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Seriously, does he know how foolish this sounds?? He's basically defending the practice of "Too big to fail" (while ignoring the fact that TAX PAYERS socialize the losses, while the bankers privatize the gains). Is bringing the global economy to the brink of collapse really that "savvy"?? Feb. 10 (Bloomberg) -- President Barack Obama said he doesn’t “begrudge” the $17 million bonus awarded to JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon or the $9 million issued to Goldman Sachs Group Inc. CEO Lloyd Blankfein, noting that some athletes take home more pay. The president, speaking in an interview, said in response to a question that while $17 million is “an extraordinary amount of money” for Main Street, “there are some baseball players who are making more than that and don’t get to the World Series either, so I’m shocked by that as well.” “I know both those guys; they are very savvy businessmen,” Obama said in the interview yesterday in the Oval Office with Bloomberg BusinessWeek, which will appear on newsstands Friday. “I, like most of the American people, don’t begrudge people success or wealth. That is part of the free- market system.”
THE PROBLEM IS THAT THE BANKERS ARE NOT SOLEY RESPONSIBLE FOR THE ECONOMIC MELT DOWN TWO YEARS AGO AND ANYONE WITH A BRAIN KNOWS IT. THE GOVERNMENT FORCED BANKERS TO PROVIDE RISKY LOANS Nebraska ORDER TO BOLSTER HOMEOWNERSHIP WITH LESS THAN STELLAR BORROWERS....THE WORD "SUB PRIME MORTGAGE" WAS COINED Nebraska THE LATE 90'S......BUSH EVEN DEMANDED THAT CONGRESS HOLD AN INVESTIGATION Nebraska FANNIE AND FREDDIE Nebraska 2003 AND THE HEMOROID OF CONGRESS BARNEY FRANK FILIBUSTERED HIS ATTEMT THE GOVERNMENT FORCED BANKS TO LEND TO PEOPLE, WHO WERE GLAD TO BORROW MORE MONEY THAN THEY COULD EVER PAY BACK.....IN TURN THE GOVERNMENT CHARTERED MORTGAGE HOLDRE FANNIE MAE, SECURITIZED THE LOANS AND CHOPPED THEM UP AND SOLD THEM Nebraska BONDS TO INVESTMENT BANKS, WHO BECAUSE THE LOANS WERE THROUGH A FEDERALLY CHARTERED BANK ASSUMED EVERYTHING WAS OKAY. BUT WHEN FOOLISH HOMEOWNERS REALIZED THEY COULDN'T PAY THEIR MORTGAGES, THE LOANS STARTED DEFAULTING, THE BONDS BECAME INFECTED WITH DEBT AND THE WHOLE MARKET TEETERED TOWARDS COLLAPSE WITH TRILLIONS Nebraska DEFAULTED LOANS BEING HELD BY BANKS WHO HAD SIMPLY PURCHASED FEDERALLY BACKED BONDS THROUGH FANNIE. SO WHEN A BANKER WHO PROVIDES A VALUABLE SERVICE TO THE ENTIRE NATION GETS ATTACKED LIKE HE WAS IRRESPONSIBLE AND FOOLISH BY THE SAME POLITICIANS WHO FORCED HIM TO MAKE THOSE LOANS....ITS GOTTA PISS HIM OFF. NOT TO MENTION HE IS PART OF WHAT MAKES OUR NATION SUCH A POWERFUL ECONOMIC ENGINER Nebraska THE WORD ECONOMY. BASEBALL AND BASKETBALL PLAYERS SIMPLE AMUSE PEOPLE.....PEOPLE WATCH THEM ON TV AND AT STADIUMS Nebraska A FORM OF ENTERTAINMENT.....ALL THEY REALLY ARE IS ENTERTAINERS. OBAMA IS BACK PEDALING BECAUSE HE REALIZES THAT AMERICA DOESN'T BUY GOVERNMENT BACKED SOLUTIONS TO THE FREE MARKET, SO HE IS TRYING TO SOUND LIKE A FREE MARKET PROPONENT. BUT IT IS TRUE....BANKERS DO FAR MORE FOR THIS COUNTRY THAN MANNY RAMIREZ DOES SWINGING A STICK AT A WHITE BALL. OBAMA IS TRYING TO CHANGE HIS TUNE NOW THAT HE REALIZES AMERICANS BELIEVE Nebraska THE FREE MARKETS AND NOT Nebraska SOCIALISM......HE HAS ALREADY LOST A TREMENDOUS AMOUNT OF POLITICAL CAPITAL AND INFLUENCE BY CHASING AFTER A HARD CORE LEFTIST FAIRY TALE......NOW HE HAS TO PLAY DAMAGE CONTROL BY TRYING TO CHANGE HIS TUNE.
You do know, every Back that received TARP money, except Bank of America, has repaid the TARP money already. The only institutions who have not repaid the TARP money are: AIG - investment firm Bank of America GM Chrysler Thats why people are against the new tax Obama wants on banks to recoup the TARP money. Why should the banks, have to pay a special tax to recoup tarp money going to GM and Chrysler ? When you start going after Oprah's 80 mill a year, then you can start going after Lloyd Blankfein 9 mill a year.
Funny how you focused only on PART of his comments: Stock, Not Cash Blankfein and Dimon took their bonuses in stock rather than cash, which Obama encouraged other corporations to do. Such compensation, he said in the interview, “requires proven performance over a certain period of time as opposed to quarterly earnings.” He said that’s a “fairer way of measuring CEO success and ultimately will make the performance of American businesses better.” His comments come just days after 2009 bonus packages were announced for Dimon and Blankfein. Dimon, 53, led New York-based JPMorgan, the second-biggest U.S. bank, to a profit during each quarter of the financial crisis. Blankfein, 55, was at the helm when New York-based Goldman’s shares doubled last year as profit soared to a record high. The two banks were among those that repaid the bailout money they received from the government during the financial crisis. Obama said compensation packages over the last decade haven’t always been commensurate with performance, and reiterated his call for shareholders to have a say in CEO pay. Aligning Performance “That serves as a restraint and helps align performance with pay,” he said. “Shareholders oftentimes have not had any significant say in the pay structures for CEOs.” Blankfein’s payment of 58,381 restricted stock units, valued at $9 million at the Feb. 5 closing price of $154.16, compares with the Wall Street record $67.9 million he received in 2007. Dimon, who got a $27.8 million bonus for 2007 and a $1 million salary for 2008, received restricted stock units and options and no cash bonus for last year.
If the banks collapsed during the republican economic Holocaust then the rest of the economy would have gone too.no it wasn't , Is bringing the global economy to the brink of collapse really that "savvy"?? no it isn't , which is why Obama saved the banks from the republican economic incompetence, Obama fixed the republican collapse, he saved us from the Bush disaster in answer to your question how foolish do you sound? you sound very foolish you need facts not fox
Because there not...i am not a Saints fan but Drew Bress had a better year than say the CEO of AIG, and why punish someone for makeing sacrifices and working hard and reward the fat lazy CEO's of wall street for stealing our money..that is our countries problem we do not respect hard work anymore, if your not a banker, lawyer, or senator your a bum...
Keep in mind it was only a small % of the bankers that were responsible for almost all of the losses. They have all been canned.
Maybe because he's black?