Bank CEOs inform Maxine Waters that government took over student lending … in 2010

Make sure to let us know what you think... we now have comments turned ON below the article!

Rep. Maxine “Impeach 45” Waters (D-CA) has repeatedly proven herself to be less than astute, yet somehow she was named as the chair of the House Financial Services Committee.

Waters showed just how out of her depth she really is during a recent committee hearing when the major bank CEOs she was grilling ended up schooling her on something she, as chair of the committee, should have known.

Waters gets schooled on student loans

While Waters was running seven major banks CEOs through the wringer on a host of financial institution-related issues, she raised the topic of student loan debts and demanded to know what the big banks were doing to address the issue.

“Today there are more than 44 million Americans who owe — this is student loan crisis — $1.56 trillion in student loan debt,” Waters said. “Last month this committee received testimony that last year 1 million student loan borrowers defaulted, which is on top of the 1 million borrowers who defaulted the year before.”

“What are you guys doing to help us with this student loan debt?” she asked the CEOs. “Who would like to answer first? Mr. Monahan, big bank?”

Brian Monahan, CEO of Bank of America, replied, “We stopped making student loans in 2007 or so.”

“Oh, so you don’t do it anymore?” Waters said. “Mr. Corbat?”

Michael Corbat, CEO of Citigroup, replied, “We exited student lending in 2009.”

Waters next turned to Jaime Dimon, CEO of JPMorgan Chase, who explained, “When the government took over student lending in 2010 or so, we stopped doing all student lending.”

Waters quickly changed the subject to small businesses, though it was obvious she didn’t know what she was talking about on that topic either.

Watch below:

She should know better

As Fox Business host Stuart Varney pointed out, Maxine Waters — as chair of the committee that oversees and regulates all banks and financial institutions and lending practices — should have known that the government took over student lending years ago under former President Barack Obama.

140 Responses

  1. Hey, I think your website might be having browser compatibility issues. When I look at your blog site in Chrome, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, great blog!

  2. Thank you a lot for giving everyone a very superb chance to read articles and blog posts from this web site. It is often so pleasant and as well , full of a good time for me and my office acquaintances to search your website more than thrice in one week to read the fresh things you will have. And of course, I’m so usually satisfied with your mind-blowing guidelines you serve. Some 4 ideas in this post are undoubtedly the most impressive we have all had.

  3. Hi there! This is my first visit to your blog! We are a collection of volunteers and starting a new project in a community in the same niche. Your blog provided us valuable information to work on. You have done a extraordinary job!

  4. 87858 500449Spot up for this write-up, I genuinely believe this web web site requirements a fantastic deal a lot more consideration. Ill likely to end up once more to read a whole lot more, several thanks for that information. 431274

  5. Hey there! I know this is somewhat off topic but I was wondering which blog platform are you using for this website? I’m getting sick and tired of WordPress because I’ve had problems with hackers and I’m looking at alternatives for another platform. I would be great if you could point me in the direction of a good platform.

  6. 979033 160152Youre so cool! I dont suppose Ive read anything like this before. So nice to search out any individual with some original thoughts on this subject. realy thank you for starting this up. this site is 1 thing thats wanted on the internet, somebody with a bit of originality. beneficial job for bringing something new to the internet! 632585

  7. We stumbled over here by a different web page and thought I might check things out. I like what I see so i am just following you. Look forward to exploring your web page yet again.

  8. 705460 951277I identified your weblog internet website on google and check several of your early posts. Continue to maintain up the superb operate. I just further up your RSS feed to my MSN News Reader. Searching for forward to studying extra from you in a whilst! 850822

  9. 660649 249126Thanks – Enjoyed this post, can you make it so I receive an email when you make a fresh post? From Online Shopping Greek 778039

  10. Hmm it seems like your website ate my first comment (it was super long) so I guess I’ll just sum it up what I had written and say, I’m thoroughly enjoying your blog. I as well am an aspiring blog writer but I’m still new to the whole thing. Do you have any recommendations for rookie blog writers? I’d really appreciate it.

Leave a Reply

Your email address will not be published.

Popular