Word: bankses
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Beating on Wall Street makes political sense these days. The public is furious that big banks and Wall Street firms are once again making pots of money while Main Street suffers through 10% unemployment. With year-end bonuses soon to be handed out to financial executives, Obama and the White...
So expect a healthy dose of political posturing before, during and after the President's meeting with top bankers Monday. "It's a p.r. stunt," says an executive at one of the banks that will be getting a dressing-down at the White House meeting. Executives from Goldman Sachs, JPMorgan...
But Obama's bank-bashing is about more than politics. The President has real problems only the banks can help him solve. On jobs, housing and the strength of the economy, he needs bankers to change their behavior, and there's only so much he can do to force them...
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...
So Obama will alternately threaten and plead with banks to open their purse strings. "One of the main messages from this meeting is that the financial industry received extraordinary help from the government - and ultimately the taxpayer - and now the industry has an obligation to help the small-business owners...