOs from JPMorgan, Goldman Sachs, and others testified before the Senate.

while you automatically and at no cost, got complete protection from overdraft fees at the Federal Reserve. Could you please raise your hand if you gave the same automatic protection to your customers and automatically waived all of their overdraft fees? Okay. I'm not seeing anyone raise a hand, and that's because none of you gave the same help to your customers that the bank regulators extended to you. My question starts mr Moynihan, your banks lending fell 14% over the last year. You just announced $25 billion in stock buybacks. Why not? Why not lend that money to small businesses and families? Sometimes, rather than defending this principle of capitalism? Some of you have embraced so called stakeholder capitalism, which really is something different than true capitalism. And I would just ask you to reconsider this because stakeholder capitalism is meant to diminish the importance of a company's obligation to shareholders relative to other stakeholders. And and I think that's a contradiction of the fundamental, a fundamental aspect of capitalism.