There's a New Sheriff in Town

Yesterday, in a letter to the U.S. Senate and House Leadership, Lawrence Summers provided a preview of what is to come in the new Obama Administration.  Mr. Summers has been appointed by President-elect Obama as the Director of the National Economic Council.  In the letter, Mr. Summers put forth the request for the release of the additional $350 billion of TARP funds.  More importantly, he presented President-elect Obama's view on the current situation and planned restrictions on financial institutions that are recipients of the TARP funds. Mr. Summers commented on Mr. Obama's views:

He (President-elect Obama) believes that the American people are right to be angry with the way this plan has been implemented.  President-elect Obama believes there has been too little transparency and accountability.

Beginning next week when President-elect Obama is inaugurated, financial institutions will be faced with new challenges and responsibilities to not only their shareholders, but also to the American taxpayers.  As they say in the old Western motion pictures, "There's a new Sheriff in town."  Is your company ready?