Obama Dials Down Wall Street Criticism | WHAT REALLY HAPPENED


Obama Dials Down Wall Street Criticism

Bankers were shell-shocked, especially when Congress moved to heavily tax bonuses. When administration officials began calling them to talk about the next phase of the bailout, the bankers turned the tables. They used the calls to lobby against the antibonus legislation, Wall Street executives say. Several big firms called Treasury and White House officials to urge a more reasonable approach, both sides say. The banks' message: If you want our help to get credit flowing again to consumers and businesses, stop the rush to penalize our bonuses.

Webmaster's Commentary: 

Translation: "Let us keep our bonuses or we'll wreck the economy!"

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