Obama blasts banks for opposing financial overhaul
Dec 12, 5:05 PM (ET)
By DARLENE SUPERVILLE
WASHINGTON (AP) - President Barack Obama singled out financial institutions for causing much of the economic tailspin and criticized their opposition to tighter federal oversight of their industry.
While applauding House passage Friday of overhaul legislation and urging quick Senate action, Obama expressed frustration with banks that were helped by a taxpayer bailout and now are "fighting tooth and nail with their lobbyists" against new government controls.
In his weekly radio and Internet address Saturday, Obama said the economy is only now beginning to recover from the "irresponsibility" of Wall Street institutions that "gambled on risky loans and complex financial products" in pursuit of short-term profits and big bonuses with little regard for long-term consequences.
My Way News - Obama blasts banks for opposing financial overhaul
Now we will see how much talk and how much walk on the issue.
Dec 12, 5:05 PM (ET)
By DARLENE SUPERVILLE
WASHINGTON (AP) - President Barack Obama singled out financial institutions for causing much of the economic tailspin and criticized their opposition to tighter federal oversight of their industry.
While applauding House passage Friday of overhaul legislation and urging quick Senate action, Obama expressed frustration with banks that were helped by a taxpayer bailout and now are "fighting tooth and nail with their lobbyists" against new government controls.
In his weekly radio and Internet address Saturday, Obama said the economy is only now beginning to recover from the "irresponsibility" of Wall Street institutions that "gambled on risky loans and complex financial products" in pursuit of short-term profits and big bonuses with little regard for long-term consequences.
My Way News - Obama blasts banks for opposing financial overhaul
Now we will see how much talk and how much walk on the issue.