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Monday, July 23, 2018

After hard talk,US seeks banks’ views on recovery plans

US president Barack Obama is hearing from the chief executives of some of the country’s biggest banks as he caps a week...

Written by Associated Press | Washington | Published: March 28, 2009 12:15:03 am

US president Barack Obama is hearing from the chief executives of some of the country’s biggest banks as he caps a week in which he rounded out his overall plan for stabilising the financial system. Obama was taking the temperature of the bank CEOs on Friday at the White House,the latest in a series of such meetings he has had with financial industry representatives and business executives since taking office. Treasury secretary Timothy Geithner will also attend the meeting with the 15 chief executives.

Jamie Dimon of JPMorgan Chase,Vikram Pandit of Citigroup,Ken Lewis of Bank of America,John Stumpf of Wells Fargo,John Koskinen of Freddie Mac and Kenneth Chenault of American Express,were among those in the meeting,according to the White House. The meeting follows a period marked by Obama’s sharp language,and public outrage,over Wall Street excesses and $165 million in employee bonuses by AIG. 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. The administration needs the industry’s cooperation for its financial stability and financial regulation plans to work.

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