This blog post originally appeared on RealMoney Silver on April 2 at 7:45 a.m. EDT.
Eddie Haskell: Gee, your kitchen always looks so clean.
June Cleaver: Why, thank you, Eddie.
Eddie Haskell: My mother says it looks as though you never do any work in here. -- " Leave It to Beaver"
This morning my friend/buddy/pal,
Becky Quick, hosted an hour with bank executives. It was interesting viewing. And the mark-to-market announcement makes today a fascinating one for investors in financials. (
take on mark-to-market accounting.)
Last week, the management of the leading money center banks met with President Obama and
to lend and to shore up the equity of their institutions.
Makes me say, Hmmm....
The meeting between the President and the bank executives was a "kumbaya" moment, but unfortunately, from my perch, the moralizing by the bankers was disingenuous and their intentions were simply not as noble as they represented. Indeed, banking executives Pandit and Lewis (in particular) are the New Millennium's Eddie Haskells, a principle character from the classic
," which was televised in the 1950s and 1960s.
For those not old enough to remember, "Leave It to Beaver's"
was a character who was overly courteous to Beaver's mother (June Cleaver), but, in reality, he was a bad egg.
Here are some of the quotes and interviews that followed the meeting:
- "I'm of the feeling that we're all in this together."-- Vikram Pandit, Citigroup (C) - Get Report
- "We all believe enough in our own importance, but we also believe that we are the single biggest catalyst for recovery."-- Richard Davis, U.S. Bancorp (USB) - Get Report
Here are the
Lloyd Blankfein and
John Mack as well as that of
. And finally,
Bank of America's
Ken Lewis's impression of the meeting.
Eddie Haskell: Wally, if your dumb brother tags along, I'm gonna.... Oh, good afternoon, Mrs. Cleaver. I was just telling Wallace how pleasant it would be for Theodore to accompany us to the movies. -- "Leave It to Beaver"
As I wrote earlier, the aforementioned bankers are the modern day equivalent to Eddie Haskell; they are not to be trusted.
It is not surprising how anxious those bankers are to rid themselves of TARP money in preparation to going back to their old tricks. This week,
Old National Bancorp
Bank of Marin Bancorp
all returned TARP money, and Ken Lewis stated to Becky Quick this morning that he took too much TARP money from the U.S. government.
Unlike the Beaver's mother, June Cleaver, however, the President will not likely be duped by the banking industry's den of thieves. Indeed, in the fullness of time, I expect the new administration to set an example of a high-profile bank executive that is currently dependent on the kindness of the government (in its funding) and to fire that individual, Rick Wagoner-style.
Doug Kass writes daily for
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At the time of publication, Kass and/or his funds had no positions in the stocks mentioned, although holdings can change at any time.
Doug Kass is founder and president of Seabreeze Partners Management, Inc., and the general partner and investment manager of Seabreeze Partners Short LP and Seabreeze Partners Long/Short LP.