Isn't this great? Obama Strikes Softer Note With Wall Street

[cali]

http://dealbook.blogs.nytimes.com/2010/02/10/obama-strikes-softer-note-with-wall-street/?partner=yahoofinance

February 10, 2010, 5:44 am
Obama

President Obama took a more conciliatory stance toward the financial sector in an interview with BusinessWeek, saying he did not “begrudge people success or wealth,” as it was “part of the free-market system.”

The president’s comments come days after the chief executives of JPMorgan Chase and Goldman Sachs received multimillion dollar bonuses. But during the interview in the Oval office, he pointed out that “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.”

Wall Street banks have been pulling their support for Democrats as they come under fire for their role in causing the financial crisis, as well as the huge payouts they make even as the rest of the United States continues to struggle with a sluggish economy and high unemployment.

While Jamie Dimon and Lloyd Blankfein have made gestures of cooperation as Congress looks at the bank practices that preceded the financial crash of 2008, the banking sector as a whole has poured money into fighting efforts to overhaul the system and increase regulation, bringing the chief reform bill to a standstill.

The president said, however, that the fact that Mr. Dimon and Mr. Blankfein took their bonuses in stock instead of cash was an improvement over the way bankers are often paid. He told Bloomberg Businessweek is was a “fairer way of measuring C.E.O. success and ultimately will make the performance of American businesses better.”



cross posted in GDP because I'm curious about how the responses will vary.

[cali]

1. kick. and the timing of this sucks.

not that it's good at anytime.

[bullwinkle428]

2. Compare and contrast with FDR's "economic royalists" speech!

[lib2DaBone]

3. Young Turks were correct.. Wall Sreet scolded Mr. Obama...

and Obama did just as he was told.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x433089

There will be no banking reform of any kind. Only talk of gutting what's left of Social Security.


..."took their bonuses in stock instead of cash was an improvement over the way bankers are often paid. He told Bloomberg Businessweek is was a “fairer way of measuring C.E.O. success and ultimately will make the performance of American businesses better.” :rofl:

[Mari333]

4. we know who is in charge. wall street. they own us all now.

[xiamiam]

5. yep..nt

[Nuclear Unicorn]

6. And some here (who BTW parrot Reagan talking points)...

...lambaste me for wanting a "time out" for the children having a national temper tantrum.

They argue that if we just keep going as usual everything will be just fine. If those corporations have too much power--well--WE THE PEOPLE will just have to learn to deal with it.

He for one welcomes our new ant overlords.


phooey!

[bigtree]

7. I'd contrast these brief conciliatory comments

. . . with many other statements lambasting them. I don't think these comments amount to much, except as fodder for his critics.

"He renewed his call for “say on pay” legislation, which would allow stockholders a non-binding vote on executive compensation."
http://blogs.abcnews.com/politicalpunch/2010/02/wall-street-bonuses-president-obama-once-called-obscene-and-shameful-now-he-doesnt-begrudge.html

[liberal_at_heart]

8. And still no bank regulations

Makes you wonder what rabbit the Congressional dems will pull out of their hat just in time to save their butts in the November elections. I'm so sick of how they play politics while Americans struggle.