Word: whiteness
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...clear departure from the historical norm, the White House is not cheering the return of huge profits to Wall Street. On the contrary, the recent windfalls at Goldman Sachs and JPMorgan, and the promise of giant year-end paydays for banking executives and traders, has caused a bit of consternation in the West Wing, coming as it does so soon after the taxpayer bailouts saved the entire financial system from total collapse...
...President's financial reforms, which were sent to Congress earlier this summer, have yet to be acted upon by the banking committees in the House and Senate, and White House officials do not expect concrete legislative action until late this year at the earliest. That means that both the White House and Congress can expect many more months of needing to explain why it is O.K. for Wall Street to be thriving while the rest of the country, and much of the world, is suffering. As Gibbs explained on July 15, when asked about the big Wall Street paydays...
...were a Wall Street firm, I would perhaps be cognizant of the fact that the financial regulatory-reform process is only beginning in Congress," warns a senior White House official, speaking about the political problems that huge paydays at Wall Street firms could create later this year, when new laws to regulate the industry will be written on Capitol Hill. Officials have also begun to worry aloud whether the Wall Street firms learned anything from the catastrophic financial crisis that was largely of their making or whether they are now returning to the old business of making short-term profits...
...calls for a heavy government hand in limiting financial paydays, aside from certain limits on senior executives at firms that have not paid back some taxpayer funds and a number of proposals for regulators to develop new ways of better tying compensation to long-term risks. That leaves the White House vulnerable in the coming months. If Wall Street decides to cash in on its recent winnings despite the public rhetoric of the Administration, the contrast with the nation's still growing unemployment rate couldn't be starker. "It's just got to feel wrong to a lot of people...
...just the safeguards that traders are using to ensure that another crisis of confidence doesn't occur, but whether traders on Wall Street are taking advantage of the public backstop against systemic failure to create personal profits. "We want financial systems to be healthy," says Robert Gibbs, the White House press secretary. But, he adds, "the President continues to have concerns that compensation will be based on risky behavior instead of performance." (Read "Obama Urges Congress Not to Block the Bailout...