Institute for Public Accuracy

  • 11:47:04 pm on January 27, 2010 | 0

    Maybe this is the bigger story:

    Tonight on Bloomberg

    “Now the firms and their chiefs, confronting a wave of public anger against their bonuses awarded in the wake of the financial industry bailout, are trying to devise a strategy to fight both the proposed new limits on banks’ size and activities as well as the bank tax. While they are still plotting tactics, one thing has become clear: The banks don’t want to go to war with the commander-in-chief.

    “We don’t want to fight the administration,” said Rob Nichols, whose trade group, the Financial Services Forum, represents the chief executive officers of the largest financial companies. “We just want to sit at the table and have a productive conversation about the kinds of reforms needed to address the real causes of the recent crisis.”

    That the president’s top advisers failed to give the financial executives a heads-up, even while reporters were being briefed on the plan, underscores how strained the banks’ relationship with the administration has become.

    Political Attack

    Some Wall Street executives are seething over what they see as a political attack by the president after the Democratic Party lost the late Senator Edward M. Kennedy’s U.S. Senate seat in Massachusetts, according to interviews with a half-dozen people who work for or consult with the largest financial firms and who declined to be named in order to speak freely.

    They are equally concerned that they will remain targets for the rest of the year, the people said, and are willing to take steps to try to prevent that from happening. Some of the executives dining with Geithner and Jarrett indicated that Obama’s bank tax would be a small price to pay if it made the taint of the Troubled Asset Relief Program go away, according to one attendee.”


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