US Bank President Richard Davis to disillusioned business owners: "Get over it"

Categories: Protest News
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The 99% protested US Bank President Richard Davis' speech.
US Bank President Richard Davis addressed the 1% at a Minnesota Chamber of Commerce luncheon this afternoon while the 99% protested outside.

The "Golden Boy of Wall Street," as the New York Times recently dubbed him, was there to discuss the chamber's 2012 legislative priorities -- none of which include housing, the foreclosure crisis, or banking issues, although "tax reform" is on the agenda as the body's "major policy initiative."

Outside, a group of protesters including Occupy MNers and community leaders rallied to demand banks stop "foreclosing on the American Dream."

In a speech lasting about half an hour, Davis did not address the Occupy movement sweeping the country.

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Chamber of Commerce guests gave Davis a warmer welcome.
The banker began his speech to the assembled fat cats by introducing the Boy Scout motto, "Be Prepared," and Minnesota's state motto, "Get prepared."

That, Davis said on numerous occasions throughout the speech, was the key to making it through this recession. If it's raining, he counseled, "get an umbrella."

Davis commented on the economic woes facing the country, saying "fear," "loss of faith," and "uncertainty" were damaging American business. Davis called these feelings "really lame reasons to not get up in the morning."

"'Everybody's breaking the rules, blah blah blah,'" Davis said at one point, admonishing the assembled business leaders to "get over it."

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Sharonna Orridge's mortgage is underwater.

A group of Minnesotans who demonstrated outside underscored the divide between the haves and have-nots. Local Rev. Grant Stevensen, who serves as the pastor of St. Matthew's Lutheran Church, criticized the Chamber of Commerce for "lobbying for job-killing cuts to critical services while opposing paying their fair share" in an official statement issued by Minnesotans for a Fair Economy.

Sheronda Orridge, a St. Paul homeowner whose mortgage with Wells Fargo is currently underwater, also spoke out at the rally, demanding that the banks reconsider cases like hers.

"They say I don't have a hardship," said Orridge, a single mother who claims to live paycheck to paycheck. "I'm paying $137,000 on my mortgage. It's now worth $85,000."

Orridge said she brings home $30,000 a year.

"We're not whining," Orridge added, speaking of herself and others in the same situation. "We are doing what we're supposed to do, and the banks should do what they're supposed to do."

UPDATE: After this story was originally published, we got a call from Richard Davis's press agent, who insisted the admonition to "get over it" was directed at business owners, not protesters. We changed the language around the quote as well as the headline to better reflect these stated intentions.


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84 comments
driver19555
driver19555

US Bank is about as useless as tit's on a boar. The lied and cheated me on my loan. Had everything all worked out for a 30 year loan then told me AFTER signing 3 pages they could not go 30 years only 15. No reason no nothing. This bank is just low life assholes.

JAmes
JAmes

I have met mr Davis and he is a class act tar leads a great company that does far more to help folks achieve the American dream than any amount of public assistance ever could! Quit whining and do something!

s.a.m.
s.a.m.

The current financial mess is not just a bank or a person to blame.. but of greed of the American economy of which we have all been a part of including our government.. there could be solutions that would possibly make more sense though.. that might be nice... allow underwater mortgages to be rewritten in two pieces - the part that can be backed by value and the other the underwater part written for a second loan at 1% or 2%paying that piece off first.. thus protecting the individual and the banks.. we are in these economic times together.. purchasing a home if we forgot is an investment.. and for those who purchased in the past 7 yrs.. a poor one.. who is to blame? forget pointing fingers and lets figure out how to work together to protect the american family, its dream and allowing banks to stay solvent - both can work together for the greater good.. this is the encouragement I would like to see individuals  providing.. until then we are responsible for our choices of which we agreed to when we bought an investment. - be true and stick to it to protect our economy from going further south. I am one speaking from multiple personal experiences and one who now works at a bank..

Richard Davis has been a conservative and good leader.. and I would not wish to have his task..

robert f
robert f

Im a small tax  business in Sacramento , watch of for Elavon also , during the tax season is when I do most of my business which is over the phone all around the country , my charge backs are about 6% and that time after 2 years with the bank with no issues they asked me to leave the bank and take my acount else where ,, with no reason besides the charges backs which all have been paid we had a argument with bank manager in Rocklin Ca named Melissa Roberts .. we only had 10days to reorganize .. impossable .. we left half in the account to cover anything coming thru and took a cashiers check to another bank, Melissa Roberts called the bank and froze a certified check , froze the remaining balance and my personal account also, bounced my payroll and rent check , after 5 years in business we are in a tail spin and the business will close due to the actions of USBANK manager Melissa Roberts and other officers of USBANK.. 10 employes will lose their jobs and I will lose my life savings and the USBANK could care less about small business , this is UN-AMERICAN and just plain nasty treatment from USBANK , As i write this my heart is heavy and my family is depressed all of this because of a USBANK manger with a chip on her shoulder.. God Help us all   

StandUpPatriots
StandUpPatriots

I greatly appreciate the situation homeowners find themselves right now. Not only are people having their homes foreclosed on in these terrible economic times, but they have also had their home values deflated greatly. My son's home is having the same problem but I think so far, our home is okay because we got it way below value to start with. 

The problem is that too many people got into homes they could not afford, I could possibly be in the same situation, but for now, we are doing okay. However, I could find myself in the same fix a few months from now if my husband lost his job. I hate to say it, because I could be one of them, but those homes need to be foreclosed on. That is how it works. I makes no difference if you lost a job or not, other than we feel their pain, but the bottom line is that you have to pay on your loan. How many times in history have we seen this scenario played out over and over. It is a painful reality but it is the way the market works. There is nothing wrong with this system that we need to fix. We lose our home and move on. That's how it works. 

Working Mom
Working Mom

For a moment put yourself in this picture....someone comes to borrow money from you...you dont know them but there is certain criteria that if they meet it you will borrow the money to them...they want to use the borrowed money to buy a house that they are hoping to convince you that it is worth every cent that you borrow them.....they are begging to get this house, the promise you they will pay you back....you say I will borrow you the money you want but if you dont pay me back then I get the house that this money is buying....they happily agree....they are paying just as promised for years and then suddenly they say...I am not paying you anymore because...I have found out that this house is only worth 75% of what I borrowed from you ....even though I will have to pay MORE in rent for the roof over my head ....you are a jerk for borrowing me the money in the first place...so  you take the hit for the home losing value....or I will tell everyone how awful you were to borrow me the money in the first place, then I will destroy this place cuz if I cant have I will make it hard for anyone else to get it.   THIS IS HAPPENING EVERY DAY...these are the foreclosures that are killing our real estate markets and causing even more foreclosures on the people who REALLY NEED help trying to keep their home, the ones that are having difficulty because of job loss, loss of income due to illness or death, these are the people and situations NOBODY wants to foreclose on....I am telling you I do work in community lending and am amazed at how many people want the banks to take the hit due to the values decreasing....just for a moment put yourself in the picture as the one borrowing out the money.....banks are criticized if they borrow the money or if they dont borrow out the money....How would you handle it....What would your criteria be to borrow? to foreclose? to deny?    Are their bad banks..YUP....but not all of them should be lumped together....look them up see what they are doing in their community...there is a Community Reinvestment Act report each one must disclose to the public....actually US Bank in one of the most active Banks giving back to the communities in helping and supporting community initiatives for low to moderate income households....and one of the very best mortgage programs for low to moderate that I have ever seen, very well thought out program.

MayCat
MayCat

Does anyone think there is someone out there that works over 400% harder, takes over 400% more risks in business, or is 400% smarter than they are? I don't think so!  It's all just funny money; peanut hiding under the paper cup; too many MBA's and not enough common sense folks in the world.  The whole thing needs to come tumbling down and be rebuilt on what's real; real goods and services, not fabricated funny book keeping B.S.

Nice hat
Nice hat

Durban amendment has inspired WF to hire on 2000 regulatory agents...at the expense of about as many other high paying productive jobs from within the region.  Perhaps you folks could sign on with the movement to Durban the banks into oblivion and get a paycheck to boot.  Then no one can have a mortgage, just payday loans for People!

alan
alan

Get over it? Screw you. I own a medical office with 6 employees. I could use a couple of more assistants but, not until I wont hire anyone until I see where this country is headed.

Joedirtinterweb
Joedirtinterweb

Sorry Sharonna, but if you're making $30,000 per year, you shouldn't have a $140k+ house anyway.

Allen Golod
Allen Golod

what a scumbag.  pretty lame reasons when he makes more in a day then most people make in a year.   total disconnect.

Mark Erickson
Mark Erickson

Thanks for correcting both the highly quoted graf that said Davis was telling protesters to "get over it" and the title from "country" to "business owners". It would be nice to at least tell your readers here that this article has been corrected. At most, it would be great if you could send out a press release to try to undo the mistake that has traveled far and wide on the intertubes in the past 24 hours.

DickeyHater
DickeyHater

Well, Dickey just lost another customer.....

JK
JK

She chose her home.  The bank gave her a loan to get the home she chose.  What would she have said if the loan were denied?  Another whiner looking for someone else to be responsible for her choices.  Typical liberalism.

Cosmic_Surfer
Cosmic_Surfer

And that is why I left US bank 18 months ago and will never go back - he majors think they own the country and can get by with anything. Remove all accounts from the majors and go to a credit union.11/5 is day for freedom

Bengie25
Bengie25

" "I'm paying $137,000 on my mortgage. It's now worth $85,000."Orridge said she brings home $30,000 a year."1) Who gives someone a $137k loan when they only make $30k/year?2) Who takes out a $137k loan when they only make $30k/year?Both the Lady and the Bank are at fault. The bank should have had the professional responsibility of denying her a loan that large, and she should have had some personal responsibility to not ask for a loan that large.

WilliamJohnston
WilliamJohnston

This guy is typical of the arrogance shown to consumers by the banking industry and wall street.  He says "get over it" the consumers say "no" change the way you do business or lose customers. If he is abdicating that it is ok to break the laws because everyone is doing it so we all should rob a bank and would that be legal to because everyone is doing it . What an ass.

Ranger Hondo
Ranger Hondo

I cancelled my US Bank Harley card....the bank is corrupt...

Fred Beloit
Fred Beloit

Pratt: "In a speech lasting about half an hour, Davis did not address the Occupy movement sweeping the country."

You mean...littering the country...don't you?

Judygaray
Judygaray

I have a mortgage with US Bank and having difficulties paying my bills due to the fact that everything is going up except my salary. I asked them if they can lower my monthly payments and after they requested and received the necessary information, they wrote me a letter stating that if I don't pay my mortgage they were going to foreclose and sell my house. That"s the kind of help I got from them.

pete
pete

You have completely taken his speech out of context; it was directed towards businesses, not customers/consumers.  

But I'm certain you already knew that, and are just looking to stir the pot in whatever manner possible.  

Isaac Anthony
Isaac Anthony

If only this guy could make the 99% feel just a little more desperate, he'd be fearing for his life,  and/or (preferably) six feet under.  It's a shame we have such an anti-violence movement in this country, when just a little bit of it would solve so many of our problems.

novenator
novenator

Oh, we'll get over it, we'll get over dealing with BoA and all the big banks on Saturday.  Remember, Remember the 5th of November!  #BankTransferDay #ows

E.B. Wolf
E.B. Wolf

Tough talk from a guy who's bank got a $6.6 billion bailout.

S. Abdul Otherwise Himself
S. Abdul Otherwise Himself

In all fairness, it must be said (and it's rather well-documented) that US Bancorp wasn't as speculative with mortgages as a number of other banks, only received a fraction of the TARP funds Bank of America or Wells Fargo took and was among the first to pay it all back.  I don't work for a bank or any financial interest.  While I agree the 'get over it statement'--from what little I've been told--sounds insensitive, that doesn't stop anything else I've written from being true.

usmc vet
usmc vet

The boy scout motto is actually "always be prepared" unlike the banks and government..

Jhighwater
Jhighwater

I hope Richard Davis gets over it when he finds spit in all his water glasses.

jackdetate
jackdetate

We will "get over it" when the Financial Banking complex adjusts their Balance Sheets to reflect current market value of Mortgage backed securities, ends distribution of dividends & bonuses until foreclosures are behind us and begins investing in the US economy, instead of making risky bets in Commodity & Currency Exchanges.

rr
rr

Let them eat cake.

(Easy for you to say, Richard, when you've never been in that situation.)

Lilphnx212
Lilphnx212

Interesting you didn't give the name of your business or why you were asked to leave the bank ... ???

jackdetate
jackdetate

The press release should come out right after the apologyfrom Davis, for filing false affidavits with the courts, stating the Bank hasall of the paperwork in its possession, to foreclose on a mortgage. Disclosure is a 2 way street.

Research
Research

Totally agree except a this is a huge purchase that needs to have some slack to it.  The story doesn't tell if or how long she wasn't paying for it.  If she ignored payment then forclose.  If she can't pay for a reasonable compromise made by the bank then forclose.  But if she suddenly falls on hard time and the bank doesn't work with her, then that's wrong on the banks part.

I Am One
I Am One

1.) You have a job that makes $50k/year.2.) Your employer goes belly up.3.) You get laid off.4.) You look for another job for over a year.5.) You make $30k/year doing the same thing for a company that knows you can be replaced at the drop of a dime because over 9% of the country is out of work.6.) Wells Fargo/US Bank/BofA. . . .won't even talk to you until you are over 120 days late and even then they are not "negotiating" anything (sound familiar?).7.) They take your house.8.) They sell it to an investor for cash for 1/3 of its value.9.) They write off the difference on their "taxes" (top 6 corporations paid 18-19% tax in 2010)10.) We pay for the difference with our 28% income tax on our $47k/year median household income (which includes the 1%'s income).11.) We add over 2M people to the "poverty" bracket (just over $22k for a family of 4). . . .to bring the total of US citizens living in poverty to 46.2M (12M more than the entire country of Canada!) 20.5M of which are living off of less than $11k a year or less than $3k per family member. . . . .WAKE UP!

I Am One
I Am One

The people at Occupy (Everywhere) are people just like you except they have knowledge, courage, honor and a purpose Mr. Beloit.  You are feeding right into corporate personhood and you should do your research.  Your paying for the same crimes we are, you just have your head in the sand.

Working Mom
Working Mom

Your house is the roof over your head...yes everything is going up....so did you write a letter to the grocery store and the utility company or drop your cell phone coverage or cable tv, quit driving or call Exon to see if they will cover your transportation bill until you get a raise????   Was there a form when you bought your home that said...if my bills go up in the next 30 years I expect the bank to pay the difference???  So if you can rent for less then I say give the house back and move on...I dont expect anyone to pay for my families housing but me and when I bought my home it was and is still a struggle every month...so if it means we dont have any extra toys, clothes, vacations and I need to work overtime or take another job for a time...I have, I will and will again....because my home is our home, our shelter and the roof over our head.  If you find a bank that will let you quit paying the money you borrowed because everything is going up please let the world know.

davisfan
davisfan

Do some research on Mr. Davis.  He started as a Teller and worked his way up.  I'm sure he's felt the burden of debt just as many of us have.  Thank you Pete for your comment.  His comments were not directed towards the "99%".  He's an inspirational leader in his company and has built his career by doing the right thing for his customers and employees. 

jackdetate
jackdetate

I'll be done with my xfer to a Credit Union on Friday.

S. Abdul Otherwise Himself
S. Abdul Otherwise Himself

And Wells Fargo took $25 billion.  Also please note CP revised this article to reflect who he ACTUALLY said to 'get past it.'  That was directed to other business folk.  NOT the occupy protesters.

common sense
common sense

know your facts.  The government made all big banks take funds so that a stigma wouldn't be attached to taking funds.  When the rules were changed by the Obama admin, USB paid the funds back immediately.  Richard Davis has run a very safe and conservative bank.  People should listen to him.

common sense
common sense

someone finally reporting facts.  I would be interested to see full context of the comment.  I have heard Richard Davis speak before and typically he doesn't seem insensitive, but instead inspiring.

common sense
common sense

what do you know of Richard.  He started at the bottom of the banking chain (as a teller or personal banker) and worked hard and made it to the top.  Do your research.

occupy
occupy

judy google it!!!!   :):) ZThis is the day to move our accounts to credit unions.. The banks are running scared, they were all prepared to begin charging us 5 dollars a month to use our debit cards.Then they all backed out Due to the Occupy wallstreet. Its funny how so many of the middle class(99%) think they are not one of use. Just because you havent lost a house,a job, had your health care increased, had pay frezz or lost pay ,doesnt mean you are not being ripped off by the large corps.

Research
Research

Been going to the credit union for years.  They don't give you that overly fake niceness then the occasional stab in the back feeling.  They also prove their customer service regularly.  It makes sense.  They are a business and make money.  Just not greedy, outrageous amounts of it.  According to the radio this morning, both Boa and Wells Fargo retracted that new debit fee. They will make that up though.  Always do. So if people go to credit unions, both CU and Banks will play fair.

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