Bank CEOs voice support for Obama’s economic plans

By Jeff Mason and Karey Wutkowski

WASHINGTON (Reuters) – President Barack Obama won support from top bankers on Friday for his efforts to rid financial institutions of bad debts, but differences remained over broader U.S. plans for the financial industry.

The executives include:

Jamie Dimon, JP Morgan Chase & Co

Ken Chenault, American Express

John Koskinen, Freddie Mac

Ronald Logue, State Street Corp

Robert Kelly, Bank of New York Mellon Corp

Rick Waddell, Northern Trust

James Rohr, PNC Financial Services Group Inc

Lloyd Blankfein, Goldman Sachs Group Inc

John Mack, Morgan Stanley

Vikram Pandit, Citigroup

John Stumpf, Wells Fargo & Co

Cam Fine, Independent Community Bankers

Edward Yingling, ABA  

Obama, in an interview later with CBS News, said he told the bankers they should be more sensitive to how Wall Street’s actions look to the rest of the country.

I’m sorry but after receiving billions of dollars prior to this bailout, and then having most if not all of your bad debt eliminated (thanks to the hardworking taxpayer), the President has the audacity to tell the bankers to try to be “sensitive” to the rest of the people who are being strewed by this deal… it gets worst…

“Show some restraint,” he said he told them. “Show that you get that this is a crisis and everybody has to make sacrifices.”

How much more does the President expect Americans to sacrifice?!? We have given up so much already and still he wants to continue to give more.  It’s obvious that the taxpayers are footing the bill for Wall street’s poor financial the decisions, and in during his campaign, President Obama promised us that he would not allow this to happen to the American people.

Obama saw the meeting as productive and frank, White House spokesman Robert Gibbs said, adding the president stressed the importance of dealing with “toxic assets” — bad loans many banks are stuck with thanks to the collapse of the U.S. housing market.
These “toxic assets are a result of bad loans many banks made so why are the American people bailing them out. It was the banks  fault this collapse occurred and there is zero accountability on their part. These banks SHOULD fail!

“The president opened up by talking about the importance of dealing with toxic assets and getting banks lending again,” Gibbs told a briefing. 

Clearly in this statement, we can see the president is clearly working with the bankers in adding to the already inflated bubble. Not only are Americans “footing the bill” to bail out the banks, they are also going to continue to give out large amounts of credit to further enslave the people. President Obama has not come up with an economic plan that will in the long-term benefit the people, it will only lead to further inflating the problem (debt) and keeping the people working for the banks. 

the article continues… 

Golden Parachutes: How the Bankers Went Down

by WallStats.com on 2/24/2009

When high-ranking executives are fired from a company, for whatever reason, they don’t go to the back of the unemployment line. Instead, they typically receive compensation in the form of the “golden parachute.” Golden parachutes can include severance pay, cash bonuses, stock options or other benefits. In the case of the financial crisis and the ensuing bank failures, if it seems like these executives are being rewarded for poor performance, you may be right. Here’s a look at what some bankers made on their way down.

For more personal finance visualizations see: WallStats.com