Bloomberg - "Obama Administration Pushes Back at Bank Lobbying on Regulation"

I am sure the Fox News types will start bleating socialism in order to help the banking industry fight regulations. Expect Rush Limbaugh to start saying that loaning to minorities is what caused the financial crisis, not Wall Street.

http://news.yahoo.com/s/bloomberg/axepkeia7xx8

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Oct. 16 (Bloomberg) -- White House officials say they are growing frustrated that the banking industry is fighting President Barack Obama’s plan to overhaul financial regulations after taxpayer bailouts helped firms restore profits and near- record compensation for executives.

Their anger is directed even at firms such as New York’s JPMorgan Chase & Co. and Goldman Sachs Group Inc. that have paid back their government assistance and reported a surge in third- quarter earnings this week. The issue, according to administration officials, is the industry is generally on sound footing because of government help and lobbying against Obama’s regulatory plans goes against the nation’s long-term interest.

“We are disappointed by the lobbying of anyone in the financial industry against regulatory reform, considering the obvious need for change on that front,” Valerie Jarrett, a senior adviser to Obama, said.

Wall Street regulation is scheduled to be among the topics when Jarrett, Obama adviser David Axelrod and White House Chief of Staff Rahm Emanuel appear on Sunday news talk shows Oct. 18.

The administration is mounting a counteroffensive by pointing to a disconnect between Wall Street and the rest of the country: while some big banks report compensation plans and profits at pre-crisis levels, the unemployment rate rose to 9.8 percent last month and home foreclosures jumped 29.2 percent from a year earlier.

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The talking heads at Fox have been pushing the Community Reinvestment Act = Crisis! for a very long time.

Sure you helped them out last year but the name of the game is to make money...by any means necessary...now that everything is going well you are NOW trying to regulate them? They will fight tooth and nail to resist. Anyone could have told you last year that this would happen. This is why you needed to attach regulations when you had the chance. So, the banks are not to blame this time...it is Geitner and the administration. Now they have an uphill battle to do what they should have done. Well, at least they are FINALLY open to doing the real job of the people....i hope.