Bailout bill touched by Alameda
We had a nice chat with Bank of Alameda president Stephen G. Andrews on Tuesday about his recent ads in the local papers, and guess what we learned? That little bailout bill that rattled through Congress last week? He had a small hand in helping to craft it.
See, Andrews sits on the board of California Independent Bankers, an affiliate of the Independent Community Bankers of America. He was in Monterey attending an ICBA board meeting just after the House of Representatives defeated the bill, when Treasury Secretary Hank Paulson called in.
Paulson, he said, wanted the bankers to write letters supporting the bill as something that could help everyone, not just Wall Street fat cats. “He didn’t want it to be perceived as a Washington bailout,” Andrews says. And Paulson was concerned the country would be in deep, deep doo-doo if the bill didn’t pass.
Andrews says the independent bankers were a “major player at the table” in crafting the bill, and the results bear him out. The association got increased FDIC limits and a bunch of other stuff added to the bill.
We’ll get back to you on those ads, by the way, on Thursday.