Obama slams "Fat Cat" bankers (and gets it right)

[redrumloa]

In the rare situation where I agree with Obama...

http://www.google.com/hostednews/afp/ar ... R-3S-IvSuA

Obama told CBS he believed some banks had paid back all the bailout funds in order to escape government controls regulating such things as bonuses.

"They're still puzzled why it is that people are mad at the banks. Well, let's see. You guys are drawing down 10, 20 million dollar bonuses after America went through the worst economic year... in decades and you guys caused the problem.

"These same banks who benefited from taxpayer assistance who are fighting tooth and nail with their lobbyists... up on Capitol Hill, fighting against financial regulatory control," Obama added.

While I am frightened by the prospect of a pay czar getting more power than just over bailed out banks, there needs to be sweeping rebgulatory overhall.

 

[redrumloa]

Of course I was completely wrong it seems to give that scumbag Obama a shred of credit. While bashing "Fat Cat" bankers, he quietly hands over billions to those very Fat Cats.

http://finance.yahoo.com/tech-ticker/ci ... et=&ccode=

The Washington Post reports that as part of the bank's TARP payback agreement, it's quietly been given a $38 billion tax break by the IRS. Seriously.

The Internal Revenue Service on Friday issued an exception to long-standing tax rules for the benefit of Citigroup and a few other companies partially owned by the government. As a result, Citigroup will be allowed to retain billions of dollars worth of tax breaks that otherwise would decline in value when the government sells its stake to private investors.

While the Obama administration has said taxpayers are likely to profit from the sale of the Citigroup shares, accounting experts said the lost tax revenue could easily outstrip those profits.

That is the last time I give this ass-clown any credit without looking behind the curtain first :rant: