financial crisis | August 25, 2011

Matt Taibbi: Why Is Obama Being So Easy on the Banks?

Matt Taibbi's not letting up with his onslaught on banks, whose scheming, he says, “led to millions of people losing their homes.” Following his ground-shaking SEC exposé last week, the Rolling Stone writer takes aim at none other than President Barack Obama. Taibbi suggests that Obama is working with banks and state officials to cook up a “seriously discounted” fine for all the banks' financial misdeeds. The fine is in the neighborhood of $20 billion, a sliver of the chaos doled out in  the financial crisis. The deal would also help protect “the banks from future enforcement actions on both the civil and criminal sides.”

Taibbi concludes the wrist-slapping must have something to do with a little election that's around the corner: “the Obama administration is trying to secure its 2012 campaign war chest with this settlement deal. If Barry can make this foreclosure thing go away for the banks, you can bet he’ll win the contributions battle against the Republicans next summer.”

Having covered everything from politics to sports to business—all with the wit, humor and the gonzo spirit of a Hunter S. Thompson—Matt Taibbi tells it like it is. In 2008, he won the National Magazine Award, and, as an author, he has written several books, including The Great Derangement: A Terrifying True Story of War, Politics and Religion and, most recently, the critically hailed Griftopia. A new book, on the new class divide, is forthcoming. 

Read more about financial crisis speaker Matt Taibbi