news Obama adviser: Can't paint all banks the same

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Obama adviser: Can't paint all banks the same



1 hour, 22 minutes ago





WASHINGTON (Reuters) - The "vast majority" of U.S. banks have acted responsibly and should not be tarred by other banks that have been imprudent, a top economic adviser to President Barack Obama said on Wednesday.
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"One cannot see the banking industry as a monolith. One cannot paint all institutions with the same brush," National Economic Council Director Lawrence Summers told the American Bankers Association. "Some are in very different circumstances than others, and the vast majority have ... prudently and responsibly met their obligations," he said.

(Reporting by Mark Felsenthal; Editing by Theodore d'Afflisio)