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Jawboning the banks
Photo credit: Surviving Hard Times
The message from President-elect Barack Obama to the banks who may want to come back for a second slurp at the $700 billion taxpayer trough is that future bailout funds will come with scrutiny and strings. Obama economic adviser Lawrence Summers, left, did the Sunday talkie "Face the Nation" to spread the word.
The message from the investment community via Bloomberg News is that this could cause bank investors to flee (stock prices are slipping) and that could lead to nationalization of the banks.
Of course no such fears surfaced when the first half of the $700 billion came without even a polite request for accountability.
Money & Co. counters that Obama and company have another piece to the solution. Read it here. -- Liisa May
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