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February 03, 2009

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Elliott

Isn't Obama only one book through a three book contract (with the next one supposed to be a children's book or something)?

PD

wow, first

PD

Guess not. I blame TypePad for not showing a 5-minute-old post.

Lus5

Obama is for Term limits! 'There is a time for elections and a time to run for elections'

clarice

There you go again, TM, being cynical. O warned us about that.

Union Jack 'Cactus'

"There Will Be No Armageddon"

It's okay about the movie, it'll be the same with Obama killing the aliens in his jet air plane.

Elliott

The kid's book may be out already. Here is part of the original story from late 2004:

U.S. Sen.-elect Barack Obama, whose 1995 book jumped onto best seller lists after his keynote address to the Democratic National Convention, has landed a three-book deal worth $1.9 million.

Crown Publishing Group and Random House Children's Books, divisions of Random House Inc., announced Friday that Obama will write two books for adults and one for children.

He'll be paid an $850,000 advance for each adult book and $200,000 for the children's book, said Obama spokesman Robert Gibbs. Proceeds from the children's book, which Obama will work on with his wife, Michelle, and their two young daughters, will go to charity, Gibbs said.

Jim C.

Dear President Doctor Changegov,

If you don't like how these guys are spending the money given to them carte blanche, why didn't you prevent that from happening?

Georg Felis

And after the Feds bail out the Times, will there be radical income restrictions on them too?

Didn't think so...

SorKin

Ticketmaster is merging with MI5 or 6 or whatever. We need global taxes, I mean pay caps for shortlists, I mean capitalists, taking our money.LU-

CIA is mad their service union is cutting back....

 Ann

Elliott,

I think Senator Judd Gregg has the same dollar signs in his mind. His appointment smells to high heaven and reminds me of "Jumping Jim Jeffords."

No one is talking about it with all the tax cheats in the news but I would bet that his replacement votes with the left 100% even though she is listed as a Republican. Senator Judd Gregg will defend this administration for four years; giving Democrats cover for all the bad news, too.

Well, the stupid republicans agreed with us so we were all wrong!!

On top of that, what respectable conservative senator would give up being a U.S. Senator for the lowly position of commerce when the current group hates commerce and only loves government?

Jor

This is the dumbest post I've seen by you in a long, long time -- even by wingnuttia standards. Welfare Queens on Wallstreet are whining about only making 500K -- and there ardent defenders in wingnuttia run to their rescue. I would guess that these masters of the universe single handledly destroyed all the non-existant profits they've made over the past 10-15 years in the past 1 year. The last thing Citi should worry about is the moraless, incompetent, masters of the universe leaving for greener pastures. My guess is with all the layoffs in finance -- competing for a lucrative job at a hedge fund just got a ton harder. Especially considering the market on a whole is down -- there can't be many funds eager to higher overpaid and incompetent fools.

Qualification: DROVE LEHMAN INTO GROUND. Pay me $$$$$.

Jor

Wingnut logic: Health insurance for children == communism

Privatizing profits, socializing loss == CAPITALISM.

You guys are morons -- this is why we are as badly fucked as we are. Of course Clinton, Greenspan, and Rubin et. al played there part as well.

narciso

This election was bought and paid for by the major players on Wall Street,State Street, etc Lehman, AIG, Bank of America, Washington Mutual, Countrywide, CitiGroup, Fannie & Freddie et al. Who did they favor, and why; hint, not the parties who had tried to reform the system, but those who let it crash and burn. The directors were nicely reinbursed through the TARP, while the shareholder's value was liquidated. There is a proper concern that the amount of intrusion into our economy by the TARP and the misnamed 'stimulus' bill, will rightly wrest private authority from all future institutions. Call that wingnuttia
as you wish Jor

orKin

Ya, but if you could prove to Rael that your the aliens(group x) would that be bad?

NextrKin

Term Limits = Opportunity

This can't be known?

Topsecretk9

For your entertainment...Jor is talking wingnut logic while quintessential batshit crazy nutroots logic holder John Conyer's - their prosecute Rove messiah's wife is doing this:

Council President Monica Conyers said today she is preparing a resolution urging the city to sue Synagro Technologies for paying bribes to city officials.

..."They don't have clean hands in this issue also," Conyers said of Synagro at the meeting. She wasn't immediately available after today's meeting to expound on her plans, and it's not clear when the resolution could be introduced.


and it gets better...

Conyers, a potential target of the probe, said she read about a case in Africa where a company was sued for bribing city officials.

a little background

Payments to Conyers alleged

Federal officials have electronic surveillance evidence that allegedly links Conyers to receiving a payment or payments in connection with the Synagro deal, people familiar with the investigation said.

Conyers has denied any wrongdoing, and her Detroit attorney, Steve Fishman, has said such allegations should be viewed with skepticism. Fishman declined comment Tuesday.

Conyers, at the time the council president pro tem, opposed the Synagro deal but ultimately voted in favor of it.

Sam Riddle, a former aide to Conyers, has said his telephone was tapped by the FBI in connection with the investigation.

Riddle has also admitted to business dealings with Rayford W. Jackson, a Detroit businessman who was Synagro's local partner in the sludge deal. Jackson is also under FBI investigation and also had his telephone tapped as part of the investigation, sources said. Riddle has not returned phone calls in recent days.

That's right. She wants the taxpayers of her city to fron the cost to sue the company whose executive bribed her!

Logic, it's what liberals avoid for breakfast.

Did someone say hubris?

Mike Huggins

"jor" - "You guys are morons."

Let's see, I have a Pocket Oxford Dictionary definition of "moron" as, 1. very stupid person; 2. adult with a mental age of about 8-12.

Considering jor's fine, incisive and detailed analysis of TM's actual post here, I say we have a winner. Maybe, jor, you should climb out of the basement and go back and look in your mom's pantry. There must be something nutritious in there.

Topsecretk9

Jor shows up when his chips are down.

 Ann

On a tough day, Obama escapes for a while "(AP) President Barack Obama, and his wife, first lady Michelle Obama, read to second graders at Capital...

"We got out! They let us out!" Mrs. Obama said as the kids and their teachers laughed.
(Isn't that funny, after two weeks Michelle thinks she is a prisoner in the white house)

"A charter school is a free public school that operates independently of the local school system with funding determined by a per pupil formula. The school is a 501(c)(3) nonprofit organization led by a board of trustees that includes parents, educators, community leaders, and financial and legal experts."

And is it not funny that the Obama's only visit private schools and their daughters only attend private schools but the rest of you better pay your taxes and help with the bailout of their friends.

T-shirt best seller:
Opportunity For Me, Not For Thee
:Leadership 2009..

Topsecretk9

My Pet Goat Ann.

Out of action.

You know, it's pretty funny that My Pet Goat thing was and where was Obama when his cabinet and vetters were in nuclear position?

Reading a book to children. Why didn't the bastard say to those unsuspecting innocents --

I HAVE MORE IMPORTANT THINGS TO DO THAN SPEND 8 MORE MINUTES WITH YOU AND LOOK PRESIDENTIAL UNTIL I HAVE ALL THE FACTS!

Perchance Obama HAD the facts so he Pet Goated?

Anyway, it puts to rest one of the stupidest crazyleftroots canards they dreamed up to hate Bush, now they can hate Obama for running away?

Stephanie

It is conventional wisdom that Obama ran "a great campaign." But did he?

Maybe this "rocky start" is just a continuation of the crack ups that have been happening all along and were not reported. Obama's own campaign treasurer had tax lien problems (which were hushed up and glossed over by the MSM during the campaign), and there were other problems that surfaced then that didn't get traction. Maybe the train wreck we are seeing now is really crash number 104 or 105 on this supposed journey to the promised land.

The sycophant press (syncophress?), in its eagerness to preen over Obama's every move, as if he was their own shiny toy train from Santa, has just magnified the normal start up coverage for presidents. Every time they report something in a breathless "isn't that great!!eleventy!! He is sooooo awesome" prattle, the resulting spotlight is 10x more glaring than Bush's or Clinton's was when they first began their presidencies.

Unfortunately, for him and for the press, you can't unreport a story once it starts down the tracks. They both have a problem. The press just can't help themselves from reporting this way, and for Obama, there is no competing major news story for the press to say "Oh Shiny!1!11!." The press also can't move the spotlight to congress; because, those stories are coupled to the Obama train, and they can't avoid mentioning him in those, either.

It is doubtful the coverage will be dialed back. The press and the WH are both going to try all that much harder to portray Obama doing something (anything) awesome to over come the problems and that is only going to cause this runaway train to careen faster down the tracks.

What a disaster. A narcissist and his pool of sycophants driving this train with nary a hand brake in sight.

The fear now is both how bad the wreck is going to be and how far will the WH overreach to try to regain control of the train. The question is - which of those will ultimately cause the most damage to the nation?

Daddy

My Boldest Prediction is that if we could just make every member of the US Senate an Honorary Alaskan for Permanent Fund Dividend Check Purposes, we would be drilling in ANWR tomorrow! Other than that I think we're hosed.

Analien

Meanwhile over at Drudge, Obama backs down on 'Buy American' after EU trade war threat...

He cannot walk his talk. It is embarrassing to say the least. Like getting his big ears slapped. The media would have been all over George Bush were he to show such ineptness.

Daddy

PUK,

If your snowfall continues, any chance you and some blokes will build a London Snowzilla? I'd recommend snow Angels, but I wouldn't want to get you guys in hot water with The Archbishop.

bgates

He'll be paid an $850,000 advance for each adult book
Dad would be so proud.

jimmyk

Meanwhile, instead of taking a principled stand against Socialism, senate Repubs are jumping on the bandwagon, just demanding their own brand: some $300B for subsidized mortgages. With this they have just committed suicide.

PaulL

Well said, Stephanie.

Neo

Given that there appears to be a $234 million "stimulus" for Hollywood included in Obama's plan, should actors be limited the same ?

Neo
The Senate bill includes a tax break worth up to $246 million over 11 years for investors in bigger-budget movie projects that don't necessarily qualify for incentives currently. The provision is backed by firms like the Walt Disney Co., and the industry trade group the Motion Picture Association of America, according to aides and lobbyists.
Isn't time for Hollywood actors to do the "patriotic" thing and buck up with pay caps, just like those that "The One" thinks should be in the "stimulus" and "bad bank" bills for Wall Street ?
Pofarmer

Meanwhile, instead of taking a principled stand against Socialism, senate Repubs are jumping on the bandwagon, just demanding their own brand: some $300B for subsidized mortgages. With this they have just committed suicide.

The govt seems intent on the bubble going on forever. There's about 535 Americans that need to be taken to the woodshed. They could be replaced with illegal aliens and I don't think it would make one damn bit of difference. They are in it for the money and power. The good of the U.S. is a faint 5th or so.

peter

Excellent post, Stephanie, and a good companion to an excellent post by Victor David Hanson in this morning's NRO Corner about the coming Obama implosion. However, with gutless Republicans in the Senate, the damage may be done to this country regardless of Obama's downfall.

And good point, Neo. Maybe someone in the WH press corps will ask the President that question-- Why is bad for executives who put in 20 hour days to make big salaries when Brad Pitt and George Clooney get more money for reading lines someone else wrote in front of a camera?

PeterUK

"You guys are morons -- this is why we are as badly fucked as we are. Of course Clinton, Greenspan, and Rubin et. al played there part as well."

Democrats have had control of the Legislature for some two years,you have a Democrat president.You own the whole shebang,who is "fucked up"?

Pofarmer

Look folks. Top executives taking billions in bonuses weeks before the company was about to declare bankruptcy looks an awful lot like looting the company. This has been going on on smaller scale for years. One of the biggest employers in our town was looted in much the same way. The CEO and Directors came out smelling like a rose when they sold their shares for millions and killed the company, but the town lost thousands of jobs. Beleive me, folks are pissed about this. Managing a company into the ground while making hundreds of millions of dollars a year just don't look Kosher. Know what I mean?

jimmyk

Top executives taking billions in bonuses weeks before the company was about to declare bankruptcy looks an awful lot like looting the company.

Yes, but how much of the $18B in bonuses reported in the media fits that story? Does any? Most of that $18B is what could otherwise be called "large pay cuts," since it was $32B in 2007.

ben

I suggest Jor go back to grade school, learn how to spell, then come back in 5 years and try to write something coherent.

PeterUK

Daddy,
The problem with the snow is that,except on major roads,it hasn't been cleared.There has been a pattern of snowfall,clear days when it partially thaws then below freezing nights.
I suspect a major contribution to the chaos is that local councils are so mesmerized by snake of AGW that no provision has been made for what in my recollection is a slightly worse than average winter.Local councils also have the responsibility of keeping clear the motorway network in their area.I suspect a lot of the stocks of grit have gone on those rather than on the streets of the local taxpayer.
Another problem is,having a temperate climate the investment in snow ploughs isn't worth it.
Lastly,I am glad it has snowed on those Metropolitan Jessies who witter on about Global Warming.

PeterUK

"I suggest Jor go back to grade school, learn how to spell"

Jor hasn't left grade school yet.

Ranger

The problem with this kind of policy is that it is fine if participation in the bail out is voluntary. But, it appears that at least one bank, http://www.wallstnation.com/TARP_10152008.html>Wells Fargo, was forced to participate in TARP even though it didn't need the money. From the US Government's point of view, this made perfect sense. If Wells Fargo could opt out, then why would any other bank opt in? And even if the other top banks did opt in to TARP, as soon as it became clear that Wells Fargo was the only healthy bank left, deposits in the other top banks would flow out and into Wells. TARP wouldn't have been enough to keep the other banks afloat in the face of a perfectly logical run like that (why would anyone keep their money in a sick bank, when they knew there was a healthy one left?).

So, now we are going to punish the management of the one big bank that seems to have done things right, and really didn't need a bail out.

By forcing Wells Fargo into the TARP, when they didn't need the money, they made this kind of punative 'limits' on executive compensation unworkable.

As for people looting dieing companies, last I checked that was a crime (at least I thought that was what they charged Conrad Black with).

narciso

Look I know exactly how vile these corporations have been, at the ground level.
Bank of America, wasn't that a Jim Johnson outfit, former VP vetter for Obama, previously with Fannie Mae, they receive money for buying up Bear Stearns (this spring)and Countrywide's debt, yet they turn around and cut back on Credit Lines. I see. Wells Fargo, has opted for a junket to Vegas, for a thousand of their best friends. We can't let their stupidity, and pigheadedness shackle us to socialism. I know years ago, I sat through a career session for Dean Witter, didn't know they'd
probably have almost exclusively selling
GSE's and other mortgage backed instruments.

Amused bystander

But Po, this is not the government's business. It is the shareholders' business.

This is just a cover for nationalization.

Putin and Chavez had it easy. They have one commodity economy: Oil. To seize complete control they just had to seize that industry.

America has a much larger and mixed economy. What to do? Why seize the financial industry.

(it is not for nothing that they are so chummy with folks like Putin and Chavez, either.)

Your argument is playing into their hands.

If someone is breaking the law, put them in jail, but do not tell a whole industry what to do.

What is next, telling them to whom they can make loans? It is an outrageous power grab--the buggest one in our histry perhaps--and it has to be stopped if we are to have any liberty left whatsoever. They will not stop with people that take funds, and in fact they will make it so bad that every one will have to take those funds one way or another. That is the a major point of this, to set this notion up as an acceptable practice.

This is an attempt to outright overturn the entire system, laws, culture and traditions of the Nation. We better all get out there and stop this ASAP.

How you can ascribe any decent or reasonable motives to these folks is beyond me. Pelosi and Co. should be in jail, not sitting on committee shouting out diktats.

Amused bystander

Ranger: exactly. It has nothing to do with anything but grabbing power, wealth and impoverishing and immigrating any opposition whatsoever.

People with some power and deep pockets in the all industrial sectors need to start taking these people apart, pronto.

Another side effect will no doubt be more jobs, capital and firms heading oversea.

Nobody can be this stupid, it has to be an intentional attack on the capitalist system.

These people mean to destroy us and enslave us.

I told people that the rate of power grabbing would be shocking. Do not tell me that this was not planned long before this summer.

Amused bystander

immigrating=immiserating

(Freudian slip there.)

narciso

Hanson was good at NRO, but his piece at Pajamas Media, was a tour de force, bravura
effort. This is as close to righteous anger
that I've seen him, all with measured tones, but reflecting all that we have felt in the last two weeks. Maybe only someone who's seen the long progression of history from Solon and Pericles, to Cleon and Alcibiades, Cincinnatus to Sulla & Catiline,
and the Twelve Caesars, can really render such a verdict. You have a clue which in which category I put the present occupant.

I talked with my Philadelphia transplanted
friend, who had been resigned to this accession, he clearly concurred with me
on all the points we discussed. About the total lack of any actual experience, he was one of those who would have voted for McCain if not for our fair Sarah, or so he says, I haven't broached that wall yet.

Extraneus

Why wouldn't top execs move now to loot their companies before the impending gov't take-over?

kim

Heh, tell your Philly friend that at this rate, he'll be looking to Sarah for salvation, soon.
======================================

narciso

Point well taken, Extraneous, this is kind of the moment right after the King verdict, so consequently time to run riot. Even the Frummette, last seen doing an inventory on Sarah's wardrobe, one would think she was bargain shopping to afford more Chardonnay, took a look at the One's 2001 tax returns and found some 'overstatements' small things, almost as much as the value of Killafer's tax lien.

Amused bystander

Or just refuse bailout money? or just move overseas?

And it is not retroactive so the big players that got the funds already are sitting pat and their competitors have to deal with this. What percentage of these are Democrat insiders?

The corruption and the lies are so out in the open and yet there is not any expressed national revulsion to it all. Someone has to get out there and speak for us.

Maybe this will motivate someone to out whoever is really responsible for this mess. Do not tell me that this was not set up and purposefully triggered.

This is the sort of nonsense that one get is Russia, Africa and Latin America, and if it is not soundly denounced and stopped odds are we will never get the cat back in the bag again.

This is an unmitigated disaster for the Republic and free peoples everywhere.

Sue

Neo,

Republicans were able to strip the money for Hollywood yesterday. However, 45 senators voted to keep it in there.

Anyone notice that Obama's campaign manager has swung a book deal for $1,000,000?

bad

Is Panetta a leaker from way back? LUN

bad

I saw that Sue. I'm interested in the angle. More messiah, brilliant and cool beyond human capability stuff, or inside dirt like Shrum?

I vote for the first angle. Plouffe is young and has future campaigns to wage. Shrum was washed up and over when he wrote about the Kerry campaign.

Rick Ballard

The guy who repeatedly tipped the SEC to Madoff is testifying today before the Dem Thief Committee in the House. Sec enforcement personnel will be there to lie about their involvement in covering up for Bernie as well. These ladies are as dirty as the bottom of a septic tank - they should have no problem with Barney Frank and his cronies.

Here's the membership list. I wonder if any of the Reps will raise an appropriate stink? You can watch here. He's on now.

Extraneus

Someone has to get out there and speak for us.

Who could that be? Nobody in Washington that I can see. Palin will have to speak in measured tones and be the duck looking calm above the surface while under the water-line her feet better be going fast for the next year or so.

Two people I can think of, who understand the stakes and who have enough charisma to communicate effectively, are Fred Thompson and Rush Limbaugh, and Rush is already doing what he can. I'm looking for Fred to get back into the saddle somehow. Something like weekly YouTube clips on his website -- replete with cigars, turning office chairs and memorable lines -- might comport with his style. I know I'd watch.

[Someday at the water cooler...] "Did you hear what Fred said about Obama this weekend? Whew!"

Rick Ballard

Man, Markopolos is ripping the NY SEC office to pieces. Apparently, he had decent relations with the Boston office but NY stonewalled him. Best testimony I've ever heard in Congress.

narciso

Via a link on Michelle Malkin's site, the No. 2 at HUD, Ron Sims has an interesting record as well.

bad

ha ha Drudge has a link to youtube where Pelosi Galore says that every month we don't have the porkulous bill, another 500 million Americans lose their jobs.

bad

Heh Rick!! McCain was right about Cox needing to be fired.

Sue

bad,

Maybe she is counting folks in all 57 states?

bad

lol Sue

Ranger

And right on the heels of yesterdays carnage at the cabinet, we have Obama nominating Ron Sims for the #2 spot at HUD. Besides the stuff that people are already http://hotair.com/archives/2009/02/04/obama-names-most-fined-washington-state-bureaucrat-to-hud/>talking about, there was also talk a few years ago that he falsified trafic impact studies so that big developers who backed him with campaign money could build new developments. Worse than any of this though, is that Sims beleives that government can essentially take land without paying for it by simply declaring it a "Critical Area" and prohibiting any development on it without any government compensation. http://seattlepi.nwsource.com/local/199779_growth16.html>"This included a requirement that landowners in rural areas that haven't already cleared their land to keep 50% to 65% of their property in its "natural state"." It took 4 years for local citizens to get that portion of the law overturned.

And now Obama wants to put this guy in charge of the day to day operation of HUD?

Jane

AS I understood it at the time, several banks didn't want the TARP money and were forced into it. I'm pretty sure BOA was one of them.

Extraneus

Hey, Jane, is your solo hour a call-in show?

DenierRecant!

Sports was pretty neat. Maybe the 'Steelers' really won cause of that song..........

The HOBO is limiting corporate pay and hiring more feds. A country that doesn't understand term limits is insane.

ADP says over a half million last month.

PD

Oh, it's just perfect. After all the chaos we've seen with Obama and his picks, and the refusal of anyone from Obama down to take any responsibility for anything, and all the problems being characterized as "distractions," Obama finally owns up yesterday and says the Daschle pick was his mistake.

And what is the AP headline today: "A new response to old problem. President shoulders blame for nominees with tax discrepancies."

That's right. Obama *finally* takes responsibility for *one* thing and AP covers for him as setting a bold new tone in the Oval office -- in comparison to you know who. Oh, gag me.

And I like that word "discrepancies" in the headline. How about "cheating"?

Decant!

Ya, but if I move my employees to India can I get paid outside of the HOBO's socialized pay structure like CIA agents or does BOA have to hire more to stay in business and keep the HOBO happy?

ADP doesn't keep the federal employee data, just the HOBO's socialized Kapitalist pay.

PD

Huh, the "Remember personal info" checkbox isn't working for me since last night. I have to put in my name and email for each comment. Anyone else seeing this?

PD

Sheesh. Now it works. Cancel previous comment. For now, anyway.

Sue

So, if Daschle was a mistake, what does that make Geithner? Obama said yesterday that there shouldn't be a double standard, one for prominent citizens and one for ordinary citizens. Doesn't that apply to his secretary of treasury?

Meanwhile, http://www.politico.com/news/stories/0209/18390.html>my heartthrob has spoken.

Dnt

Hollywood already had a 800 million dollar bailout. This is the second one.

http://www.opencongress.org/blog

RichatUF

Rick-

In re: Madoff. Only caught the bit where he said the feeder funds operating in France and Switzerland are still going. Said they needed to be shutted as well. It will be interesting to see how many more "hedge funds" will be going out of business.

An interesting story, but one of the things I'm not getting is why didn't he take his concerns to either the White Collar Crimes desk at the FBI or the Manhattan DA's office. As Markopolos said, Madoff didn't own or trade the securities he said he did, there are plenty of other organizations Marko could have taken his concerns to.

Ranger

Huh, the "Remember personal info" checkbox isn't working for me since last night. I have to put in my name and email for each comment. Anyone else seeing this?

Posted by: PD | February 04, 2009 at 10:27 AM

Yes, I've had a similar experience. I think some times it just takes for ever for the script to load. But some times it just stops all together. Another one of those charming quirks that makes hanging out here so fun. As they say, this place has character.

bad

Hey Sue, you don't have dibs on Cheney. He belongs to all of his subjects...

Sue

bad,

I'll fight to death over this one, bad. Don't mess with me.

Sue

The only one who steps in front of me is his wife. Obviously, he loves her and I have to respect that. Dang it. ::grin::

bad

Sue, can't we all just get along and share? Aren't you your sisters keeper? Don't you want to be judged by your deeds?

Kumbaya...

Jane

Hey, Jane, is your solo hour a call-in show?

Extraneus - I doubt it. Every week I tell Dick we should take calls, and every week he says "ok' and then we don't take calls. I don't think I will know how to take calls by then.

Wasn't Geithner part of the culture that this Madoff testifier is talking about?

bad

I forgot about Lynn. I'm not messing with her. Great lady...

MayBee
Managing a company into the ground while making hundreds of millions of dollars a year just don't look Kosher. Know what I mean?

I absolutely agree.
My problem with this is Wall Street executive compensation looks especially awful right now because the light is shining on it. But what next? Obama wants to nationalize healthcare- will he start scapegoating rich doctors?
Obama is pointing his fingers at executive compensation while he, a man who raised enormous sums of campaign cash, goes about trying to raise more.
Obama is pointing his fingers at executive compensation while Rangel and 5 other Dems flew to the Caribbean on Citibank's plane.
Obama is pointing his fingers at executive compensation while Nancy Pelosi flies around on a taxpayer-funded private plane.

Remember, it was Obama who wanted to tax Exxon for windfall profits.

It's easy to get us common folk riled up against the wealthy, and my concern is Obama has a problem in general with people in the private sector making money (unless they author a book or something important). My concern is this is step 1.

bad

Wasn't Geithner part of the culture that this Madoff testifier is talking about?

I don't want to be part of any culture where someone like Geithner is in charge. And yet here we are.

I hate that my children see dishonesty so blatently rewarded.

Geithner needs to go... for the children.

Amused bystander

XT: Rudy?

RichatUF

Jane-

Wasn't Geithner part of the culture that this Madoff testifier is talking about?

During Geithner's confirmation hearing, I think Bunning tried to dirty up Geither with Madoff, but the other members of the committee took a pass.

This is the thing, and it disappointed me that the Minority Staff of the Senate Finance Committee wasn't better prepared: a "systemic risk" test has been created for who would get a bailout and who wouldn't, an opaque catagory which somehow LTCM (1998), Bear, and AIG fell into, but Lehman and Madoff did not.

If the NY Fed was watching out for "systemic risk" and Madoff was running billions of dollars through banks the NY Fed oversaw, how was it not possible that Geither et al didn't know something was afoul?

bad

..and my concern is Obama has a problem in general with people in the private sector making money (unless they author a book or something important). My concern is this is step 1.

He didn't mind overpaid executives when it was his wife recieving the big salary in a "make work" situation.

His ethics are situational at best.

Rick Ballard

"An interesting story, but one of the things I'm not getting is why didn't he take his concerns to either the White Collar Crimes desk at the FBI or the Manhattan DA's office."

Fear. He was quite clear that he dealt for the most part only with a couple people whom he trusted at the Boston SEC office. His concerns are legitimate, considering that his reputation could be ruined with just a little concerted effort by Madoff and the feeder funds. He doesn't have any whistleblower status.

Would you take a concern to the US Justice Department within the Southern District of New York? I wouldn't. In fact, I wouldn't take a concern to the US Department of Legal Process For the Benefit of Power Hungry Prosecutors, period.

He just noted that he delivered a packet to Spitzer - wearing gloves to keep his fingerprints off the documents.

clarice

Plouffe, O's campaign manager just signed a 7 figure book deal. Does this count?

You know if they don't rush thru this porkapalooza the economy might just right itself without Congtressional assistance and then where would we all be?

TradeWarisLeavingUS

When Obamagov is impeached we'll want all his money back.

"Protecting the country’s security is “a tough, mean, dirty, nasty business,” he said.'

narciso

That, Maybee, as they say 'is a bug not a feature' figure his background. His liberal upbringing likely conditioned his contempt for capitalism. When he was in Indonesia, his brief experience with the cronyism of the Suharto regime, reinforced that. And his
education at Punahou and later Occidental College, among the more upperclass in both bergs, along with Ayers and later Wright, conditioned him along these particular pattern. That was the complaint of Alinsky
as well who partook of the reductive analysis of C. Wright Mills; all in all a vvery destructive combination.

Ranger

My concern is this is step 1.

Posted by: MayBee | February 04, 2009 at 10:53 AM

Yes, and his choice of Ron Sims shows his contempt for private property in general.

bad

I have a problem with the new meme that no one should make more than the POTUS.

Self elevation...

Sue

http://thehill.com/leading-the-news/500k-spent-on-dem-caucus-retreats-2009-02-03.html>LOL

The House Democratic Caucus spent more than $500,000 in taxpayer money over the past five years for its annual retreats at resorts in Pennsylvania and Virginia.

Retreats for me but not for thee...

bad

Ranger, Ron Sims is a troubling development, yet O's history and past associations told us who he really is and the policies he most desired, yet millions voted for him anyway.

Antimedia

I'm just guessing here, but I suspect if Jor were given a choice between a job that was capped at $500,000 and one that had the potential to pay several million that he would choose the latter. That alone would inform his views, if he actually used his brain matter for something other than skull filler.

Not that I expect his views to be informed, mind you.

Barney Frank

Look folks. Top executives taking billions in bonuses weeks before the company was about to declare bankruptcy looks an awful lot like looting the company.

First, the average bonus was apparently around $112,000 and constituted a good deal of the annual salary of the second tier and lower ranks of executives, many of whom had nothing to do with CDSs, MBSs or poor bank performance of any kind.
Second, it apparently included bonuses paid out to employees of foreign firms who do business on Wall Street who have not received any bailouts from the US.
Third, Barry's plan does apparently allow them to be paid in stock options over and above the $500K, so unless the bank goes under they're going to reap a windfall when the price does recover at the dilutive expense of the other shareholders.

Symbolic, populist tripe, as usual, from this band of Bozos.

Ranger

Ranger, Ron Sims is a troubling development, yet O's history and past associations told us who he really is and the policies he most desired, yet millions voted for him anyway.

Posted by: bad | February 04, 2009 at 11:06 AM

Yes, because he ran as a tax cutting, budget ballancing, post partisan guy.

"You can fool some of the people all of the time, and you can fool all of the people some of the time, but you can't fool all of the people all of the time."

Now is the time to help some of those people who were fooled to see the light.

Ron Sims matters because if you go to the average American and ask them if the government should be able to effectively take away up to 2/3rds of your property without any compensation, they would say 'of course not.' Look at the negative reaction to the Kilo decision.

Now we can show them that Obama does beleive the state can take away 2/3rds of your property without compensation, because he's appointing a guy who tried to do just that.

bad

It is tone deaf to use Geithner as a spokesperson for reining in corporate greed and excess.

bad

I personally find having a tax cheat in charge of the treasury an excellent way to restore confidence in our monetary system.

bad

That was a very disturbing speech by the scold in chief.

PD

From the Cheney article: "His comments made unmistakable that Cheney — likely more than former President Bush, who has not yet given post-White House interviews — is willing and even eager to spar with the new administration and its supporters over the issues he cares most about."

That's absolutely terrific news.

jean

DEALBREAKER.com had a summary of the Pres. salary if you include housing,food,travel and security.I think it came to about 7 million a yr.It was an interesting read

Barney Frank

What I don't get regarding this salary cap is why it is limited to the private sector.
Top executives and managers who accept public money and ran their business into a huge ocean of red ink need to have their pay slashed according to Barry and congress.

So why don't public executives and managers who accept private money and run our government into a huge ocean of red ink have to accept the same?

I suggest any member of congress, the cabinet, the pres and the VP have their salaries reduced to $1 any time the budget is in deficit or Federal outlays exceed 10% of the GDP, which is about where expenditures were at in 1940, the end of the golden age known as the New Deal.

RichatUF

Rick-

Wow. I'll withdrawl my comment. He delivered documents to Spitzer's office making sure his fingerprints weren't on them. Looks more and more like a continuation of this. And all this does beg the question as to just what was Spitzer's crusade "to clean up Wall Street"? It would have been really bad for his political career if some tapes of the "Manhattan DA Gone Wild" were to have leaked out.

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Wilson/Plame