Obama feeds the fat cats

[redrumloa]

http://www.cnbc.com/id/40234662

As positive as General Motors’ public offering may be, it’s a “shame,” Cramer said, that retail investors are largely being left out of the deal.

The “Mad Money” host on Wednesday took issue with the Obama administration for not finding ways to include average Americans, especially when their tax dollars paid for GM’s bailout. Cramer had called for an auction on eBay as one possible option for selling shares to retail investors, but Washington never made any serious attempt to open up the IPO.

“This is an outrage. They had ample time to do it,” Cramer said during “Stop Trading.” “It is incredible to me that the so-called reformers and sheriffs of Wall Street went with same old, same old.”

Cramer noted the discrepancy between President Obama and his railing against the excesses of Wall Street’s fat cats and the hands-off approach to this deal by his deputy secretary of the Treasury, Neal Wolin, who is in charge of the GM IPO. Wolin from the start had decided that the government would stay out of the offering, leaving the underwriters to do their work. And now the only people who will profit, it seems, will be those Wall Street fat cats.

Cramer is a dork, but he is right on this point. US taxpayers bailed out GM, Obama made illegal back room deals compensate unions over bondholders and shareholders all while verbally attacking "fat cats" of Wall Street. When the new IPO becomes available, only Wall Street Fat Cats will profit. Chances are they will profit very big in a very short period of time. Obama transferring the wealth from the working middle class to banks, unions and Wall Street elite :firedup:

 

[Glaucus]

Offer GM ipo on eBay? You serious?!?

 

[redrumloa]

Offer GM ipo on eBay? You serious?!?

Like I said, Cramer is a dork.