Paying $30k per head for the privilege to attend a dinner where your employer is the only thing truly feasted upon is a bit steep even by Manhattan standards. The brave few from the big banks who attended last night’s Democratic fund-raiser probably had a good idea of what the President had on the menu beforehand ,but may not have expected a full three courses of what Wall Street did wrong.
The President started with a spicy appetizer to grab everyone’s attention.
“We also know we should never again have to face potential calamity because of reckless speculation … and shortsightedness and self-interestedness from a few,” Obama said.
Reckless speculation, shortsightedness, and self-interestedness- how tasty. It really leaves you wanting more and BO delivered when it came time for the focal point of the night, the main course.
“So if there are members of the financial industry in the audience today, I would ask that you join us in passing what are necessary reforms.”
Ok. Now we see how the main course should make up for the appetizer. But something is missing. We need something for dessert that will leave a good taste in everybody’s mouth.
“When I hear stories about small businesses and medium-sized businesses not being able to get loans, despite Wall Street being profitable, that tells me people aren’t thinking about their obligations,” Obama said, chastising bigger banks.
Time for some Pepto.
Obama scolds Wall Street over reforms, lending [Reuters]
CHAINS WE CAN BELIEVE IN
first to point out Greg’s writing is still an eye sore
You lie!
Obama is such a fucking embarassment. Does he still not get that obliging financial institutions to relax underwriting standards for the sake of social policy is a part of what got us into this mess?
Shame on anyone that voted for him.
I enjoy poking fun at greg. But this post was really strong.
Greg -
I all have to say is BO fucked up mid town traffic yesterday worse than you can write. You two douches.
Love,
Mom
He’s doing a good job so far! I think he said everything with a wink. Only thing which i didn’t like was letting the congress write stimulus and healthcare (we got pork instead of more money to improve infrastructure) and have some senator from a hick state with population as big as nyc.
@4 – Ditto. Anyone on Wall Street who voted for BHO should (1) identify themselves, (2) be happy to “spread the wealth around” to their fellow taxpayers, and (3) put on a new pair of cement shoes and jump in the east river. To hell with you, you marxist goons.
I agree with @5. Posting anti-Greg comments on stronger posts like this makes the comments on awful posts less effective.
I agree with 9. Good posts should be acknowleged. Good post Greg! Obama can suck my hog.
@4 & @8
I don’t disagree with what you are saying at all, but could you imagine McCain (I voted for the guy) trying to handle all of this He already admitted he doesn’t “get” economics and on top of that has worked for the governement his entire life. I can’t imagine what his plan would have been.
The only person that had some sort of perspective on the cause and effect of what happend last year (Romney) can’t get elected because he’s Mormon.
It was $15k per head, $30k per couple…get it right or pay the price!
It was $15k per head, $30k per couple…get it right or pay the price!
- Ug
@9/10 – STFU Greg
http://www.nytimes.com/2009/10/21/business/21volcker.html?_r=2&hp
@4
And you (or anyone who voted for him) expected what from a community organizer? Way to fall for the rhetoric, fochers.
Perhaps many of you need to educate yourselves better. The Guy From Delaware has decided to announce that he has Swine Flu, which coupled with a Herpes outbreak is making him grouchy.
The Guy From Delaware
I can’t stand BO
Romney 2012!
B.O must be laughing his ass off…he gets a bunch of Wall Street douches to pony up $30k so he can rip them all a new one!
The Kool-Aid drinkers will never learn…
@20 – no more Kool-Aid. Grape Soda is the new killing it.
BHO
So Obama is pissed that middle market companies can’t get loans and the big banks are doing fine? Does he realize that HE decided not to bail out the biggest middle market lender in the world after bailing out the banks?? For a smart guy he really is pretty stupid. Bailing out CIT would have cost a fraction of any of these banks and he chose not to do it, and now is upset that the Banks are doing well and the small and medium sized businesses are left out in the cold. HELLLOOO Socialism!!! Its almost like he is purposely crippling the eoconomy so the country ends up needing government to survive.
Two things:
1) No one has pointed out that there was a grateful dead show (ok, Rat Dog, but same thing) in the same building as the Obama dinner last night. I wonder if Obama made it upstairs for some weed?
2) The financial industry, especially the big investment banks should be embarrassed. The fact is that they are still around because of the government largess. Proprietary Trading and Principal Investing, I am afraid, should only been done in a private,NON GOVERNMENT BACKED institution. Giving goldman et al zero cost financing while explicitly saying they are too big to fail will obviously allow them to take huge risks and make huge Beta. The upside goes to the employees and firms (who are acting rationale) while the downside only goes to the government.
I am sure this post will now be made fun of by some snarky 23 year old know it all who definitely “deserves” his bonus because he is really really working hard.
BTW, I am not some crazy midwesterner who works in some fortune 100 company who is bitter.
Take care.
They all deserve each other. [grinning while field stripping an AR-15]
NakedShort@#11…
“(Romney) can’t get elected because he’s Mormon.”
Right you are, but the stupid fucking american (mostly Christian) voters blindly elected a moslem and didn’t even think twice about doing so.
Guest@#17…
TGFD certainly appreciates the attention, but so far there’s no swine flu here in the trailer. No herpes outbreak either.
The Guy from Delaware
(Not Grouchy)
@23 – FTW. You morons/Repubs don’t realize how much Obama is cowtowing to the financial services industry. He asked Wall Street not to fight new regs that have zero teeth. He’s a pathetic coward with no backbone. he should be shoving new regs with teeth down Wall Street’s throat. Be happy you’ve got him fools.
Guests@#23 & #26…
TGFD loudly says, “absolutely right you are.”
Abandoning CIT Group is one of the worst things for smaller businesses that obams’s government could possibly have done. Tragical in its scope. Fuck obama and his goons.
The Guy from Delaware
GREAT PIC!
Enough of the political mumbo jumbo… for that kind of money what was on the menu?
That bull just ain’t the same without that drunk bastard draped over it.
Did Bab’s sing ?
Let’s continue to rip Obama. Half of the goofy bastards on this board are rolling in bonus money this year due to the bailouts.
Let the whining continue.
@32, fail.
our “dear leader” can’t see the contradiction between demanding higher tier one rations and higher lending at the same time. either that, or he can, and it just dying to stick it to the street for cheap populist points. further, like an ass, he mistakes trading and i-banking profits for lending profits. the loan and credit card portfolios are still a sink hole.
obligation? the obligation is to the shareholder, not to blow more cash on losing businesses to push a government agenda.
@22, 23, 26, 32, you seem to forget that the current administration and Congress did not pass TARP, did not appoint Bernanke, did not bail out AIG, and did not arrange the mergers of 2008.
Wall Street owes precious little to the incumbents.