Obama Slams "Fat Cat" Bankers In 60 Minutes Interview

Various heads of American banks will be heading to the White House on Monday to discuss lending and pay, and it would seem that their host — the President — is none to happy with them.

CBS News: In an interview with “60 Minutes” correspondent Steve Kroft, the president went after what he called the “fat cat bankers on Wall Street.” He said bankers have not shown “a lot of shame” about their behaviour and outsized compensation despite the bank bailouts and economic downturn.

After stating that the financial crisis was “caused in part by completely irresponsible actions on Wall Street,” Mr. Obama suggested that some banks paid TARP bailout money back to the government specifically to free themselves from government-mandated constraints on executive compensation.

“I think in some cases that was a motivation,” said Mr. Obama. “Which I think tells me that the people on Wall Street still don’t get it. They don’t get it. They’re still puzzled, why is it that people are mad at the banks?”

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