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The White House said last week that it strongly believed in a privately held bank system, after rumors that the U.S. government could nationalize banks caused shares in Bank of America and Citigroup plummet. “Let me reassure as best I can on banks,” White House press secretary Robert Gibbs told a briefing with reporters.

“This administration continues to strongly believe that a privately held banking system is the correct way to go, ensuring they are regulated sufficiently by this government.”That’s been our belief for quite some time and we continue to have that.”

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Wall Street’s fears about a government takeover of major US banks eased some last Friday afternoon after the White House reaffirmed its belief in a privately owned banking system. The DJIA climbed back from a 200 pt loss, and the technology heavy NASDAQ closed flat after the Obama administration tried to reassure nervous investors that it wanted to avoid nationalizing troubled banks.”This administration continues to strongly believe that a privately held banking system is the correct way to go, ensuring that they are regulated sufficiently by this government,” said Robert Gibbs, a spokesman for President Barack Obama. “That’s been our belief for quite some time, and we continue to have that.”

The Dow Jones industrial average fell 100.28 pts, or 1.34%, to 7,365.67, while the broader Standard & Poor’s 500-stock index was off 8.89 pts, or 1.14%, at 770.05.
The NASDAQ closed off 1.59 pts to 1,441.23.

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