The President sure seems to like scolding someone on a daily basis. It must be nice to be The Man.
President Barack Obama lashed out on Thursday at “shameful” Wall Street executives for claiming billions of dollars in bonuses while their stricken institutions asked taxpayers for support.
Mr Obama was responding to a report showing that financial sector employees received $18.4bn (£12.9bn) in bonuses last year, amid dire financial crisis. The figure was down 44 per cent from 2007 but was still the sixth largest payout in history.
Meanwhile, back at the White House…
Newly minted Treasury Secretary Timothy Geithner’s finances got a recent boost, thanks to a plump $435,000 severance payment from his old employer – the Federal Reserve Bank of New York.
In addition, Geithner last year earned $411,000 as president of the New York Fed and got another $50,000 to $100,000 for unused vacation and comp time, according to a mandatory financial disclosure statement released by the Office of Government Ethics.
Again, do we see a pattern here? Scold the public for one thing, do the same thing under the full power of government.
One man’s greed is another man’s severance.
In fairness, it was probably owed to him contractually.
The Great Oz has spoken, do not look at the man behind the curtain. He is nothing, ignore him.
…lashed out on Thursday at “shameful” Wall Street executives for claiming billions of dollars in bonuses while their stricken institutions asked taxpayers for support.
I’m waiting to see how ‘The One’ spins this:
http://www.nypost.com/seven/01282009/news/regionalnews/new_york_takes_1b_tax
_revenue_hit_152412.htm
I’ll settle for that kinda vacation pay only…
Not Surprising at all considering that government does at least one thing of a fairly constant basis that a private citizen or organization would be jailed for, extortion. (Taxation).
“In fairness, it was probably owed to him contractually.”
In fairness to Wall St. employees, theirs were probably owed to them contractually as well. And I’d bet most of them either 1) PAID THEIR TAXES or, 2) are fined and penalized to within an inch of their lives if they don’t … unlike LaBomba’s “Tax Exempt” Geithner and his VIP Hocus Pocus IRS Pass.
But while we’re on this, isn’t Eric Holder getting a million or so from leaving the law firm he was working with, or something to that effect. And let’s not forget all those spectacular golden parachutes and sweetheart deals that came out of Fannie & Freddie? Will Barney Frank, Franklin Raines, Jim Johnson, Chris Dodd, and Barry O be returning their fat payout packets to set a good example?
From WSJ today: Dodd of Indignation
http://online.wsj.com/article/SB123327803577131539.html
Start a “Rogue’s Gallery” Bob with links.
And someone please explain why the following statement isn’t a “quid pro quo” but refusing IFA financing to the Chicago Tribune in lieu of more favorable editorials is.
“None of the funds provided by this Act may be made available to the State of Illinois, or any agency of the State, unless … Rod R. Blagojevich no longer holds the office of Governor of the State of Illinois.”
http://readthestimulus.org/index.php?doc=hr1_text_0123&page=14
The Stimulus was distributed, before Blago is even convicted, Jan. 23 (quid), and passed Jan. 28 (pro). Blago was convicted Jan. 29 (quo). I don’t like Blago any more than the next guy but something seriously reeks in this “Blago Clause”.
Also, does the rest of the “Blago Clause” mean that the “Government” of Illinois, having satisfied the 2nd provision as an either/or, can now access and USE any and all Stimulus funding … without State legislated approval?
Looks like Daschle has some tax problems of his own.