Top US bankers supported President Barack Obama's plan to rid financial institutions of bad debts on Friday, but said there was not agreement on all issues. Credit is not flowing and the big bounuses are still outstanding for the most part.
Mr. President: The American Taxpayer wants to know; When are you going to repay us our money?
Big Banks: It is our understanding that we have until credit is flowing again and we return to profitability.
Mr. President: Well, Big Banks per your statement you have been profitable for 2 months and we need this money back for other TRAF, TARP, programs and or other emarks.
Big Banks: Give us another month, no, no, make it 18 months. So we can get a even bigger rate of return for us from the interest rate we only reserved for the weathly and powerful.
Mr. President: Why so long a time frame?
Big Banks: We made more money from the S&L Bailout then you are paying us to clean up our mess again. You know Mr. President, we could just gave the money and pocket the weathly rate of return with our bonuses intact.
Mr. President: Ummm? Get me Sec. Treasury on the phone. Thank for coming and we will talk so again.
