The White House is standing by the private banking system, even as stocks have tumbled again. White House press secretary Robert Gibbs was asked Friday about speculation that the Obama administration may seek to nationalize two financial bellwethers, Citigroup Inc. and Bank of America Corp, according to AP. Share values of both financial institutions have fallen again. Gibbs responded that the administration continues to «strongly believe that a privately held banking system is the correct way to go.» Along with that, he said, the government must ensure that banks are sufficiently regulated. Said Gibbs: «That's been our belief for quite some time, and we continue to have that.»
