Obama gave Wall Street a tongue-lashing yesterday, as the Times reported, "Banker Bonuses are 'Shameful' Obama Declares."As Dick Cheney would say, "So?"
What should Barack have said?
That it is shameful and that he is proposing a clawback tax to retrieve those bonuses.
Why so shy Barack?
Senator Dodd says the "case for clawing back past pay is weak."
Not so. Nope.
If the case was weak why would the president and all right minded people think the opposite, namely that, "the case for clawing back unwarranted bailout bonuses is strong"?
Why say anything at all if you are not going to follow up with laws? The bosses doled out the money, mainly to themselves. They are not listening to Obama. The workers took the bonuses. They sure don't hear Barack.
Is this going to be the Obama administration signature?
Speak loudly and carry a small stick?
If so then let's turn the rhetoric back on that attitude of empty presidential bluster: “Shameful.” “Outrageous.” “The height of irresponsibility.”
Few Ways to Recover Bonuses to Bankers
By ERIC DASH and VIKAS BAJAJ
“Shameful.” “Outrageous.” “The height of irresponsibility.”
President Obama had some harsh words on Thursday for bankers who paid themselves billions of dollars in bonuses despite the sweeping government rescue of the nation’s financial industry. Senator Christopher J. Dodd of Connecticut said “every possible legal means” should be used to claw back the money.
But the sober reality, compensation experts said, is that most if not all of the money that the banks have paid out is probably gone for good. The “legal means” Senator Dodd referred to are few. Unless actual wrongdoing is uncovered at the banks — and so far prosecutors have not disclosed any — the case for clawing back past pay is weak.
“It’s not as easy as pounding the gavel on the table,” said Michael S. Melbinger, an executive compensation lawyer at Winston & Strawn in Chicago. ...yadda, yadda...
This most recent act of Wall Street CEOs has, I think, finally erased all doubt as to their true character and motives. Without exaggeration, I believe the word that best describes them is “traitorous.” President Obama’s stern words to them fall far short of what is needed. Telling these unfathomable reprobates to “show some sense of responsibility” is exactly like telling incestuous parents to keep their hands off the kids: They’ve already demonstrated their proclivities, and their aggressiveness in pursuing them. Now we must simply remove them from any opportunity do further harm, and install new business leaders who will serve the nation’s interests above their own.
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