Posted by: Lotfi Frigi | February 11, 2010

Obama Doesn’t ‘Begrudge’ Bonuses for Blankfein, Dimon


In an interview with Business Week Obama said that “he doesn’t “begrudge” the $17 million bonus awarded to JP Morgan Chase & Co. Chief Executive Officer Jamie Dimon or the $9 million issued to Goldman Sachs Group Inc. CEO Lloyd Blankfein, noting that some athletes take home more pay.”

The reaction that followed the news piece was, as expected, extremely negative, calling Obama many names, “clueless” being the most common epithet.
See, I don’t think clueless is appropriate. Pandering to the people that matter, as opposed to the people that voted him in is probably more like it. Clueless on the real objectives of the GOP might be a possibility, but I think it is more being a corporate shill. Was Ralph Nader right when he remarked early on in the 2008 campaign, “Obama knows the score.” Yes, I think he was!
Nowadays, pissing off the American people is no big deal. Pissing off Wall Street is a whole different ballgame; bad things might happen to you if you would. Why is that? It is because the American people have no idea or have chosen to turn a deaf ear and blind eye to their political reality many, many years ago. They trusted their leaders and dozed their way out of the political loop. Frustrated with the system when they finally woke up, they tried to get back in but couldn’t. Frustration was then replaced by resignation. At this point in time, I see a lot of towels strewn around. How long would it be before some start swigging the remainder of the Kool-Aid?

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