President Barack Obama has criticised "fat cat" bankers who pay themselves large bonuses.

( In Memory of Dan Brethel FDNY died 9-11 ) Down with Hedge Funds !!!!!!!!!!!!

President Barack Obama has criticised "fat cat" bankers who pay themselves large bonuses.

In an interview with CBS's "60 Minutes" programme, he said he did not run for office to be "helping out a bunch of fat cat bankers on Wall Street".

Later on Monday, the president will meet some of the US's top bankers face-to-face.

He is scheduled to hold a meeting with executives from Goldman Sachs, JP Morgan Chase and Citigroup.

He is planning to tell them to step up lending to small businesses and get behind legislation to overhaul Wall Street regulations.

His economic adviser, Larry Summers, also went on television on Sunday. He told ABC's "This Week" programme that the president was aiming to have a "serious talk" with the industry representatives.

As well as asking them to lend more money, President Obama is expected to call on them to take responsibility for helping the economy after benefiting from taxpayer-funded bail-outs of the financial sector.

Frustration

President Obama also criticised bankers who were resisting tighter industry rules.

"What's really frustrating me right now is that you've got 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," he said.

Many US citizens are angry that the banking industry was granted a $700bn bail-out.

The Obama administration has said the rescue programme was needed to stem the worst financial crisis since the Great Depression of the 1930s and head off a potentially greater calamity in the broader economy.

Last week, the US House of Representatives approved its version of the financial regulatory reform legislation. But before the bill can become law, it will also need approval from the Senate.

Banks are resisting the new legislation which is designed to prevent a repeat of the events that sparked the turmoil.

It includes a plan to give regulators the power to dismantle businesses that threaten the economy in a way that ensures shareholders and unsecured creditors, not taxpayers, bear the losses.

Re: President Barack Obama has criticised "fat cat" bankers who pay themselves

Bleassed be Obama, my President, our president.

Re: President Barack Obama has criticised "fat cat" bankers who pay themselves

Blessed

President Barack Obama has criticised "fat cat" bankers who pay themselves

Give him the strength to allow his voice to rise above the voices surrounding him so that he can do the right things ---

Re: President Barack Obama has criticised "fat cat" bankers who pay themselves

'It includes a plan to give regulators the power to dismantle businesses that threaten the economy in a way that ensures shareholders and unsecured creditors, not taxpayers, bear the losses'

-Poetography, Do you know how the plan is going to make the shareholders and unsec. creditors liable? From what you have read/heard, is the plan, just simply to dismantle these corps. or is there say, maybe a more solid foundation and stricter guidelines being imposed? Of course I am not for the decline of industry, if it is increasing capital in our country with a positive drive that effects ALL, especially 'blue collar', which have really suffered hard through these events!!..I just do agree, that the wrong people have been suffering and paying the price for the lieniance the "Fat Bankers" proposed, for like the mortagage industry for example-and a way strong example, that is.
Boy, Obama has his work cut out for him-he is such an example of bravery.

President Barack Obama has criticised "fat cat" bankers who pay themselves

I don't know the details -

I just know that The Bankers and Hedgefund Billionaires through powerful domestic and lobby firms are influencing the lives of hard working American's and some of thier influence can be traced to war as well as economic turmoil -
Thank to the internet we can all get details now .

This Land is Your Land

The Mayor of NY has 18 Billion Dollars - he fights for global warming but he personally as a person is one of the countries worst carbon producers as he jets to Bermuda each weekend and has numerous huge homes and offices and mansions .

President Barack Obama has criticised "fat cat" bankers who pay themselves

I bless Mr. Obama but not those who are giving him horrible advice and lobby firms and war profiteers . They are on thier own .

Re: President Barack Obama has criticised "fat cat" bankers who pay themselves

http://www.youtube.com/watch?v=eAaQNACwaLw

View: The Obama Deception: 2 hour documentary on youtube.

Interesting, to say the least…

Re: Re: President Barack Obama has criticised "fat cat" bankers who pay themselves

Re: President Barack Obama has criticised "fat cat" bankers who pay themselves

A manipulative smile broken promises with no actions nor substance to back up what he talks and he gets praised. What a country my fellow citizens have turned the United States into. These stimulus packages are going to come back and bite us in the ass. His pre-election 18 month plan to pull troops out is shot to hell but hey that's ok because he talks big about a sore subject and everybody rejoices him as the chosen one. Sorry I'm not as gullible as most I need to see legitimate action and change before somebody gets praise and a job well done from me. By the way what is so amazing about his healthcare plan again?

Re: Re: President Barack Obama has criticised "fat cat" bankers who pay themselves

President Barack Obama has criticised "fat cat" bankers who pay themselves

Regretfully - I believe this video .

Re: President Barack Obama has criticised "fat cat" bankers who pay themselves

He is not my President—I did not vote for him:
vote green, always vote green.

Obama's Warriors are terrorizing innocent children,
and causing major toxic destruction to our planet
by his: " a just cause for war".

new leader same as the old leader

I feel sorry for those who believed the hype: "the great hope as arrived, and change will come"

Last edited by dahlusion 12-18-2009 at 11:33:08 AM

Re: Re: President Barack Obama has criticised "fat cat" bankers who pay themselves

Last edited by papapaczki 12-18-2009 at 11:16:50 AM

President Barack Obama has criticised "fat cat" bankers who pay themselves

The 130 power elite are running ( ruining ) this country ---

1 2 3 4 we dont want your lyin war

NO NO NO

This Land is Our Land --

Fat Cats - send your kids to fight !!!!!!!!!!!!!

Down with War Profiteers !!!!!!!!!!!!!!!!!
Someone please publish a list of all companies profiting from these unjust wars !!!!!!!!!

We the people !!!!!!!!!!!!!!!!!!!!!!!!

300 Million Americans

We will not be ruled by 130 people -

NO NO NO !!!!!!!!!!!!!!!!!

Re: President Barack Obama has criticised "fat cat" bankers who pay themselves

Look into Obama's investment portfolio,

I am sure you will find the corporations he's invested in
that are profiting from the all out destruction
caused by war…

Last edited by dahlusion 12-18-2009 at 11:54:32 AM

Re: President Barack Obama has criticised "fat cat" bankers who pay themselves

CBS) This story originally aired on Feb. 12, 2006.

The United States has spent more than a quarter of a trillion dollars during its three years in Iraq, and more than $50 billion of it has gone to private contractors hired to guard bases, drive trucks, feed and shelter the troops and rebuild the country.

It is dangerous work, but much of the $50 billion, which is more than the annual budget of the Department of Homeland Security, has been handed out to companies in Iraq with little or no oversight.

Billions of dollars are unaccounted for, and there are widespread allegations of waste, fraud and war profiteering. As 60 Minutes correspondent Steve Kroft first reported in February, only one case, the subject of a civil lawsuit, has been unsealed. It involves a company called Custer Battles, and provides a window into the chaos of those early days in Iraq.


--------------------------------------------------------------------------------

When U.S. troops entered Baghdad in the spring of 2003, there was no electricity, widespread looting and little evidence of postwar planning. With the American military stretched to the limit, the Pentagon set up the Coalition Provisional Authority (CPA) to govern the country under Ambassador Paul Bremer, who began hiring private companies to secure and rebuild the country.

There were no banks or wire transfers to pay them, no bean counters to keep track of the money. Just vaults and footlockers stuffed with billions of dollars in cash.

"Fresh, new, crisp, unspent, just-printed $100 bills. It was the Wild West," recalls Frank Willis, who was the No. 2 man at the Coalition Provisional Authority’s Ministry of Transportation.

The money was a mixture of Iraqi oil revenues, war booty and U.S. government funds earmarked for the coalition authority. Whenever cash was needed, someone went down to the vault with a wheelbarrow or gunny sacks.

"Those are $100,000 bricks of $100 bills and that’s $2 million there," Willis explains, looking at a photo of brick-shaped stacks of money wrapped in plastic. "This, in fact, is a payment that we made on the 1st of August to a company called Custer Battles."

Willis says the bricks of money were also sometimes referred to as footballs, "… because we passed them around in little pickup games in our office," he says laughing.

Asked if he has any evidence that the accounting system was a little loose, Willis says, "I would describe it as nonexistent."

The $2 million given to Custer Battles was the first installment on a contract to provide security at Baghdad International Airport. The company had been started by Scott Custer, a former Army Ranger and Mike Battles, an unsuccessful congressional candidate from Rhode Island who claimed to be active in the Republican Party and have connections at the White House. They arrived in Baghdad with no money. Yet within a year they landed $100 million in contracts.

"They came in with a 'can do' attitude whether they could or not. They always said yes," Willis says.

Did they have any experience?

"They were not experienced. They did not know what they were doing," Willis says.