Obama to Banks: It’s Payback Time

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Obama to Banks: It’s Payback Time

AP / Susan Walsh

President Barack Obama, meeting with leaders of the financial industry, described the talks Monday as “candid.”

On Monday at the White House, President Barack Obama reminded a group of big banking honchos (or “fat cats,” as he called them Sunday) about last year’s bailout and advised them to get busy helping the taxpayers who helped with their recovery. Well, good luck with that one. —KA

BBC:

[The president] said US banks had received extraordinary assistance and demanded they show extraordinary commitment to rebuild the US economy.

[...] Monday’s meeting with executives from Goldman Sachs, JP Morgan Chase and Citigroup, among others, came a day after the president said he had not run for office to help out “a bunch of fat cat bankers on Wall Street”.

‘Willing to fight’

In comments to reporters at the White House after the talks, Mr Obama criticised lobbyists for trying to stall his administration’s reform of the financial services sector.

And he warned that if they were “willing to fight common-sense consumer protection, that’s a fight I’m willing to have”.

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TAGS: bailout banking industry barack obama citigroup goldman sachs jp morgan chase loans tarp wall street

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By garth, December 16, 2009 at 5:25 pm Link to this comment

Tedmunson got it.

Lloyd did even show. He didn’t go to the last one Obama had either.

What did he actually say to the ones who showed up, “More, please.”

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By msgmi, December 15, 2009 at 1:13 pm Link to this comment
(Unregistered commenter)

The fat cat bankers have Main Street by the tale and the meeting with the WH was a dog and pony-tail showcase. Joe Main Street gets around 1.2% for a CD while Wall Street invests its Fed contributions to earn billions in investments at .25%. Fat-cat wallets are ballooning while Main Street is being taken for a ride. Profitmania rules.

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By G.Anderson, December 15, 2009 at 9:27 am Link to this comment

Or time for another whimp out.. Just like Health care a big payday for the corporate right.

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By tedmunson, December 15, 2009 at 8:22 am Link to this comment
(Unregistered commenter)

Lloyd Blankfein of Goldman, Sachs & other CEOs didn’t even show up. The weather, don’t cha know. I guess they never heard of the Acela train. Actually, they were telling Obama who’s boss.

There’s something weird about Obama. Does he know there is a difference between reality and rhetoric?

The bailout money could have been given with strings attached, the banks could have been nationalized—these actions would have guaranteed economy building lending. But he did none of those—and now he talks tough? Wow. Well, the bankster scum elite certainly showed their fear and respect, didn’t they?

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By omygodnotagain, December 14, 2009 at 7:49 pm Link to this comment

Obama had better be ready to fight dirty, call out t
e Congressional weasels and front men… he won’t do it, kinda wish Arnold The Governator was President..he wouldn’t put up with financial girlie men Obama is a bit of a girlie-man too

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By nothingbutlimericks, December 14, 2009 at 4:13 pm Link to this comment
(Unregistered commenter)

OBAMA AND THE BANKERS

He says that the banks should lend more,

So we Americans can spend more,

Go grab your plastic,

Let’s do something drastic!

Go buy a GE or a Kenmore.

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