Pres. Obama invited Wall Street bank chiefs to the White House in order to make the case for the Americans expressing the imperative to ease off the loan flow.
"You guys are drawing down 10-, 20-million-dollar bonuses after America went through the worst economic year that it's gone through in -- in decades, and you guys caused the problem. And we've got 10% unemployment. Why do you think people might be a little frustrated?" stated the President Obama during his interview yesterday on CBS' "60 Minutes".
Originally banks gave birth to the biggest financial crisis of the decade. They received a big bail out from the tax payer. Now it's time for the bank to bail out the Americans. Today we got 10% unemployment despite all the banks are still encashing million-dollar bonuses. That explains the Americans’ frustration.
The American Bankers Association confirmed that the largest 21 bailed out banks had made $2.2 trillion in new loans since receiving TARP funds.
The meeting was crowded from Pres. Obama' top Economy Adviser: Treasury Secretary Timothy Geithner, the White House Chief of Staff Rahm Emmanuel, senior adviser Valerie Jarrett, Christina Romer and Larry Summers to top bank chief executives: JP Morgan Chase (JPM, Fortune 500)'s Jamie Dimon, Bank of America (BAC, Fortune 500)'s Ken Lewis, American Express (AXP, Fortune 500)' Ken Chenault, Capital One (COF, Fortune 500)'s Richard Fairbank, PNC (PNC, Fortune 500)'s Jim Rohr, US Bancorp (USB, Fortune 500)'s Richard Davis, Wells Fargo (WFC, Fortune 500)'s John Stumpf, State Street Bank (STT, Fortune 500)'s Ron Logue, Bank Of New York Mellon's (BK, Fortune 500)'s Bob Kelly.
No comments:
Post a Comment