Obama Needs to Get Tough with Failed Banks

Interview with Greg Palast, BBC-TV reporter and author, conducted by Scott Harris

After the Obama administration forced the resignation of General Motors CEO Rick Wagoner in return for more federal bailout money being funneled to the troubled carmaker, attention has turned to the question why Wall Street CEO's receiving billions in taxpayer funds aren't similarly pressured to resign? Democratic Sen. Carl Levin of Michigan noted a "double-standard" giving big banks better treatment than the auto industry. Many workers say the government hasn't dictated such harsh terms to insurance giant AIG or the banks, which in large part caused the financial crisis.

President Obama said his administration will offer GM "adequate working capital" during the next 60 days to produce an acceptable reorganization plan. Meanwhile, the White House gave Chrysler 30 days to negotiate a merger with Italian automaker Fiat.

Tennessee Republican Sen. Bob Corker criticized the government's firing of GM's Wagoner saying that, "This is a major power grab by the White House ... and should send a chill through all Americans who believe in free enterprise." However, Corker and other Senate Republicans had a completely different attitude toward the United Auto Workers when the legislators demanded the union make deep concessions in return for the first allocation of federal bailout money to the auto industry last December. Between The Lines' Scott Harris spoke with BBC-TV investigative reporter Greg Palast, who assesses the performance of President Obama in dealing with the current economic crisis.

Greg Palast is author of "Armed Madhouse." Read his articles and see a trailer of his new video, "Palast Investigates" online at www.gregpalast.com

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"Between The Lines" is a half-hour syndicated radio news magazine that each week features a summary of under-reported news stories and interviews with activists and journalists who offer progressive perspectives on international, national and regional political, economic and social issues. Because "Between The Lines" is independent of all publications, media networks or political parties, we are able to bring a diversity of voices to the airwaves generally ignored or marginalized by the major media. For more information on this week's topics and to check out our text archive listing topics and guests presented in previous programs visit: www.btlonline.org
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