From PJ Media:
Maxine Waters Grills Big Bank CEOs About Student Loans — Which Were Nationalized in 2010
Rep. Maxine Waters seemed to demonstrate that she is in over her head Wednesday when she queried several bank executives about student loans even though they were nationalized under former president Obama nearly a decade ago.
A bit more - this is pathetic. Someone on her staff should have better prepared her:
She added, “Last year, one million student loan borrowers defaulted, which is on top of the one million borrowers who defaulted the year before.”
She then demanded to know what they intended to do about this massive problem. “What are you guys doing to help us with this student loan debt?" she asked. "Who would like to answer first? Mr. Monahan, big bank.”
Bank of America chairman and CEO Brian Monahan replied, “We stopped making student loans in 2007 or so.”
Ms. Waters replied, “Oh, so you don’t do it anymore. Mr. Corbat?”
Said Citigroup CEO Michael Corbat: “We exited student lending in 2009.”
James Dimon, JPMorgan Chase chairman and CEO, finally spilled the beans: “When the government took over student lending in 2010 or so, we stopped doing all student lending,” he said.
Waters then quickly changed the subject to small businesses.
And the problem now is that the bank CEOs now see her for what she is - totally clueless and out of her depth. Now they can get away with whatever they want and she will be none the wiser. No accountability - all she had to do was win a popularity contest to be elected and know where the bodies are buried to become chairwoman.
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