President Obama Tackles Banks

President Barack Obama speaks about financial reform, Thursday, Jan. 21, 2010, at the White House in Washington. From left are, Council of Economic Advisers Chair Christina Romer, Treasury Secretary Timothy Geithner, House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., the president and Economic Recovery Advisory Board chair Paul Volcker.(AP Photo/Charles Dharapak)

Obama proposes strong new restrictions on banks

President Obama came out today and vowed that business as usual that allowed banks to leverage large assets on risky hedge fund investments will be restricted. This comes after we saw dozens of major financial institutions fail or go into bankruptcy and then ask taxpayer money to bail them out.

Taxis drive past a Bank of America branch in New York. President Barack Obama has announced a plan to limit the size and scope of US banks and finance firms in a bid to roll back corporate excess and limit dangerous risk-taking.(AFP/File/Emmanuel Dunand)


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