Word: administrationitis
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Even Administration officials privately admit that politics played a role in calling the meeting, and President Obama's harsh words for bankers on Sunday's 60 Minutes program reinforced the notion. During an interview on the CBS show the President said he didn't run for office "to be helping...
For many in the Administration the biggest economic concern is the country's stubbornly high unemployment. The best way to attack that problem is to stimulate small-business growth, but that won't happen as long as banks sharply limit lending to smaller companies. For their part, bankers feel they...
Obama will also criticize the banks for trying to derail financial-regulation reform, which passed the House last week but faces multiple battles after Christmas in the Senate. And he'll scold them for continuing to distribute high bonuses, especially when they reward excessive risk-taking. The senior bank executive...
Obama has made some attempts to play hardball with Wall Street, however. Last summer, JPMorgan tried to lowball the Administration on warrants it wanted to buy back from the government. JPMorgan's chief, Jamie Dimon, called Treasury Secretary Timothy Geithner in July personally to pressure him to sell at the...
Obama and Geithner have a long list of penalties they can impose if the banks don't do a better job of lending to small businesses or modifying home loans. And Obama's pay czar, Kenneth Feinberg, could target the bank's bonuses with what the senior bank executive calls...