Obama is just RIPPING these a-holes to shreds!!!

[joeunderdog]

No soft-serve, pc politi-speak. He's calling it what it is.

"We all need to take responsibility. This includes executives at major financial firms who turned to the American people, hat in hand, when they were in trouble, even as they paid themselves their customary lavish bonuses. As I said last week, that’s the height of irresponsibility. That’s shameful. And that’s exactly the kind of disregard of the costs and consequences of their actions that brought about this crisis: a culture of narrow self-interest and short-term gain at the expense of everything else.

snip

"For top executives to award themselves these kinds of compensation packages in the midst of this economic crisis isn't just bad taste, it’s a bad strategy and I will not tolerate it as president. We’re going to be demanding some restraint in exchange for federal aid – so that when firms seek new federal dollars, we won’t find them up to the same old tricks."

http://www.boston.com/news/politics/politicalintelligence/2009/02/obama_reining_i.html

[4dsc]

1. Fighting back is OK with me..

Damn it feels good to hear these words coming from our president..

[opihimoimoi]

2. Damn right....self interst greedy Bastids should be in the PILLORY for 4 hours with

lots of shoes/eggs/shit for the public to throw at them

[Rosa Luxemburg]

3. Bush gave these execs a free ride

[riqster]

64. They were his buddies, so of course he did nt

[8 track mind]

4. Hee Hee Hee!!!

Obama strikes me as someone who doesn't put up with nonsense for very long! Go get 'em Obama!

[wroberts189]

5. SAY IT LOUDER AGAIN AND AGAIN !!! K&R

[burythehatchet]

6. HIs big words are worth the gum on the bottom of my boot. Pres. Cool Breeze's

actions speak a lot more clearly than his words.

on edit - I care a lot less about corporate jets than I do about a trillion dollar scam that he still supports

[Name removed]

8. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Windy]

15. His actions are speaking... I think you should pay a bit more attention.

If you have a problem with anything that he is doing or not doing in your opinion, get involved. Contact the whitehouse, send emails, go to an economic recovery meeting this weekend sponsored by OFA 2.0 but don't just sit here and bitch and knock Obama online. I bet you haven't even read the ENTIRE bill he is trying to get through the congress have you.

[burythehatchet]

28. something to read as you pee your pants in delight with Mr. president

Why is Washington filled with faux populist promises about curbing bonuses, capping executive pay, forcing banks to lend, even as the managers that drove the banks off the cliff are still keeping their jobs, collecting their paychecks and issuing their bonuses and dividends?

One reason might be that these same bankers and financiers are leading donors to both political parties. Thus far, they've been getting an amazing return on investment with a few million in political contributions yielding hundreds of billions to keep them breathing.

Obama's Treasury Secretary, Tim Geithner, according to Politico has announced that: "We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to our best to preserve that system."

http://firedoglake.com/2009/02/04/welcome-america-to-your-sizzlin-larry-summers-shitburger/

[chill_wind]

29. Securities & Investment: Top Recipients-- 2008

Dancing with the ones that brung ya. Some numbers.


2008


1 Obama, Barack (D) Senate $14,070,872
2 McCain, John (R) Senate $8,276,377
3 Clinton, Hillary (D-NY) Senate $6,681,904
4 Giuliani, Rudolph W (R) $5,087,095
5 Romney, Mitt (R) $4,929,537
6 Dodd, Christopher J (D-CT) Senate $2,853,332
7 McConnell, Mitch (R-KY) Senate $827,436
8 Richardson, Bill (D) $799,100
9 Coleman, Norm (R-MN) Senate $796,275
10 Warner, Mark (D-VA) $785,443
11 Edwards, John (D) $784,395
12 Sununu, John E (R-NH) Senate $778,350
13 Emanuel, Rahm (D-IL) House $645,700
14 Baucus, Max (D-MT) Senate $609,250
15 Himes, Jim (D-CT) $538,304
16 Durbin, Dick (D-IL) Senate $531,062
17 Thompson, Fred (R) $498,355
18 Lautenberg, Frank R (D-NJ) Senate $476,283
19 Shays, Christopher (R-CT) House $469,645
20 Biden, Joseph R Jr (D-DE) Senate $441,225




http://www.opensecrets.org/industries/recips.php?cycle=2008&ind=F07




Organization Amount Dems Repubs

1 Goldman Sachs $5,541,651 76% 24%
2 Morgan Stanley $3,482,677 59% 41%
3 UBS AG $2,887,772 56% 44%
4 Merrill Lynch $2,727,597 48% 52%
5 Credit Suisse Group $2,289,360 52% 48%
6 Lehman Brothers $2,211,761 66% 34%
7 Elliott Management $1,574,840 1% 99%
8 Blackstone Group $1,360,942 49% 51%
9 FMR Corp $1,345,852 49% 51%
10 Bear Stearns $1,241,290 57% 43%
11 Capital Group Companies $1,132,443 52% 47%
12 Bain Capital $1,084,970 71% 29%
13 Citigroup Inc $981,871 64% 36%
14 KKR & Co $971,250 23% 77%
15 National Venture Capital Assn$941,886 50% 50%
16 CME Group $926,710 55% 45%
17 Carlyle Group $875,078 61% 39%
18 DE Shaw & Co $841,741 96% 4%
19 Securities Industry
& Financial Mkt Assn $810,200 51% 49%
20 Investment Co Institute $797,506 58% 42%


http://www.opensecrets.org/industries/contrib.php?ind=F07++&goButt2.x=9&goButt2.y=12&goButt2=Submit

[chill_wind]

30. Just the Commercial Banks - Top Ten

Commercial Banks: Top Contributors to Federal Candidates and Parties
Election cycle:

Total contributions: $34,962,254


Rank Organization Amount Dems Repubs
1 JPMorgan Chase & Co $4,134,116 62% 38%
2 Citigroup Inc $3,413,647 65% 35%
3 American Bankers Assn $2,898,561 42% 58%
4 Bank of America $2,096,869 56% 44%
5 Wells Fargo $1,448,197 51% 49%
6 Deutsche Bank AG $1,349,304 72% 28%
7 Independent Community
Bankers of America $974,575 53% 47%
8 Wachovia Corp $943,381 45% 55%
9 Bank of New York Mellon $725,249 51% 48%
10 Royal Bank of Scotland $559,478 66% 34%

more: http://www.opensecrets.org/industries/contrib.php?ind=F03++&goButt2.x=11&goButt2.y=13&goButt2=Submit

[Waiting For Everyman]

33. You'd prefer that he let it go.

Their self-indulgence is a key element and mindset of this scam. I'd prefer they were in jail, but that day may come too.

[EraOfResponsibility]

35. Why is it a "scam"?

[BelgianMadCow]

44. I do not agree with your subject header, but

I also think the whole issue of executive pay is a (red) herring. As if that even remotely rights the wrongs. It just satisfies people's basic desire for some kind of "revenge" on these bastards. I like what Obama says, but I think the issue is rather superficial.

And yes, the biggest bank heist in history, in plain daylight, continues. Heh at least we get to touch their paycheck (for now!)njah njah.

[lpbk2713]

7. CEO's, CFO's and MBA's need to be held accountable.

The 'Greed is Good' mantra got us where we are today. They need to clean up their own house.

[joeunderdog]

9. RW talking point I heard just as I got in my car this morning:

"Say goodbye to free market capitalism" if they limit the CEO pay. What a pathetic response.

The good news is that 87% of respondents on the Globe's poll agree with the limits.

[Lex]

13. We said "goodbye to free market capitalism" when all the banks needed the taxpayer bailouts.

The "free market capitalists" demonstrated the so-called invisible hand of the market is bullshit.

[surrealAmerican]

26. The people saying that are idiots.

This is not regulating what companies can do with their own money, it's regulating what they can do with the government's money.

[rucky]

50. idiocy has never stopped them from saying anything

[Historic NY]

38. Why are they turning communist......CEO's & Sport figures make obscene

salaries in comparison to the general population. Did you get your golden parachute today?

[YOY]

12. You think all MBAs think like these fucks?

Some of us got called all sorts of nasty names for pointing out the greed of others causing a financial meltdown over the years. Of course, those who can do short term high profit bullshit get the promotions.

My hands and soul are clean.

[brindis_desala]

62. I think what the commemtor was suggesting is that

honest MBA's like yourself have become the exception. We need to change the culture to reward the serious minded and go back to thinking long-term... to what used to be called fiscal conservatism.

[newtothegame]

10. Wow, how fierce.

[ogneopasno]

11. Who, the Republicans?

Oh. Uh, oh. Well, I guess this is a start.

[Froward69]

14. Damn straight!!!

Sir :patriot: :patriot:

Now to only get across to Mr.Obama to not give those damn republicans another second of his time or consideration. as they are constantly looking for weakness to exploit. FUCK THEM sideways!!! Force them to accept an observational role only.

[Skidmore]

16. We need to get behind him because

they will really try to do everything in their power to discredit him and remove him from office now.

[joeunderdog]

17. Exactly. Obama has stepped on the big toes of the men who control politics.

They will be looking at this as a serious threat to the fundamental power structure. It is.

This is a message about who's in charge.

[lib_wit_it]

24. My fear is that they have more money and power than him, even if he is POTUS. Not that

I think he should stop trying, and good on him for telling the truth about the greedy bastids.

[Last Stand]

31. Statements like this are direct challenges to the people who run the planet.

Obama is saying that we are no longer governing according to the lobbyists' business plan. He's throwing down with the big boys who have had more to do with establishing policy than perhaps any other element in the incestuous politics of the 00's. CEO's from these companies attend lavish parties with KKKarl Rove, Scalia, Roger Ailes and the rest of the RW pond scum. It's there that they discuss strategy on how to rule the world (yes, I'm being literal.)

Obama is threatening them in public statements, and the message extends beyond CEO bonuses. The gloves are off. This is precisely why there's such a shit storm over the Stimulus Bill. The Repukes would have objected to any plan Obama proposed. It's about POWER.

[OneGrassRoot]

54. I agree, but I think he threw down the gauntlet to everyone.....

including Dems who have become ingrained in the same corruption (and/or sheer ignorance) that transcends party lines. The ignorance of not having a clue or giving a damn about citizens.

I think everyone is shaken as they don't know what to expect and no one feels very safe, fearing their shit may be exposed soon as the dominos fall.

Very interesting.

Welcome to DU! :)

[sendero]

65. He's saying it..

.. with the appointments he's made he's not offering much in the way of confidence.

So far it is just talk. I'll get happy when there is some action that isn't just more of the same bail out the banks bullshit.

[rucognizant]

46. True............

JFK announced that he would do away with the Federal Reserve. 23 weeks later he was dead!

[rucognizant]

47. That should be 3, three weeks later

[dugaresa]

18. right now I am working at a company that laid off a bunch of folks

and my group was unharmed, however there is an upper level manager who has been spending too much in spite of bans on spending...
we keep warning him about it...and yet he doesn't care...he just doesn't get it.

[BuelahWitch]

25. He probably "gets it"

But knows that it's unlikely anything will be done about it except the warnings. I don't understand why those in management are always untouchable, no matter what they do. It's like they all have "something" on each other that will be exposed if a member of the "team" is eliminated.
Throw the bums out!

[lunatica]

55. It's called cronyism

And it's about keeping the tradition of kissing up and kicking down alive. It's about climbing up the ladder to the best salary and positions of power. Denuded of all the trappings, it's about power. Those in power must stick together to keep it. Otherwise power gets evenly distributed and that's not a consideration in their view of what constitutes normal.

[jfkraus]

19. Obama Rocks!

Kicking ass and taking names! Call them on their bullshit!

[chill_wind]

20. The most egregious plunderers are thanking him and laughing

all the way to their retirements, thanks to the giant loophole that says the execs at companies that have already received their Loot from the Treasury Department would not have to make any changes.

So the guys at AIG, Citigroup, Merrill Lynch, Morgan Stanley, Goldman Sachs, Wells Fargo, Wachovia, WaMu, JP Morgan, USBank, Suntrust, PNC and Bank of America and more love you and would like to thank you for their money and for the break.

Dig it:

http://www.propublica.org/special/show-me-the-tarp-money


We're broke. What more is left to plunder?

We could have used a lot more a-hole ripping and responsibility taking at the time of the bailout bill by Dems who instead helped Bush and his buddies shove it through.

[Romulox]

21. He wouldn't sound like a hypocrite if he didn't vote for the TARP. But he did. nt

[SammyWinstonJack]

56. !

:thumbsup:

[Initech]

22. Obama is stickin' it to the robber barons!

:woohoo:

[DearAbby]

23. Oh My

:::Hearbeats::: :loveya:

[maxrandb]

27. Not Good Enough

He now needs to tie these "effers" to the Repuke Party that enabled them.

[Beam Me Up]

32. "demanding some restraint" = "RIPPING these a-holes to shreds" ? I think NOT

n/t

[Waiting For Everyman]

34. Point is - he SHAMED THEM. It IS a power throw-down.

He said it was shameful and they thumbed their noses at him, and he brought it home to them. In their peers' eyes, they got their asses whomped, they got shamed.

Big bankers just got spanked. Where it hurts. Just like the self-indulgent destructive brats they are.

[Left Coast2020]

39. If you want to hit them where it hurts

then tax their dividends. I believe Bush lowered this anyway. So, increase the dividend tax on all investments.

If their dividends are, for example, $150,000-$225,000 a year, set rate for that level.

Follow this formula and go from there. And don't forget to shut down the off-shore tax havens. This is clearly an avoidance of paying any state or federal income taxes.

[chill_wind]

36. It's great rousin rhetoric. The plan itself is full of mushy caveats and loopholes. Please read it

Bailout: Plenty of Limits to Obama’s New Exec Pay Limits
by Paul Kiel, ProPublica - February 4, 2009 2:30 pm EST

President Obama's administration still hasn't said just how it's going to use the second half of the $700 bailout bill, but today he rolled out his plan for limiting executive pay at companies that take federal money <1>.

The bottom line: The restrictions are stricter than the Bush administration's, but provide plenty of wiggle room for execs to do well. There is no real limit on executive compensation, just restrictions on the type of compensation.

To give you a clear idea of how these limits stack up against the limits imposed by the Bush administration, we've broken down the differences in two charts below.

The restriction getting the most attention is the limit on executive pay. The struggling companies that have gotten bailout money -- a group that so far includes AIG, Bank of America, Citigroup (the auto companies have separate limits) -- get one set of stricter limits. The top five executives at those firms will be prohibited from receiving compensation in excess of $500,000... with a caveat. They can land more as long as the extra compensation is somehow dependent on long-term performance, such as stock awards or options that can only be cashed out after a certain period of time. Today's press release <1> is vague in defining just how long that might be: either after the government gets all of its money back plus interest or until the bank seems relatively stable and on track to pay the government back. It's unclear who will decide that.

The new guidelines also require a vote by shareholders on the pay packages for the top execs -- but the vote would be a non-binding resolution, just a chance for shareholders to make their views known.

The restrictions on “healthy” banks will be even looser (and these aren't retroactive, only affecting a future round of investment in the nation's banks). There, the $500,000 limit isn't really a limit, but merely a disclosure requirement: Banks that want to pay their top five execs more will have to publicly disclose it. In that case, the shareholders would also have a chance to make their will known if the execs want more.

Here are the main guidelines for the struggling institutions compared to the ones used under the Bush administration:

(see charts and full text)

more:
http://www.propublica.org/article/bailout-plenty-of-limits-to-obamas-new-exec-pay-limits-090204


italics mine

[Juan_de_la_Dem]

37. Keep it coming and back it up with actions

[AyanRand Is Dead]

40. Thank you Pres. Obama, thank you.

Although this is primarily symbolic. This was a good day for the little guy.

[depakid]

41. Two additional words: clawback and disgorgement

[Hekate]

43. Claire McCaskill brought that up a day or so ago. She climbs in my estimation daily. nt

[backscatter712]

42. I've got a strategy theory...

It's just a theory, but here goes...

Obama is holding those CEO's salary's hostage. And he has a ransom in mind.

The Republicans have shown repeatedly that they're perfectly capable of ignoring the outrage of the American people. They flat out don't care.

But what does Obama accomplish by putting this cap on bailed-out banks' CEO salaries?

He puts the squeeze on the Rethug's rich billionaire golfing buddies. Right now, they're scrambling, calling their lobbyists, and they've got Mitch McConnell's phone ringing off the hook - with calls he can't ignore. The Rethugs' constituents suddenly don't have the money to do things like buying new Lear jets, and by god, the Senators they've bought and paid for had better fix that situation NOW!!!

Soon, the Rethugs will be coming to Obama, totally flustered, saying OMGGABRBL!!!!111 YOU GOTTA REMOVE THOSE CEO SALARY CAPS!!!

That's when Obama looks at them, pulls out his tally of expected Senate cloture votes for the stimulus bill, along with tallies for things like health care reform bills and EFCA, and asks "What's that worth to you?" :evilgrin:

[rucognizant]

45. NO HE"S NOT!

"Obama is just RIPPING these a-holes to shreds!!!"
He's pandering to them! They JUST AREN"T EVER going to be bipartisan in a positive way...it's beyond their ability to behave that way!
Judd Gregg for COmmerce? believer in free trade, voted against the commerce dept a few years ago!
I was thrilled when Sununu got voted out and have called Gregg's office more than once threatening to come from next door ( Maine) to campaign against him when he is up for re-election. He is guilty of the constipated, thinking impaired, conservative mind SET!
So now he will be in charge of that portion of our country; that needs to stimulate jobs and income for average Americans.................
NOT BLOODY LIKELY!

[ProfessorGAC]

48. What?

That didn't make sense.
GAC

[quickesst]

49. On Obama's economic package

With the help of more than a few democratic constituents, I've seen this movie before. Can't have a repeat of Clinton's eight years.:sarcasm: Deja-vu. Thanks.
quickesst

<>

<>

[Why Syzygy]

51. I want a Wellstone Party.

Never been a party person. But, I would sign up for that one.

[bobbolink]

66. YEah, right, that's all we need... more Clinton.

The suffering of welfare moms meant NOTHING to you, right?

Why am I not surprised.

[Postman]

52. Obama has balls. And the pussy-assed Democrats in Congress better back him up.

[JohnnyBoots]

57. I wish our guys in Congress were full of a little more piss n' vinegar, rather than the flowers and

apologies that they are full of now. We constantly bring a pillow to a sword fight and get cut to ribbons. What happened to the Chicago Way? "They put one of yours in the hospital, YOU PUT ONE OF THEIRS IN THE MORGUE!"

[nradisic]

53. Gobama!

The adults are finally in charge!

[DallasNE]

58. There Is A New Sheriff In Town

No longer are bonuses a perk. A bonus should rightfully be paid only for performance. Does a salesman get paid a commission when there is no sale. Of course not. So why should a bonus be paid for just sitting behind a desk while everything crumbles around you. Next thing that needs to go is the golden parachute. We have a good start.

[GOTV]

59. Really? Sounds like "We'll let you get away with it this time but don't do that again!" - again!

[AsahinaKimi]

60. Isn't this what we waited 8 years for ??

I hope he does more then just talk at them...Its time to clean house!

[onlyadream]

61. Obama gives me hope

but I'm seriously scared for his life, especially now.

Anyhow, these corporate millionaires are our own homegrown terrorists. People are now more scared of losing their jobs than being blown up in a gov't building. Our way of life has changed, and will continue to change until things turn around.

[SlingBlade]

63. YES !

Its been a long long time since a POTUS read the riot act to these
bastards. Go Get'em, Go Bama

CHANGE ! :bounce: :bounce: :yourock: