Obama Tells Bank CEOs Im the President and Youre Not! »
Posted By ChangeToday 9 months ago in NewsDuring last weeks meeting between the bank CEOs and President Obama, the nation’ s leader expressed his true intentions. The atmopshere was something out of the norm for the bank CEOs. While they sat at a round table, they got a glass of water with nice ice. There were no picture taken and absolutely no excess money was spent to cater to the officers of the largest financial institutions of this country.
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engineer9 months ago
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If the taxpayers are asked to bailout these banks, the President is right. If the executives of the banks had done things correctly, the banks would not have needed the bailout!!
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I don't want the government in the banking business but the government had no choice!!-
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Redneck9 months ago
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No, he has no right nor authority! Where is it written? Give chapter and verse.
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A bank is a "paper individual" as are all corporations. The law does not give someone outside the organization power to make decisions for the corporation. Even the law is limited just as it is regarding living individuals. So does he have the same right to make a similar statement to you a living individual? -
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Endoscopy8 months, 4 weeks ago
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If congress had not listened to ACORN lobbying and changed the CRA and other banking laws we sould not be in the fix we are in. But a good liberal never admits any mistakes. Compassion in mortgages is a good thing even though it led to a lot of foreclosures. Then the Democrats in congress foamed at the mouth when a hearing was held when a regulator brought bad news about Fannie and Freddy. Accused the regulator and Republicans of trying to kill all GSE's. Barney Frank said there was absolutely nothing wrong at Fannie and Freddy. Good thinking right libs? Just because they are a black hole for our tax dollars now and are giving bonuses.
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Where is the liberal outcry about these bonuses? Oh that is right. They bought and paid for some Democrats.
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libsRfunnyComment removed: Hard Banned2 Replies
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buckncindykill9 months ago
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Smack down the executives with their high salaries and become a hero to the jealous class. There are far more people envious of highly compensated executives than there are people making a million a year. Count the votes and you'll see where this is going. The result will be executive and financial talent fleeing this country to work where the compensation matches the contribution.
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doggammitComment removed: Retracted by user
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cowboygrandpa8 months, 4 weeks ago
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buckncindykill:
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Ya know what is funny ????
You think people are jealous of the idiots who drove their companies to need welfare !!!!!
Yet you are one of the ones who will cry that the poor deserve no help.
ROTFLMAO hahahaahaaaaahaahaaaahaaahaaaa !!!!
I hope you understand that they have destoyed America and if they were paid what they were worth. They would have to work 100 lifetimes just to break even.
I'll bet you thought Reagan had all the right answers as well. Take a look and you'll see that from then on this country has had nothing but trouble. Well actually it was since the Korean war, when we forgot what freedom was and tried to enforce our ways. Forgetting that to take away someone elses right to live as they choose is not freedom. It is a form of a dictatorship.
I think Eisenhower saw it before he died, I'm sure he was sickened by the fast decent into Fascism this country was headed into.
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mmrhe8 months, 4 weeks ago
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You just don't get it do you Buck?
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If half of these high flying corporate w-hores were paid for their 'contribution' they would owe money you f-ucking moron!
Where have you been for the last six months?
Do you read the papers or watch a channel besides FOX?
There is a big difference between jealousy and justice my friend.
You need to get a clue. -
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nostalgia8 months, 4 weeks ago
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The nationalization of the banks was set up by Paulson and is being continued under Geithner
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Banks who did not want or even need bailout funds were pushed into taking the money under Paulson
Now some of these banks are giving the money back
King Henry and Prince Timothy were trying to make it look like the entire banking industry was failing
Why do you think Treasury refused to release the names of the banks receiving money until forced into it by a judge?
The big players were in trouble while the mid sized and small banks were "given" small amounts (actually forced into taking the money) to make it look like the entire financial industry was ready to collapse
FNC's Napolitano Claims Bush Administration Committed 'Extortion' Against Banks
It's no secret the Bush administration used fear tactics to push the $700-billion Troubled Asset Relief Program (TARP) through Congress last fall. Both members of the House and the Senate have come out after the fact and disclosed the details.
However, the method the Treasury Department employed to get banks to go along with the TARP bailout breached legal boundaries to the point of "extortion," according to Fox News Senior Judicial Analyst Andrew Napolitano, a former Superior Court Judge for the state of New Jersey.
Napolitano told viewers on FNC's April 1 "Studio B" that he had a conversation with a head of $250-billion bank that explained the federal government, under the threat of an audit, forced him to accept TARP funds.
"This person runs a bank that's worth about $250 billion, it has no subprime loans, it has no bad debts, wasn't involved in credit default swaps," Napolitano said. "It didn't need any money. It didn't ask for the money and didn't want it. The FDIC with Treasury backing - officials from both the Federal Deposit Insurance Corporation and the Treasury said if you don't take this money, we will conduct a multi-year public audit of you."
Though the bank was solvent, as Napolitano explained, fighting the government on the terms wasn't worth in the final cost-benefit analysis and the bank's board decided to accept bailout money, despite the protests of that bank's head and having the government become part-owner of the bank.
"It would cost them millions in employee time to give the government the documents it wanted, it would cost terrible publicity. The terrible publicity and that would mean a loss of business," Napolitano continued. "He begged his board of directors to let him tell the Feds to go take a hike. The board caved. He was forced - the board was forced to issue a class of stock just for the federal government. The federal government owns 2 percent of this huge bank. As a result of that minority ownership, they now want to control salaries. They want to see his books and they want to tell him who he can do business with."
http://newsbusters.org/blogs/jeff-poor/2009/04/01/...-
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tchef8 months, 4 weeks ago
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I glad that harsh conditions are being enforced on banks who need the money. That way if the executives want total control of their banks they will find a way to pay it back as fast as possible. If you just hand it over with no conditions, what's the incentive to pay it back?
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nostalgia8 months, 4 weeks ago
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After all of the outrage over AIG bonuses what have you heard about the bonuses at Merrill Lynch?
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Remember Bank of America bought Merrill Lynch for $50 billion
Merrill Lynch received $10 billion in taxpayer dollars
Bank of America received $15 billion in TARP funds last October
Then in January it was reported that BofA would receive $20 billion in additional bailout money from the U.S. government to help complete its merger with Merrill Lynch, the Treasury Department announced, in addition to a backstop on $118 billion of assets.
Now what happened? -
Merrill Lynch Bonuses Dwarfed Those of AIG
If the AIG bonuses produced angry street protests over $165 million, then what’s going to be the response to the latest revelation that Merrill Lynch doled out $3.6 billion to executives after the federal government propped up the teetering firm with $10 billion? Rep. Dennis Kucinich (D-OH) is incensed, having shot off a letter Monday afternoon to Ben Bernanke, chairman of the Federal Reserve, Neel Kashkari, Interim Assistant Director of Financial Stability at the Treasury Department, and Ken Lewis, CEO of Bank of America, requesting documents related to communications on Merrill Lynch compensation packages.
Kucinich wants to know what officials from the Bush and Obama administrations knew about the bonuses, and what role, if any, BofA played in the payments as it bought out the Wall Street investment firm that lost $15 billion in the fourth quarter of 2008 alone. In addition to the $10 billion in taxpayer dollars that went to Merrill Lynch, BofA got $25 billion from the federal bailout of the financial industry.
http://www.allgov.com/ViewNews/Merrill_Lynch_Bonus...
This is simply a case of Paulson and Geithner bailing out their Wall St friends and trying to make you believe the entire financial system was about to collapse
Now they see this as a way to run the banks.
Look behind the rhetoric and ask yourself - why the outrage over AIG bonuses and silence over Merrill Lynch bonuses?
You are being misled. Don't fall for it -
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cowboygrandpa8 months, 4 weeks ago
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FTA
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"One CEO made the statement that “these are complicated companies who are competing for talent on an international market.” President Obama, being a true president of the people responded with “the public isn’t buying that.” Thank you president Obama! How long have these CEOs needed to hear that? At least for four years if not more! We finally have someone in power who is willing to stand up to these narcissistic, greedy liars!
President Obama expressed his discontent with the financial institutions with his presence and demeanor. After giving the CEOs a chance to voice their opinion and position on the current crisis Obama rebutted with
“I’m the President and You’re Not!”
Obama concluded by telling the Bank CEOs exactly what is expected of them. If it is not done correctly, they will not recieve any tax payers money. Once again, thank you President Obama! You are finally sticking up for that average American citizen. We are sick and tired of seeing CEOs waste money on excess fluff! Who really needs an $87,000 rug? Honestly, I am sure this is happening at every single financial institutions, but we just haven’t heard about it."
Well yeah it is complicated when one tries to rob everyone he can for every single penny he can get, without having to answer for it.
I mean you have to find a bunch of people with no conscience about stealing from other people and calling it investments.
Now I know there are many in both parties that do this all the time,it is called the House and the Senate.
So I'm glad Obama said you want money ???? Play by the rules or ????
Now the banks are becoming way to obsessed with geting government money without having to help Americans that includes the middle class who pay the way for theses leeches. -
hefaa1Comment removed: Hard Banned
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arlingtontxds098 months, 4 weeks ago
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It is about time that we have a president who cares about the people and not about how much money he can make off the country and the people. I hope that americans will stick together to get this country in a position where everyone can have jobs and homes. Anyone who has to live a unrealistic life should do it at their own expense and not from others. You go President Obama!!!!
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Endoscopy8 months, 4 weeks ago
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That is right he cares so much he is spending us into bankruptcy. $1 trillion deficit forever according to the CBO if his budget passes. Huge increase in government. Lots of money for programs and then lots of people to administer them. Then the rest of us have to pay them.
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