Commentary: Loyalty lines blurred atop TARP banks

04/27/2009 | Wall Street Journal, The

The blurring of lines between corporate governance and public oversight at companies that have received rescue-fund money is troubling, former Labor Secretary Robert Reich writes in a Wall Street Journal commentary. Reich discusses the recent controversy surrounding Bank of America CEO Ken Lewis' action during the takeover of Merrill Lynch and raises the question of whether the leadership of a TARP-infused bank should be beholden to shareholders or taxpayers. Reich writes that he believes public directors, named by the president, should be placed at banks that received funds from the Troubled Asset Relief Program.

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