Huffpost Politics

Obama Bracing For Bailout Backlash

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The Obama administration is increasingly concerned about a populist backlash against banks and Wall Street, worried that anger at financial institutions could also end up being directed at Congress and the White House and could complicate President Obama's agenda.

The administration's sharp rebuke of the American International Group on Sunday for handing out $165 million in executive bonuses -- Lawrence H. Summers, director of the president's National Economic Council, described it as "outrageous" on "This Week" on ABC -- marks the latest effort by the White House to distance itself from abuses that could feed potentially disruptive public anger.

Read the whole story at New York Times

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