Wednesday, December 9, 2009

Obama Meeting with Bankers, Monday

From Politico:
President Barack Obama will meet with heads of big banks on Monday. A source familiar with the planning said invitations went out to CEOs last weekend for what will be a morning session at the White House. The CEOs expect to hear from the president about why banks ought to be lending more, why they shouldn’t oppose his financial reform initiatives and why they ought to hold the line on bonuses and compensation.

It’s the lending issue, though, that irks some in the industry. “The White House’s political people like [David] Axelrod tell us to lend more,” said one. “But the regulators are saying the exact opposite. They’re saying, ramp up your capital ratios, and if you see default risk on the horizon, cut back on lending.” The White House’s Jen Psaki: “The president is looking forward to meeting with members of the financial services industry on Monday to discuss our shared interest in economic recovery, the need to increase small-business lending and the administration’s plans for financial reform.”
Somehow, with the President's favorite banker there, I get the feeling things will work themselves out.

No comments:

Post a Comment