Wednesday, September 23, 2009

Greedy banks that got taxpayer bailouts try to stop student loan overhaul

From Monday's New York Times:

President Obama sharply criticized the nation’s largest banks for trying to stop legislation that would overhaul federal student loan programs.

Mr. Obama, speaking at a community college, said that American banks had received bailout money from the federal government, and yet were still fighting against a proposal that would eliminate an unwarranted subsidy which the banks receive for providing student loans.

“Ending this unwarranted subsidy for big banks is a no-brainer for folks everywhere,” Mr. Obama said, before lashing out against his favorite target of late. “Everywhere except Washington, that is. In fact, we’re already seeing the special interests rallying to save this giveaway.”

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