Barack Obama

[TracyCoxx]

Originally Posted by jimnaseum

Gimme a ridiculous answer.

Your purposefully ignorant remark gives me no reason to think you want an answer.

[randolph]

I just watched an interview on World News discussing why China pulled itself out of recession while we have not. The consensus is that the stimulus funds China poured into its banking system were used to loan money to industry while the taxpayer money we poured into our banking system stayed in the banks. Meanwhile our banks are paying their CEOs huge bonuses. Somebody (Obama) is fucking up bigtime by not clamping down on our banks. The public (including me) is outraged. Now all of a sudden Obama is talking tough, we shall see if anything comes of it.

[jimnaseum]

Every body back off and let a BLACK MAN throw down!!!!! ACT I scene II -stay tuned!!! I told you that Barack was a baaaaaaaad Mutha (shut my mouth!)

[TracyCoxx]

Originally Posted by jimnaseum

Every body back off and let a BLACK MAN throw down!!!!!

Let's not be racist ok?

[jimnaseum]

What chew talkin' bout, Willis? I'm not Newt Gingrich! I'm Harry Reid!

Where's the nekkid shemales??!!!??

[randolph]

Have the fat cats finally gone too far?



By Alex Brummer
Last updated at 10:39 AM on 22nd January 2010
Hard to imagine, isn't it, that just 15 months ago the chairman of Goldman Sachs was chasing around like a headless chicken trying to save his company from collapse.

In the end Lloyd Blankfein's finance house was saved by a ?6.25billion loan from legendary investor Warren Buffett and a bailout credit from Washington.
There was also a change in status from broker-dealer to bank holding company that allowed Goldman to borrow directly from the Federal Reserve.
Rescued: Goldman Sachs chairman and chief executive Lloyd Blankfein

The result of this rescue is that Goldman Sachs has revealed one of the most profitable years in its history, clearing some ?8billion.
This outcome was achieved after the bank set aside ?9.99billion in pay and bonuses, representing an average of ?308,000 for everyone at the bank from Mr Blankfein down to his chauffeur and the security guards in London.



The remarkable aspect of this figure, a 57 per cent rise on the pay and bonuses of the previous year, is that it came after Goldman sought to calm the political storm engulfing its reputation by paying no bonuses at all for the final three months of the year and stepping up its charitable contributions.

It is the first time in Goldman's recent history that it has shown any recognition that the bank is in danger of becoming a political pariah around the world.

But the contrition from the 'Masters of the Universe' has come a little late. The global investment banks now face the double whammy of super-taxes and regulations which will make it far more difficult to make bonanza profits.

Getting tough: Mr Obama yesterday

Finally President Obama has recognised that allowing the banks to rampage untrammelled has been a political disaster.

In the U.S. it is seen as a key reason for the shock loss of the former Kennedy Democratic Senate seat in Massachusetts.

Mr Obama is recognising that ordinary taxpayers and bank depositors should not be funding risky dealings on the financial markets.

He is asking Congress to reform regulation so that no bank in the U.S. can be involved in high-risk hedge fund, private equity or share and commodity dealings on their own account.

The President's views echo those voiced last year by Mervyn King, the governor of the Bank of England. He suggested it was time to separate casino banking - of the kind described by Mr Obama - from the utility banking of taking deposits and making business and personal loans.

At the same time Mr Obama has recognised that some Wall Street finance houses have become too big and powerful and made it clear that the White House no longer wants to see any more major financial mergers.

The measures he outlined have a striking similarity to Glass-Steagall, the law passed in the midst of the Great Depression of the 1930s, which forced the separation of risk-taking finance from traditional commercial banking.
If Goldman Sachs has hoped to insulate itself and Wall Street from criticism by curtailing its bonus culture in the final months of the year then its concession has come too late.

By setting the bonus bar so high in the first nine months of the year Goldman is privately blamed by the financial services, including Britain's HSBC and Barclays, for the new bonus taxes and fees being imposed by governments around the world.

Alistair Darling led the way with a 50 per cent one-off bonus tax in his Pre-Budget Report last month. This was quickly matched in France by President Sarkozy.

President Obama announced a fee designed to ensure 'every last dime' of the ?430billion bank bailout is repaid to the U.S. Treasury. The movement for super taxes on the banks is gathering momentum with Sweden this week proposing a European-wide tax policy to punish the banks for their extravagant bonuses.

If Mr Obama and Congress succeed with their reforms it could be the end of the multi-billion bonus pots at Goldman, Barclays Capital and others.

In 2009 the big upsurge in income at Goldman and other banks largely came from casino banking and trading - much of it on the bank's own account.

The figures just published show that revenues from this source climbed to ?14billion last year against just ?1billion the year before.
This is precisely the kind of 'casino' trading which Mr Obama wants to ban.

The President's sensational intervention could mean that the door is slammed on the 'fat cat' banking which brought the world to the precipice.


Read more: http://www.dailymail.co.uk/debate/ar...#ixzz0dMfcEUur

[jimnaseum]

The Battle lines have been drawn. PEOPLE vs. MONEY. Talk is over, it's ON now, it's war. It will be hilarious to hear Fox and Rush defend the freedom of the Wall St. thieves.