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by Derek Loosvelt | December 14, 2009


In the below "60 Minutes" segment President Obama speaks candidly about how he feels about the guys and gals at the country's largest banks who, for the most part, caused the financial mess that he now has to try to clean up. In a quote that will go down as one of the more memorable of the year, Obama says that he "did not run for office to be helping out a bunch of fat cat bankers on Wall Street."

Obama also says that the only banks that will be able to pay fat bonuses this year are those that have paid back their TARP funds, and today, you can add another to that list: Citigroup reached an agreement to repay its funds, so it looks like Vikram and the rest of the Citi kids will be able to return to fat-bonus business as usual very soon.

If you're keeping score at home, Wells Fargo is the only big bank left that has yet to receive approval to repay its TARP funds. As a result, expect Wells to come to an agreement for their Troubled Asset Relief Program exit within the week. John Stumpf and his team won't want to be singled out and known as the last remaining large TARP player for very long.

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Filed Under: Finance

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