December 14th, 2009
12:31 PM ET

Can Obama bully the bankers?

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/POLITICS/04/28/obama.candidate.president/art.obama.cnn.jpg caption="Does President Obama have enough leverage to push more lending?"]

Colin Barr
Senior writer

President Obama is about to give the banks an earful about lending. But he may be a day late - and $116 billion short.

Obama will meet Monday with top executives of some of the nation's biggest lenders.

CEOs of 12 banks are expected, including the heads of American Express (AXP, Fortune 500), Bank of America, Capital One (COF, Fortune 500), Citigroup, JPMorgan Chase, Morgan Stanley, and Wells Fargo.

The president is expected to say he wants to see more loans for the sake of economic recovery. He'll also urge execs to curb compensation, to stop gouging customers with high credit card rates and hidden overdraft fees, and to support financial reform efforts.

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Filed under: Economy • President Barack Obama
soundoff (One Response)
  1. Tim Gibson

    Load demand is weak because it was overextended by the banks. The loss they cushion is their own creation with loose and free credit.

    To say you want to see more loans for the "sake of economic recovery" is only an attempt to bring flame back from a glowing ember is it not? One time for old times sake, not a good rule to play by.

    December 14, 2009 at 11:44 am |