Scoop’s Views

Instead of outsourcing a call center or some other department, Sovereign Bank’s corporate officers, Sovereign Bancorp, is looking to sell out the Philadelphia-based financial institution to a foreign company.

Sure, we now live, more than at any point in history, in a global economy, but when it comes to me putting money in my bank, I want to know my bank is All-American. Jingoistic? No. Patriotic? Hardly. Overseas prejudice? Absolutely! When it comes to my money, where it’s kept, who has control over it, and the company that may go belly-up and legally owe – or be able to dodge U.S. laws – is of great interest to me.

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It seems just about half the members of the U.S. House of Representatives have half a brain, or, if not that, then at least the commonsense God gave to individuals fiscally responsible for managing household budgets.

Barack Obama, however, is not among that crowd: he had this strange idea that the very CEOs that got the financial institutions into a mess should receive “reasonable compensation packages.” Those CEOs should be paying compensation to the U.S., to the homeowners they helped defraud by giving mortgages to people who never should have qualified for them in the first place.

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