Support of Sen. Kelly shows incestuous board culture
Apr 15, 2019 | 12:00 PM
Former Maryland State Sen. Francis X. Kelly and two of his sons are taking voluntary leaves of absence from hospital boards amid the UMMS controversy.
Frank Bramble's letter of endorsement of Sen. Francis X. Kelly Jr. of the University of Maryland Medical System board (“The UM medical system will emerge stronger from its board problems,” Apr. 11) fails to identify the writer as a long-term member of several boards, as well as being a current and highly paid director of Bank of America. In the past, bankers were respected members of the community. The financial crisis displayed the arrogance of the big banks, as have last week's Congressional hearings, in which CEOs of the big banks were required to testify on several issues.
Mr. Bramble had been employed as a high level executive with MBNA, which later merged with Bank of America. Marylanders will remember MBNA as the bank that fled to Delaware so as not to be constrained by Maryland's ceiling on interest rates on credit cards. Delaware has no such ceiling. Jobs were lost in Maryland and Marylanders were charged higher rates on credit cards. The total compensation for Bank of America's CEO Brian T. Moynihan for the fiscal year ending 2018 was $22,434,351. At least we know that the high interest rates are benefiting a few. Exorbitant interest rates hurt our fellow citizens while enriching the bankers.
Mr. Bramble's letter of reference for Mr. Kelly is just another example of how out of control and incestuous these boards are and how important it is that they be reined in.The old boy network is alive and well Maryland.