December 12th, 2009
10:35 AM ET
6 months ago

Fortune: Can Obama bully the bankers?

New York (Fortune) – 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: President Obama
soundoff (27 Responses)
  1. J MICHAELS

    Yes, the President needs to tell the bankers we bailed you out and now it is time to bail out main street. They have spent hundred of millions to stop the bill in the House for financial reform and are spending still to stop it in the Senate. CNN talked about the House bill on Saturday but did not mention that not one Republican voted to change the way wall street and big banks work.

    December 12, 2009 03:39 pm at 3:39 pm |
  2. barbara

    Hopefully, something can be done about overdraft fees. I've decided that the only difference between the Mafia and the Banks is that with the Mafia we can choose to do business with them.....or not. I over drew my business account last Monday, by Wednesday, the bank had deducted $524. in fees. This is a business account and many of the charges they hit with fees were under $5.00 (credit card discount points) The fees from one day created the overdraft for the second day and so on and so on. I was charged the $524. but the total amount of my debits was only $319 and my deposits totaled $1470. However, the debits came in one night and deposits the next morning and fees for the day before created a new negative. I'd rather do business with the Mafia but as I say, I have no choice but to do business with banks.

    By the way, I am also one of the small businesses you read about. Since the downturn in the economy my business has fallen off 75%. Not it appears I may not have a busines for long.

    December 12, 2009 03:51 pm at 3:51 pm |
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