By Jeff Mason and Karey Wutkowski
WASHINGTON (Reuters) – President Barack Obama won support from top bankers on Friday for his efforts to rid financial institutions of bad debts, but differences remained over broader U.S. plans for the financial industry.
The executives include:
Jamie Dimon, JP Morgan Chase & Co
Ken Chenault, American Express
John Koskinen, Freddie Mac
Ronald Logue, State Street Corp
Robert Kelly, Bank of New York Mellon Corp
Rick Waddell, Northern Trust
James Rohr, PNC Financial Services Group Inc
Lloyd Blankfein, Goldman Sachs Group Inc
John Mack, Morgan Stanley
Vikram Pandit, Citigroup
John Stumpf, Wells Fargo & Co
Cam Fine, Independent Community Bankers
Edward Yingling, ABA
Obama, in an interview later with CBS News, said he told the bankers they should be more sensitive to how Wall Street’s actions look to the rest of the country.
I’m sorry but after receiving billions of dollars prior to this bailout, and then having most if not all of your bad debt eliminated (thanks to the hardworking taxpayer), the President has the audacity to tell the bankers to try to be “sensitive” to the rest of the people who are being strewed by this deal… it gets worst…
“Show some restraint,” he said he told them. “Show that you get that this is a crisis and everybody has to make sacrifices.”
How much more does the President expect Americans to sacrifice?!? We have given up so much already and still he wants to continue to give more. It’s obvious that the taxpayers are footing the bill for Wall street’s poor financial the decisions, and in during his campaign, President Obama promised us that he would not allow this to happen to the American people.
Obama saw the meeting as productive and frank, White House spokesman Robert Gibbs said, adding the president stressed the importance of dealing with “toxic assets” — bad loans many banks are stuck with thanks to the collapse of the U.S. housing market.
These “toxic assets are a result of bad loans many banks made so why are the American people bailing them out. It was the banks fault this collapse occurred and there is zero accountability on their part. These banks SHOULD fail!
“The president opened up by talking about the importance of dealing with toxic assets and getting banks lending again,” Gibbs told a briefing.
Clearly in this statement, we can see the president is clearly working with the bankers in adding to the already inflated bubble. Not only are Americans “footing the bill” to bail out the banks, they are also going to continue to give out large amounts of credit to further enslave the people. President Obama has not come up with an economic plan that will in the long-term benefit the people, it will only lead to further inflating the problem (debt) and keeping the people working for the banks.
Filed under: Economy, Obama Administration, Politics | Tagged: ABA, American Express, bailout, Bank of New York Mellon Corp, citigroup, Economy, executives, Freddie Mac, Goldman Sachs Group Inc, Government, Independent Community Bankers, JP Morgan Chase & Co, Morgan Stanley, Northern Trust, Obama, Obama Administration, PNC Financial Services Group Inc, President Obama, State Street Corp, Wells Fargo & Co |