I’m an old guy, so I still love sitting down for breakfast on Saturday and Sunday and reading the paper while I eat. Generally it contains the same old BS, whining and letters to the editor written in general, by morons.
So, I get around to the business section this morning and see the following headline, that almost made me spit my coffee out. Last week the Obama Administration flunked race relations 101, the week isn’t really over yet and now we get this.
Yeah, that’s right, “Pay czar backs down on bank execs, Feinberg says shaming sufficient, no need to go after $1.6 billion.”
I’m not going to go into the whole banking industry-TARP-Freddie Mac-Fannie Mae (who were conveniently omitted from the latest financial bill from Congress by the way)-GM-Chrysler-Wall Street bailout thing, as it’s not about that. $1.6 billion is a lot of money to most anyone with a brain in his or her head, but to the government it’s merely a trivial sum. No, this is all about Obama and the Obama Administration having yet another fail. (I’d tell you how many but there’s too many and I lost count).
The Pay Czar, if you remember, was appointed only last June. He is supposed to be reigning in the claimed obscene salaries and bonuses received (earned?) by banking, insurance, Wall Street and auto company executives. Make too much money? He’ll swoop in like an F-14 and reduce your salary faster than you can say smart bomb. Hell, at least that’s what was supposed to happen considering all the bravado about having a new Pay Czar who was going to kick ass and take names.
We now have Kenneth Feinberg declaring that “shaming is sufficient.” Shaming? Really now! Did his mommy read too much Doctor Spock? (Not Mr. Spock this is WAY pre-Star Trek! Not to mention there’s no logic involved here.)
Did he read the Scarlet Letter too much when he was in college? Will these “overpaid” executives be wearing a giant letter “O” for overcompensated, or a giant letter “G” for greedy? Will it be colored scarlet? Or, will he choose a more trendy color like Ferrari yellow? (A fitting color considering the amount of money we’re talking about).
remember now, this is the Pay Czar! I’ll admit he doesn’t look like much of a Czar. I’d expect someone who resembles Lenin or Stalin, instead we get a Mr. Whipple look-alike, sans the mustache, (the “Don’t squeeze the Charmin toilet paper” guy.) And….. what about a uniform? Shouldn’t he have a military outfit with giant gold Fuller brushes on the shoulders and lots of medals noting he survived things like Jimmy Carter, disco music, pet rocks, and a special one for not falling asleep during Obama speeches? I must say I’m extremely disappointed! Some czar!
Remember now, this is the same “tough-guy” Czar who said things like “I’m not suggesting we turn the other cheek,” that he has “binding” authority, that he’s going to “claw back” money? “Claw back” my ass!
Here are some of the companies he’s not going to claw.
- American International Group (AIG)
- CIT Group
- Goldman Sachs Group, Inc.
- JP Morgan Chase & Co.
- American Express
- Bank of America
- Wells Fargo Bank
- Capitol One
- Morgan Stanley
- and lots of others
If you read carefully you will notice we have Goldman Sachs Group, Inc.., where, (surprise-surprise!) Feinberg’s boss, Timothy “Turbo Tax” Geitner, is considered by many to be too close to them. Per this article on Yahoo Finance…
Christopher Whalen, managing director and co-founder of Institutional Risk Analytics. “I’m just not sure Tim Geithner is the guy we should have driving the bus.”
“I believe Tim Geithner only represents part of Wall Street – Goldman Sachs,” he says, suggesting Goldman was the “primary beneficiary of the AIG bailout” and notes Goldman alum Stephen Friedman serves on the board of the NY Fed. (Hank Paulson and Robert Rubin, with whom Geithner had frequent meetings in the past year, are also Goldman alum.)
“Turbo Tax” Geitner also is conveniently the only guy that Feinberg reports to, who in turn, very conveniently reports only to Obama. Sound like a convenient deal to you? And they go after Charlie Wrangel for little piddly-assed things like not declaring rent income or getting sweetheart deals? Whatever Wrangel cost the taxpayers probably pales in comparison to $1.6 billion frigging dollars. I can’t imagine why people get irritated about paying taxes when our money (yes government a-holes it’s OUR money-not your money) gets pissed away by the billions on a daily basis.
He’s got a nice BS excuse, too. Like if he gets OUR money back these institutions might get sued by shareholders whose stock took a gigantic dump because of these clowns. Don’t they deserve to get sued? People lost fortunes because of these financial faux pas! You have to wonder if they’re all related to Bernie Madoff?
Sounds like good old greed is still in vogue on Wall Street. I suspect Gordon Gekko will be back on top any day now. Perhaps Oliver Stone should make a sequel. I’d suggest he title it “Wall Street – Barry’s Big Bailout” and change the actor playing Gordon Gekko from Michael Douglas to Rahm Emmanuel, Fainberg could be played by Pee Wee Herman and I’d vote for Chris Rock to play Obama. We could all see how Gekko absconds with all the bailout money and greases various government officials to conveniently look the other way. Hmmmm…..perhaps David Copperfield would be a better choice to play Gekko. A suggested line for the movie would be “Look! Nothing up my sleeve! Nothing in your bank account either! Sorry! It’s all in my bank in Vanuatu, a place to hide money that makes the Swiss look like blabbermouths when it comes to keeping secrets.”
This is also the same guy who’s going to be administering the $20 billiion Obama got from BP. I wonder who he’ll be really representing? The people suffering in the South? Or British Petroleum?
Well I hope that explains why we have yet another fail by the Obama Administration. I wonder of they’ll get in the Guinness Book of Records as the biggest fail of government in the history of the United States of America. Time will tell.