Word: bankses
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Obama laid down his marker for reform last week, outlining general principles like simpler forms and more flexible rules for borrowers. And he pressured industry bigwigs at a White House meeting to agree to limit sudden interest rate hikes. But the real fight begins this week, and it's about...
The banks have fired back, arguing that they'll get paid one way or another: they say Dodd's recipe is political posturing that will only produce higher initial rates for everyone and diminished credit for an ailing economy. "The American people can't manage their credit," says one industry...
That threat would carry more weight if the banks weren't so politically vulnerable right now. "They're trying to figure out the best way to screw the people that are bailing them out," says one Democratic leadership aide. "It's unacceptable." Even if they can't force through a...
Credit card leaders have powerful friends on Capitol Hill, though, and neither side expects a clean victory. Moderate Democrats and those with major banks with big presences in their states are receiving particular attention from the banking lobby. These include Tom Carper of Delaware and Tim Johnson of South Dakota...
But for all their bluster, and supporters, the banks understand that they are in political hot water, and that they will need to compromise - a little. In Congresswoman Carolyn Maloney, who represents much of Manhattan's armies of financial service workers and is head of the joint economic committee, they...