Obama Now Says Huge Bank Bonuses Are OK

because "that's part of the free-market system"

As the news appears of Wall Street Banks starting to donate more to Republicans, the president, who won the election with big donations from the same banks, changes tune.

Obama Doesn’t ‘Begrudge’ Bonuses for Blankfein, Dimon
(2/10/2010 Bloomberg)

"Feb. 10 (Bloomberg) -- President Barack Obama said he doesn’t “begrudge” the $17 million bonus awarded to JPMorgan 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 president, speaking in an interview, said in response to a question that while $17 million is “an extraordinary amount of money” for Main Street, “there are some baseball players who are making more than that and don’t get to the World Series either, so I’m shocked by that as well.”

"“I know both those guys; they are very savvy businessmen,” Obama said in the interview yesterday in the Oval Office with Bloomberg BusinessWeek, which will appear on newsstands Friday. “I, like most of the American people, don’t begrudge people success or wealth. That is part of the free- market system.” " [The article continues.]

Hahaha that's rich. Free-market system? Does he think we have a free-market system? Does he even know what a free market is? The one without his beloved government interventions and controls and greedy hands.

So what about his seemingly harsh rhetoric, since mid January, on the nation's largest banks and their excessive compensation "while Main Street suffers"? I guess it was just that: seemingly harsh rhetoric.

What caused the sudden shift? Money. And it talks loudly and effectively.

This article is from two days ago:

In a Message to Democrats, Wall St. Sends Cash to G.O.P.
(2/7/2010 New York Times)

"WASHINGTON — If the Democratic Party has a stronghold on Wall Street, it is JPMorgan Chase.

"Its chief executive, Jamie Dimon, is a friend of President Obama’s from Chicago, a frequent White House guest and a big Democratic donor. Its vice chairman, William M. Daley, a former Clinton administration cabinet official and Obama transition adviser, comes from Chicago’s Democratic dynasty.

"But this year Chase’s political action committee is sending the Democrats a pointed message. While it has contributed to some individual Democrats and state organizations, it has rebuffed solicitations from the national Democratic House and Senate campaign committees. Instead, it gave $30,000 to their Republican counterparts.

"The shift reflects the hard political edge to the industry’s campaign to thwart Mr. Obama’s proposals for tighter financial regulations.

"Just two years after Mr. Obama helped his party pull in record Wall Street contributions — $89 million from the securities and investment business, according to the nonpartisan Center for Responsive Politics — some of his biggest supporters, like Mr. Dimon, have become the industry’s chief lobbyists against his regulatory agenda.

“... If the president wanted to turn every Democrat on Wall Street into a Republican,” one industry lobbyist said, “he is doing everything right.” [The article continues.]

And it's not just J.P.Morgan Chase.

"Buyers' remorse"? For that, Wall Street is not alone.

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