MidSouth Bank's Cloutier Testifying Before Financial Crisis Inquiry Commission on Causes of Financial Disaster
January 12 2010 - 1:00PM
PR Newswire (US)
LAFAYETTE, La., Jan. 12 /PRNewswire-FirstCall/ -- MidSouth Bank,
N.A. President and CEO C. R. "Rusty" Cloutier was invited back to
Capitol Hill to testify on Wednesday, Jan. 13, before the Financial
Crisis Inquiry Commission (FCIC). This is the first hearing of the
commission, which was created by the Fraud Enforcement and Recovery
Act of 2009. Chaired by former Democratic California State
Treasurer Philip Angelides and former California Republican Rep.
Bill Thomas, the bi-partisan FCIC is charged with investigating the
root causes of the current financial collapse and turning over its
findings in a formal report to Congress and President Barack Obama
by Dec. 15 of this year. Wednesday's meeting officially begins the
10-member commission's thorough examination of the disaster.
Members will hear testimony on the causes and current state of the
crisis from top leaders of both private and public sector entities.
Wednesday's hearing starts at 9 a.m. and continues Thursday, Jan.
14. Cloutier, a past chairman of the Independent Community Bankers
of America, joins a panel that includes Dr. Mark Zandi, chief
economist and co-founder of Moody's Economy.com; Dr. Kenneth T.
Rosen, chair, Fisher Center for Real Estate and Urban Economics,
University of California, Berkeley; and Julia Gordon, senior policy
counsel, Center for Responsible Lending. Cloutier was asked to
speak about the impact the crisis has had on business loans; the
effect of government efforts to encourage lending; and the impetus
behind declines in demand or supply. The commission is also asking
for his insight on what the immediate future holds for business
lending. The hearing takes place at the Longworth House Office
Building in Washington, D.C., Room 1100. Cloutier testified last
year before the House Subcommittee on Financial Institutions and
Consumer Credit on "TARP Oversight: Is TARP Working for Main
Street?" and again before the House Subcommittee on Courts and
Competition Policy on "Too Big To Fail?: The Role of Antitrust Law
in Government-Funded Consolidation in the Banking Industry."
Cloutier is the author of the new book Big Bad Banks: How greed and
ego among the big shots in banking and government created the
crisis that wrecked our economy. The book makes the case for how
excessive financial concentration led to the country's economic
disaster. About MidSouth Bancorp, Inc. MidSouth Bancorp, Inc. is a
bank holding company headquartered in Lafayette, La., with total
assets of $948 million as of September 30, 2009. Through its
wholly-owned bank subsidiary, MidSouth Bank, N.A., the Company
offers complete banking services to commercial and retail customers
in south Louisiana and southeast Texas. It has 35 locations in
Louisiana and Texas and more than 50 ATMs. Forward-Looking
Statements Certain statements contained herein are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934 and
subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, which involve risks and
uncertainties. Actual results may differ materially from the
results anticipated in these forward-looking statements. Factors
that might cause such a difference include, among other matters,
changing market conditions, economic conditions, credit quality,
governmental regulation and legislation, interest rates, and other
factors discussed in MidSouth's Registration Statement on Form S-1
related to this offering and in its other filings with the SEC.
MidSouth does not undertake any obligation to publicly update or
revise any of these forward-looking statements, whether to reflect
new information, future events or otherwise, except as required by
law. DATASOURCE: MidSouth Bancorp, Inc. CONTACT: C.R. Cloutier, or
Alex Calicchia, both of MidSouth Bancorp, Inc., +1-337-237-8343
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