Posted on Wednesday, 16th December 2009 by admin
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Yesterday President Obama said that after the government bailed the nation’s banks out of a crisis “largely of their own making”, so now they are obliged to help in accelerating the U.S. economic recovery.
Obama’s meeting with Bank Executives
After a White House meeting with bank executives Obama said that as extraordinary assistance has been received by America’s banks from American taxpayers so now as they’re back on their feet, so the government is anticipating an extraordinary commitment from them to help rebuild the economy.
Bank of America is the largest U.S. bank by assets and deposits. It has issued a statement pledging to raise small-business lending at least billion in 2010 from anticipated 2009 levels.
Citigroup’s announcement
The meeting came after the announcement of Citigroup that it had reached a deal with the Treasury Department for the repayment of billion in bailout money. This step has been taken to escape from strict
Wells Fargo planned to sell .4 billion in new stock
Just few hours after the Citigroup’s announcement, Wells Fargo also have told that it had planned to sell .4 billion in new stock ion order to repay all billion in bailout aid that has been received by the bank from the government when the market meltdown was at its peak last fall.
The meeting last for more than an hour. Three of those invited — Richard Parsons, chairman of Citigroup Inc.; John Mack, CEO of Morgan Stanley, and Lloyd Blankfein, CEO of Goldman Sachs Group Inc. — were unable to come to the White House due to the flight delays caused by fog in Washington. They have also participated via conference call.
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Tags: American taxpayers, Citigroup’s announcement, economy, major banks, Obama's White House meeting with bank executives, President Obama, Treasury Department, US Bank, US economy, White House, White House meeting
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