Monday, December 14, 2009

President Obama To Bank CEOs: "Lend Money To Small Businesses"

In an aggressive attempt to rebuild the U.S. economy, President Obama has made a public appeal asking the nation's banks to lend more money to small businesses. This request came shortly after meeting with executives from Bank of America, Wells Fargo, JPMorgan Chase, Citigroup, and more.

He boldly told the CEOs of these financial institutions that they have a moral obligation to help accelerate the U.S. economic recovery after the government bailed them out of a crisis that was "largely of their own making."

Bloomberg reports that in addition to freeing up more credit to small businesses, Obama is trying to revamp financial market regulations, and create a Consumer Financial Protection Agency to enforce rules intended to prevent abuses in credit-card and mortgage lending.

He aggressively said: "Around the table, all the financial-industry executives said they supported financial regulatory reform. There’s a big gap between what I’m hearing here in the White House and the [actual] activities of industry lobbyists."

I think Obama is very serious about his message, and I believe his intentions are good. However, at the end of the day, preaching morals and ethics to a bunch of greedy executives who run billion dollar companies might be pointless.

Furthermore, I think that reminding them that they created this mess in this first place will only insult them - opposed to encouraging them to show some accountability.

Only time will tell.

1 comment:

  1. I say continue to preach, Obama. That's what the US lacks anyways, morals and ethics. Those greedy exec's should slap themselves if they even try to be insulted by anything said of them. As we all know they got us in this mess. So, cover up their guilt by being angry and insulted, no, we're insulted. They're so greedy that they don't realize the value of their billions can easily become zip, zero, zilch? I wouldn't mind trading a pair of jeans for two cans of beans and a loaf of bread...