Sunday, April 5, 2009

Is Larry Summers Over Already?

Submitted by ASO member: Bradley Blakeman

It’s time for the sun to set on Summers. The Press is reporting that the President’s chief economic advisor Larry Summers was himself a greedy pig who just this past year was paid by his fellow wall street buds more than 5 Million Dollars in compensation. While these executives were looting their companies and running them into the ground, Mr. Summers did not miss the opportunity to partake from their feedbag. All the economic advisers, treasury secretaries and the like have one thing in common, a incestuous relationship with Wall Street. It is where they came from, it is where they made their riches before coming to government and it is where they go back to, to make more. They “oversee” and “regulate” their friends. There is no arms length relationship. The President talks about aspiring to have the most transparent and ethical administration this country has ever seen and it has been to date everything but. He rails on Wall Street greed and he hires as his chief economic advisor the poster boy for it. He shames corporate executives for taking millions from companies who are going down the tubes and are taking US Bailout Dollars yet, the head person of his economic team is a pig himself. Mr. President you saw fit to fire the CEO of GM and you saw fit to call out Wall Street Execs who paid themselves millions in bonus money, will you fire Larry Summers for the same type of behavior you admonish others for? You can’t make this stuff up, Our Treasury Secretary is a tax cheat, the President’s chief economic advisor is guilty of the same type of greed that he now is charged to stop, the OMB Director this week was on the John Stewart Comedy Show yucking it up on how bad the economy is, Geithner cannot find anyone to work with, and the list goes on. Folks, we are in deep trouble.


Annie Hamilton said...

Indeed, we are.

I could be way off base but I believe the reason 'Tax-boy' can't find anyone to work with is no one with a shred of credability wants to be NEAR this train wreck of an Administration. The few they've tapped, thus far, have had huge problems, making me think that perhaps the half of the country who didn't vote for this clown should change our tax filing status to 'exempt - take it from Tim's balance' or 'sorry, this family doesn't fund socialism. I'll GLADLY pay a 'fair share' when my government is once again working for ME' (imagine what would happen if this really happened in mass? - what are they going to do, put millions of fiscal conservatives in jail?)

I'd LOVE for mainstream Americans to understand how it 'really' worked with these people. They've been so quick to blame Bush and 'greedy Republicans' yet they understand so little about the history of events. (and while there certainly are greedy Republicans and Bush made his share of mistakes, I've felt especially with the circumstances he was handed, he did a wonderful job and he's a Patriot, a man who deeply loves his country which speaks volumes about a person's character)
Besides, The same system BHO and his Admin is whining about now is the one he took handouts from - and of course, in 2003 and 2005 Bush tried to step in with regulations to oversee Fannie Mae/Freddie Mac but BHO and the rest of the dem's were all over it with wet blankets. (Actually, I think Barney Frank was the front guy for 2003 and Chris Dodd for 2005 along with Barack Obama) this was NOT discussed in general media. (not that they'd understand it, I firmly believe most of them are too dumb to process logical information accurately)

now we have Rahm Emanuel and his ties to Blago, Tony Rezko (who funny enough has 'no dealings' with the Obama's but he DOES hold the title to his house and adjoining lot in Chicago.

It's a bit late for Obama, Barney Frank and others (Harry Reid - barf) to act like 'they're' going to clean up Wall Street and Corporate greed. (from shooting down legislation to accepting handouts, the fact that BHO was one of the attorneys who harrassed Banks into the flimsy loans in the first place - remember the huge Citibank lawsuits sort of makes the point for me.
then Bear Stearns,buying up bad paper- now bankrupt-

Jim John, private banker, sweetheart loan recipient from Countrywide, managing director of Lehman brothers (from 1985-1990) ,now bankrupt, was CEO of Fannie Mae from 1991-1998 then when CRA was expanded, this corrupt embarrassment to his community allegedly deferred 200 million dollars in expenses, Fannie Mae under reported his compensation, originally reported as 6.7 million and it was actually closer to 21 million - at that time he gave Obama a donation of the maximum of $4600.00

Goldman Sachs, donated another $700,000 to Barack Obama, as well as another half million dollars through a process called 'bundling'

His (one of his first) advisor, Jim Johnson, quit under fire, but also enjoys the benefits of a 'sweetheart loan'

Obama's 'personal advisor' was in charge of the CRA under the Carter Admin from 77-79 and then was an investment banker from 1980-1991 at Lazard Ltd, from 1991-1996 he was Vice Chair of Fannie Mae when the CRA expanded.

from 1996-1998 he was OMB Director under Clinton and from 1999-2004 he was CEO at Fannie Mae but stepped down WITH A 25 MILLION DOLLAR PARACHUTE after SEVERAL 'ACCOUNTING irregularities were found. why in the hell have we been forced to swallow all of this?? we are a Nation of Capitalists and have been taken over by a bunch of greedy pigs!!! and to say that it was inherited is ridiculous, Reagan walked into a mess and turned it around with tax cuts, other incentives and personal responsibility!! that is what WE DO!! We have 5 % of the human population and 70 % of the wealth - this is NOT achieved through big government, socialist programs and cabinet members and congresspeople/senators who SHOULD be felons!! (if they really wanted to 'fix' the greed/control in Corporate america, they'd do something about the ridiculous, draconian anti-trust laws that are strangling the s//t out of businesspeople)

last point to this response/rant (whatever you wish to call it) Mr. 'hope and change' himself took the 3rd largest payout during this time. and NOW he's poorly represented us, apologizing for our 'arrogant behavior' and suggesting that the U.S. is no longer a Superpower?? according to whom? him? he sure doesn't speak for me.

Most Americans are compassionate, kind, hard-working and believe in capitalism. it is the ONLY system that works. if he hates what we've stood for so much (and clearly he loathes Americans although he's certainly taken advantage of the opportunities here) perhaps he should pack up his kids, wife and find that mysterious birth certificate and just go back to Kenya.

Annie Hamilton

Kimberly said...

Be careful of ex-Goldman Sachs man Neel Kashkari in the Treasury office. He was there puppeting with former Sec of Treasury Henry Paulson as his right hand man and continues his puppetering alongside of Geithner.

Anonymous said...

The Washington-Wall Street connection is alive and well. Bill Moyers recently interviewed William Black, professor of Law and Economics at U of Missouri, former Director of The Institute for Fraud Prevention, former regulator during the S&L scandal and author of "The Best Way to Rob a Bank is Own One." Here are the YouTube links. Worth watching, imo.

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