Home > business, economy, politics > Obama tries to halt talk of bank nationalization

Obama tries to halt talk of bank nationalization

Originally posted on Yahoo Finance

White House stands by private banking as talk of nationalization surfaces amid deep recession

The White House on Friday insisted it’s not trying to take over two ailing financial institutions, even as stocks tumbled again.

On Wall Street, talk of nationalization of Citigroup Inc., and Bank of America Corp., prompted investors to continue to balk, worried that the government would have to take control and wipe out shareholders in the process. Citigroup fell 20 percent, while Bank of America fell 12 percent in afternoon trading but also came off their lowest levels.

“This administration continues to strongly believe that a privately held banking system is the correct way to go, ensuring that they are regulated sufficiently by this government,” White House press secretary Robert Gibbs said when asked about nationalizing the banks.

“That’s been our belief for quite some time, and we continue to have that,” Gibbs said.

To continue reading, here is the article link

Advertisements
  1. February 21, 2009 at 3:22 am

    Heh!

    I guess it can be very different for Obama to make this action.

  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: