Tensions flaring on corporate excesses

Amanda Aronczyk Mar 27, 2009
HTML EMBED:
COPY

Tensions flaring on corporate excesses

Amanda Aronczyk Mar 27, 2009
HTML EMBED:
COPY

TEXT OF STORY

Bob Moon: Later today, the president will be meeting with bank executives and trade groups. On the agenda: regulation, commercial loans and of course, financial bailouts. But as Amanda Aronczyk reports, it’s the culture of Wall Street that’s worrying the masses — they’re mad, and showing signs they’re not gonna take it anymore.


Amanda Aronczyk: It’s been a tense few weeks between Capitol Hill and the banking industry. White House press secretary Robert Gibbs says the uproar over corporate excess will certainly come up today.

Robert Gibbs: Obviously, they’ll talk about stuff that’s been in the news for, over the past several weeks. Compensation and bonuses and excesses like that.

The concern over bonuses has been distracting from the core issues. But as financial analyst Karen Shaw Petrou says, that’s not what’s surprising about the executives’ visit:

Karen Shaw Petrou: These guys come and go all the time in and out of the White House, singly and in groups. That anyone cares is the really unusual aspect of the meeting.

Of course, it’d be hard not to care these days. As the president’s press secretary points out:

Gibbs: Wall Street and Main Street, all of us are in the same boat. We’re all in this together.

Gibbs also said the president will remind the bankers: What’s good for them has to be good for the American people, too.

I’m Amanda Aronczyk for Marketplace.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.