Remember those heady days of the Presidential campaign in which the new knight in shining armor arrived on the scene to save us all from the marauding dragons? Particularly those dragons on Wall Street that sought to bleed every American dry? Those dastardly dragons that sought only to take the hard earnings of middle and lower income Americans to keep lining their already rich pockets? Remember the promises to "change Washington" by keeping lobbyists for special interests at a distance and by making decisions in the open? Check out, for example, these you-tube links reminding everyone of BHO's dedication to reduce and limit the influence of "money in politics:" "Barack Obama on Lobbyists and His Campaign" & "Barack Obama on special interest groups and PAC funds." Just last month (September 2009) while speaking to financial executives, President Obama said: “We will not go back to the days of reckless behavior and unchecked excess that was at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses.” (Robert Schmidt, "Geithner Aides Reaped Millions Working for Banks, Hedge Funds," Bloomberg.com, 10/14/09)
Yet, as the same Bloomberg article goes on to point out, "Some of Treasury Secretary Timothy Geithner’s closest aides, none of whom faced Senate confirmation, earned millions of dollars a year working for Goldman Sachs Group Inc., Citigroup Inc. and other Wall Street firms, according to financial disclosure forms. The advisers include Gene Sperling, who last year took in $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies, including the firm run by accused Ponzi scheme mastermind R. Allen Stanford. Another top aide, Lee Sachs, reported more than $3 million in salary and partnership income from Mariner Investment Group, a New York hedge fund." (Robert Schmidt, "Geithner Aides Reaped Millions Working for Banks, Hedge Funds," Bloomberg.com, 10/14/09)
Keep in mind that President Obama, Democrats, and many citizens sharing their populist rhetoric have lashed out and expressed anger at bank executives, hedge funds, speculators, and "Wall Street" in general for every economic woe imaginable. Oh yes, let me not leave out those elected politicians with the "R" attachment who are also to blame for runaway greed and selfishness.
Yet, aides to the Secretary of the Treasury, who works for the Obama administration, receive extremely fat fees and salaries reaching into the millions of dollars from firms like the Mariner Investment Group (a NY hedge fund) and global banking and securities giant Goldman Sachs. Any big surprise now how these firms which just suffered massive losses in the "worst recession since the Great Depression" are now reporting earnings that are "crushing" analysts' expectations?
Says Lynn Turner, a former chief accountant at the U.S. Securities and Exchange Commission, “Where is the transparency this administration promised? You just wonder, who is representing middle Americans?” (Robert Schmidt, "Geithner Aides Reaped Millions Working for Banks, Hedge Funds," Bloomberg.com, 10/14/09)
I can't say it any better myself.
Yet, as the same Bloomberg article goes on to point out, "Some of Treasury Secretary Timothy Geithner’s closest aides, none of whom faced Senate confirmation, earned millions of dollars a year working for Goldman Sachs Group Inc., Citigroup Inc. and other Wall Street firms, according to financial disclosure forms. The advisers include Gene Sperling, who last year took in $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies, including the firm run by accused Ponzi scheme mastermind R. Allen Stanford. Another top aide, Lee Sachs, reported more than $3 million in salary and partnership income from Mariner Investment Group, a New York hedge fund." (Robert Schmidt, "Geithner Aides Reaped Millions Working for Banks, Hedge Funds," Bloomberg.com, 10/14/09)
Keep in mind that President Obama, Democrats, and many citizens sharing their populist rhetoric have lashed out and expressed anger at bank executives, hedge funds, speculators, and "Wall Street" in general for every economic woe imaginable. Oh yes, let me not leave out those elected politicians with the "R" attachment who are also to blame for runaway greed and selfishness.
Yet, aides to the Secretary of the Treasury, who works for the Obama administration, receive extremely fat fees and salaries reaching into the millions of dollars from firms like the Mariner Investment Group (a NY hedge fund) and global banking and securities giant Goldman Sachs. Any big surprise now how these firms which just suffered massive losses in the "worst recession since the Great Depression" are now reporting earnings that are "crushing" analysts' expectations?
Says Lynn Turner, a former chief accountant at the U.S. Securities and Exchange Commission, “Where is the transparency this administration promised? You just wonder, who is representing middle Americans?” (Robert Schmidt, "Geithner Aides Reaped Millions Working for Banks, Hedge Funds," Bloomberg.com, 10/14/09)
I can't say it any better myself.
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