Midwest Bankers Support More Economic Reform, Oppose Federal Bailout of Detroit

Participating panelists included Tom Chulick, chairman and chief executive officer, UMB Bank; Dwight Erdbruegger, executive vice president, Commerce Bank; Allan Ivie, president and chief operating officer, The PrivateBank; Sally Roth, president and area executive, Regions Bank; Julie Stackhouse, senior vice president, The Federal Reserve Bank; and Robert Witterschein, president and chief executive officer, Southwest Bank.

During the hourlong discussion, which was facilitated by Dr. Benjamin Akande, dean ofWebster's business school, the panelists spoke candidly about the lack of confidence in the financial system and the fact that confidence cannot be legislated. They also agreed that bailing out the nation's automakers was not a permanent solution to that industry's problems.

"There has to be an acknowledgment that the business model isn't working," says Roth, of Regions Bank. "This model needs to be fixed."

Commerce Bank's Erdbruegger agreed and reminded the standing-room-only audience of the government bailout of Chrysler in 1979. "Chrysler was successful for 30 years, but now they're back again," he said, "so a government bailout isn't the best solution."

The panelists said their banks are all well positioned and financially capable to weather the current economic "perfect storm."

"Promoting frank discussion about issues that affect everyone in the community is exactly what this panel presentation is about," said Akande. "Webster University is here to facilitate not only for our students, faculty and alumni, but also for the community at large by providing access to those people who can answer the most important questions of our time."

"Can The Economy Be Saved?" was part of the Maritz Success to Significance Speakers Series at Webster University. Its intent is to create a forum where global corporate leaders and opinion makers can share their leadership journey and experience while speaking to the challenges and opportunities evident in their organizations. A recording of the program will be available online at www.webster.edu/sbt. The full panel discussion will also be broadcast in its entirety on Dec. 29, 2008 and again on Jan. 2, 2009 on HEC-TV inSt. Louis.

With its home campus inSt. Louis, Webster University (www.webster.edu) is a worldwide institution committed to delivering high-quality learning experiences that transform students for global citizenship and individual excellence. Founded in 1915,Webster offers undergraduate and graduate degree programs through five schools and colleges, and a global network of more than 100 campuses. Its 20,000-plus student population represents almost 150 nationalities. The University's core values include excellence in teaching, joining theory and practice, small class sizes, and educating students to be lifelong independent learners, fully prepared to participate in an increasingly international society.

Since opening its first campus overseas inGeneva in 1978,Webster has become a recognized leader and innovator in global education, with an international presence that now includes campuses inLondon;Vienna;Amsterdam and Leiden,the Netherlands;Shanghai,Shenzhen andChengdu, China; andBangkok and Cha-am,Thailand.Webster also has educational partnerships with universities inMexico andJapan.

SOURCE Webster University School of Business and Technology

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