Bailout Buddies Stay In Touch! BFF!!

From the Wall Street Journal online:


How White House Wooed Wall Street in Debt Debate

"Often at odds since the financial crisis, banks and the White House found themselves on the same side in recent weeks as they worked to back a compromise that would fend off a default by the U.S. government. White House Chief of Staff Bill Daley even tried to enlist the help of his former employer, J.P. Morgan Chase & Co., as part of a final push to get a deal done in Congress...

The message from administration officials: contact key senators and congressman in both parties to tell them that an agreement was crucial for business confidence and the economy. Last Thursday, banks sent an open letter to President Barack Obama and Congress, urging compromise...

Both sides have much to gain from a thaw: President Obama is courting contributors as he prepares for a re-election run next year, while the banks are seeking leverage with regulators implementing last year's Dodd-Frank financial-overhaul law.

Some of the biggest banks—J.P. Morgan, Bank of America Corp., Citigroup Inc., Wells Fargo & Co. and Ally Financial Inc.—are negotiating with state and federal officials over what is expected to be a multibillion-dollar tab for their mortgage-foreclosure missteps...."
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Link for WSJ article: http://online.wsj.com/article/SB10001424053111903885604576486613348006704.html