Banks Promise Cooperation with Obama

2009-03-30 19:03:26 (GMT) ( - Business, News, US Presidential News)


Bank executives made a vow on Friday that they would work with the president on recovery initiatives.

Wired PR News – Executives from the country’s largest banks made a pledge on Friday to work with the president on recovery initiatives. As reported by the Associated Press (AP), top executives from various financial institutions met with President Barack Obama and requested more details pertaining to the recovery plan.

Obama is quoted in the report as stating in a CBS News interview of his overall message to financial institutions, “Show some restraint. Show that you get that this is a crisis and everybody has to make sacrifices. They agreed and they recognized it. Now, the proof in the pudding is in the eating.”

John Mack with Morgan Stanley, is further quoted as stating of the administration’s plan to help increase bank lending, “People are looking at that. It’s positive… We think it’s the right thing to do and now we just need to get the details.”

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