Quote:Chief Executive John Allison is calling for short-term fixes and long-term reforms to address the financial crisis.

John Allison is Chairman and CEO of BB&T (Bubba's Bank & Trust ) A lot of folks don't know much about BB&T, they were one of the ten largest banks in the US now I believe they are #7.

From what I know about Mr. Allison he is a liberal leaning person, proof...

Quote:I think George Bush has been one of the worst presidents in history.

Not exactly a statement a card carrying Republican would make.

Quote:Allison laid the primary blame at the feet of Democrats who, he said, failed to properly control Fannie and Freddie.

Quote:Longer term, he said Fannie Mae and Freddie Mac should be eliminated once the market has corrected, and Federal Reserve and Federal Deposit Insurance Corp. policies should be reformed to encourage more responsible behavior by lenders and borrowers.

He predicted some level of economic recovery in late 2009 or 2010, and said he does not expect the economy to fall into a 1930s-style depression. But he said it is questionable how long any recovery would last without fundamental reforms.

Mr. Allison was less than happy to have the bailout forced on him. BB&T was not affected by this mess, directly. They have not been involved in subprime lending since around 1996 when they closed their subprime subsidiary. Last Sunday basically the top 10 banks were told they HAD to sell a stake in their company to the government. Three of the top 10 (Wells Fargo, US Banks, and BB&T) did not need this "assistance".



BB&T chief blames crisis on government

I know quite a bit about BB&T since my Dad is a retiree and I am friends with several in my County Club...When BB&T merged with UCB they moved the home office to WS after the merger 10+ years ago..One of the top execs remained in our town and I've had conversations with him ..I know for sure that they saw this bubble coming....BB&T steered away from the sub-prime lending and what they had...they dumped along time ago.
I don't buy individual stocks because of my investment strategy...but...I can tell you that BB&T is being run by some damn smart country boys and someone big will eventually gobble them up...They would be a good investment.