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2/13/2009

The Obama Message getting through

Who said Obama could not do anything? His US$500k salary cap for bailout banks is getting through to the thieves. Citibank's Vikram Pandit has seen the writing on the wall and volunteered to pay himself US$1 and no bonuses till Citi is profitable again. Though the rest of the top bankers are still recalcitrant, still did not know that they have moral responsibility and accountability for their decisions, they are now asking Congress to take a lighter touch in the face of fierce critics and congressional grillings. But again, they are not going to walk away without asking for more. They are putting forth the subtle threats to leave for European banks, presuming that European banks and Asian banks would be silly enough to pay them what they are asking when the Americans are saying no to their looting ways. They were told by Paul Kanjorski that they cannot live in a 'one way mirror unaccountable to the public at large and often sheltered from scrutiny.' This should also apply to govt and govt regulators for sleeping on their job or doing a lousy job. Goldman Sach's Lloyd Blankfein accepted the criticism and commented that 'Many people believe - and in many cases justifiably so - that Wall Street lost sight of its larger public obligations and allowed certain trends and practices to undermine the financial system's stability.' Are we also having something like this going around here? Has our govt also lost sight of its larger public obligations and allowed certain trends and practices to undermine our system and stability? Maybe I should write something about this. The statement by the committee's Democratic chairman Barney Frank deserves special mention here. 'Why do you need to be bribed to have your interests aligned with the people paying your salary.' No further comments from me on this. Obama has set a new trend. The looting in New York and corporate America will have to stop and accountability is the now the new morality. But from the comments for congressman Michael Capuano, the thieves are still getting away too easily. He asked, "Who was the brilliant person who came to you and said, 'Let's do credit default swaps?' Find him, Fire him." So easy meh? Just walk away without any criminal charges? And after collecting all the fat bonuses and pay? No restitution?

9 comments:

Anonymous said...

I would just say that Vikram Pandit is probably just one in a million guy doing that now.

There are probaly tens of thousands in Wall Street still ripping off taxpayers in US, like those 696 guys in Merrill Lynch, quietly taking a million in bonus each, just days before being taken over by Bank of America. Will they face criminal charges? I doubt it. It was morally wrong, but perfectly legal. Who will prosecute moral wrongdoings?

Lost Citizen

redbean said...

in an article by margaret carlson, she said that vikram had ordered a corporate jet but had to cancel it when it was found out.

Anonymous said...

How dare these incompetent cowards accept such a deal when our world-class gahmen condemn such practice ! Our gahmen show that good reward is equal to performance. Look how unlimited pay result in $58 billions loss with coverup. Obama and the incompetent Amercians should learn from wisdom of Singapore gahmen, and some senile old shit.

Matilah_Singapura said...

Newsweek (US Edition) cover story:

http://www.newsweek.com/id/183663

Read, Komrades! And unite Komrades!

Anonymous said...

Umm... heil Obama?

Jetreroy said...

Quoting from the Chinese Premier Wen Jia Bao, "是人民养着你们的,你们看着办!"

It is the people who are supporting you, do as you deem fit.

redbean said...

hi jetreroy,

not in the case of rulers and the ruled.

Matilah_Singapura said...

anon 527

> heil Obama? <

There are some some people who think so.

However to me he comes over as a Neo-Marxist or Fabian Socialist.

GW Bush was a fiscal socialist, and continued America's economic decline, the erosion of liberty and the de-stabilisation of global economics and security.

President Hussein is merely continuing GW's work.

The People Get The Government They Deserve

This is just a reminder to you assholes out there who still think the political process is a 'struggle' between left and right or between democrats and republicans.

The fact is, there is not much difference between the two political poles. The common goal: both sides vie for political superiority and thus control of the state.

It Doesn't Matter WHO Wins The Elections: The Government ALWAYS Gets In!

Anonymous said...

The left-right division of politics is not really accurate - you'll end up with a dictatorship regardless of the direction in which you travel. So both ends actually connect to form a circle.