Obama’s meeting on this week with the CEOs of most of the major banks in the US was nothing more than political posturing from both sides – peacocking for Joe the Plumber by the financial services industry and Obama. A day before, Obama called bankers “fat cats” and after the meeting, the CEOs claimed there is a ‘disconnect’ between their personal wishes and the actions of the lobbyists their firms spent $300 million on to fight proposed regulatory reform.
The inherent conflict of interest between the financial services industry and that of the government is inevitable. For profit businesses exist to make money and consumers’ best interest is not always the most profitable route. The banks will continue to fight new regulations and Obama's reform plan, introduced earlier this year, will continue to be watered down as it finishes its cycles in the House and Senate.
The inherent conflict of interest between the financial services industry and that of the government is inevitable. For profit businesses exist to make money and consumers’ best interest is not always the most profitable route. The banks will continue to fight new regulations and Obama's reform plan, introduced earlier this year, will continue to be watered down as it finishes its cycles in the House and Senate.
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