Obama Shows A Spine! Will Veto Bill That Would Bail Out Banks From Foreclosure-Gate

According to ABC’s Jake Tapper, Obama will “pocket veto” the bill that would have allowed banks to lower the legal threshold for foreclosing.

The bill — which was rushed through the Senate near the end of the session — would have helped get the banks out of the growing foreclosure-gate scandal, whereby firms like Bank of America, JPMorgan, and GMAC found that their practices were flawed.

One piece of evidence that the legislation was a rush-job bank payoff was its brevity. It was less than a page, in sharp contrast to most financial legislation.

Anyway, don’t look for the financial industry to switch their allegiance back to Democrats anytime soon.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.

Tagged In