President Barack Obama said Thursday the true status of bank balance sheets was not known, and he would act decisively to make sure major banks have enough money to operate.
Obama said some of the country's largest banks are holding toxic assets, which are dragging down balance sheets and contributing to the slowdown in lending.
"The weakened condition of some of our largest banks has implications for the entire system," he told corporate business leaders at the Business Roundtable in Washington, D.C.
President Obama also said he would be willing to consider lowering the corporate tax rate if the business community helps him to close loopholes in the tax code.
"My interest over time in potentially lowering corporate rates in exchange for closing a lot of the loopholes that make the tax system so complex, that's a very appealing conversation to me and I'd like to pursue it," Obama told the Roundtable. more...
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