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Obama asks for input from bank execs on financial recovery strategies
2009-03-27 16:06:11 (GMT) (Caymanmama.com - Government Top Stories News)
President Barack Obama asked for the valuable input from chief executives of some of the nation’s largest banking companies
Atlanta, Georgia (CaymanMama.com) — President Barack Obama asked for the valuable input from chief executives of some of the nation’s largest banking companies as he finishes off a week in which he clearly outlined his strategy for stabilizing the financial economy.
The president geared up for the CEO meeting at the White House on Friday, preparing for the latest in a series of meetings Obama has organized with financial industry representatives and business executives. Treasury Secretary Timothy Geithner also will attend the meeting.
The meeting follows a week of public outrage over Wall Street financial excesses and AIG’s $165 million in bonuses paid to executives, the massive but troubled insurance company which has collected over $170 billion in federal bailout funds.
According to the Associated Press, “This week, the administration unveiled its program to help banks clear their balance sheets of so-called “toxic assets,” bad investments that are tying up capital and making it difficult for them to lend money. The administration also outlined its proposals to impose tighter regulations on the financial sector in an effort to avoid a repeat of the industry meltdown that contributed to the recession.”
Obama’s administration greatly relies on Wall Street’s cooperation for its financial stability and financial regulation plans to be effective.
White House officials said Obama appreciates hearing directly from those who will be affected by his decisions.
“Our future is inextricably linked to these financial institutions, and their future is linked to the economic health of the country,” said Valerie Jarrett, a senior adviser to Obama.
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