| Apr 27 |
U.S. banks have earned the wrath of Obama
In early 2009, large U.S. banks have been received at the White House for a meeting with the President: it told them that the only way he could justify the measures taken in their favor was through their participation in the effort for economic recovery. To be clear: I will support you if you use the means that I give you to help me revive the economy. From my side I count on your restraint in pay. For a Democratic president, it was indeed possible to support financial institutions that if they contributed to the national recovery effort. So they had to use the resources obtained by lending on terms less onerous because their cost of funding was lower. And they had to continue to lend to the real economy. (more…) |
