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23 July 2017 01:02 (South Africa)

Obama set to take off gloves with banks

President Barack Obama says bankers are "fat cats" who just don't get it. The president was speaking before a meeting with major bank bosses at the White House, so the talks should go well. He wants them to free up more credit to help boost job growth, and is frustrated that they aren’t doing more on the back of their multibillion-dollar government bailouts (from which nearly all have benefited and subsequently repaid). Obama’s stance on banks is similar to that of Britain and France, where banker bonuses will be taxed heavily this year. He says the US lenders each expect $20 million bonuses to their executives after helping the US economy to implode, causing 10% unemployment. You tell ‘em where to get off, Mr Obama. Read more: AP

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