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Obama speech will castigate some of his biggest financial backers

Updated 4:06 p.m.
By Michael D. Shear
President Obama heads to New York this week for another round of Wall Street finger-wagging, the latest evidence of a two-year transformation in his relations with some of the nation's biggest financial institutions.

As a senator and in the early stages if his presidential bid, Obama spent plenty of time wooing the executives of Wall Street titans such as Goldman Sachs, the biggest and most influential of the New York investment banks.

Lynn Sweet of the Chicago Sun Times reported in 2008 that Obama held a private round-table discussion with Goldman employees, moderated by Tom Brokaw. In 2006, Obama gave a speech to the firm's partners meeting.

And that attention paid off. The firm's executives and employees became Obama's biggest Wall Street supporters, collectively contributing $994,000 to his campaign.

But in the wake of the financial collapse in late 2008, Obama's rhetoric toward Wall Street has grown progressively harsher. In a speech at Wall Street's Federal Hall in September of 2009, Obama warned the bankers that Washington was preparing to step in to stop what he called the reckless behavior that led to the economic crisis.

"I want them to hear my words," he said at the time. "We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses. Those on Wall Street cannot resume taking risks without regard for consequences, and expect that next time, American taxpayers will be there to break their fall."

Two months later, in an interview on "60 Minutes," he referred to the Wall Street leaders as "fat cat bankers."

Now, the Securities and Exchange Commission is suing Goldman for fraud, alleging that the company defrauded investors by allowing a hedge fund to bet against them.

White House aides point out that the SEC is an independent agency and chose to file the suit without White House approval or knowledge. But the timing is helpful as the president and his allies in Congress make a final push to push through regulatory reform.

In his speech on Thursday, those aides said Obama will take aim at the "multi-trillion" derivatives industry and will take the opportunity to remind voters of the irresponsibility that had taken hold in the financial firms.

"The goal here is for the president to remind the American people what's at stake," a senior White House official said, adding that Obama will stress the "trillions in household wealth that has been lost because of the crisis."

The speech will take place at Cooper Union, where a long list of presidents have appeared and a location that served as the backdrop for an Obama address on the same theme in March of 2008, long before he became president. In that speech, he called for increased -- but careful -- regulation of an industry he said had taken too many risks.

"It's time to confront the risks that come with excessive complexity," he said at the time. "Even the best government regulation cannot fully substitute for internal risk management. For supervisory agencies, oversight has to keep pace with innovation. As the subprime crisis unfolded, tough questions about new and complex financial instruments were not asked. As a result, the public interest was not protected."

Obama's relationship with the nation's biggest financial sector has always been a complicated one. Even as he began his run for the presidency, he was attracting support from an industry he was willing to chastise.

In a September 2007 speech at the Nasdaq offices in Manhattan, Obama hinted at his belief that financial services firms would have to submit to new regulations.

"Our free market was never meant to be a free license to take whatever you can get, however you can get it," he said at the time. "And so from time to time, we have put in place certain rules of the road to make competition fair and open and honest."

By Post Editor  |  April 19, 2010; 1:15 PM ET
Categories:  44 The Obama Presidency , Barack Obama  
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Comments

so what moves are to be taken to control derivatives in general, the source of such risks. . . will tere be an open market for them that they must use. a market for hedge funds? how can all this be enforced? hmmm. just wondering

Posted by: artetal | April 21, 2010 12:06 AM | Report abuse

Another pony show I don't know about you but I'm kinda tired of having my common sense insulted.Half the people he's appointed as advisor's are goldman-sach's.I guess there trying to figure out a way to muscle more money for the unions so they can cover ther tracks or send it to someone they decide should have it instead of working for it!Look at the donations----------------!

Posted by: broachchristopher | April 19, 2010 11:49 PM | Report abuse

It is the politicians who game the system and name the poor john q public to take the blame.Look take the example of our President he is now taking a high road and in election his guys were raking money from the colleges and university all the same and did not flinch a muscle and now he is going to give a lecture. They act like phonies and just act properly and come down from the high perch,and smell the daisies.

Posted by: dadbarman | April 19, 2010 11:23 PM | Report abuse

It is the politicians who game the system and name the poor john q public to take the blame.Look take the example of our President he is now taking a high road and in election his guys were raking money from the colleges and university all the same and did not flinch a muscle and now he is going to give a lecture. They act like phonies and just act properly and come down from the high perch,and smell the daisies.

Posted by: dadbarman | April 19, 2010 11:22 PM | Report abuse

Does this President understand that Capital formation creates jobs in the private sector and higher taxes and more regulations destroys jobs.
Government jobs do not count as Government produces nothing and destroy wealth!

**************************

Wow, the Chinese with the government's finger in every pie really have it wrong! Bet, they'll appreciate your insight.

Posted by: Reesh | April 19, 2010 9:42 PM | Report abuse

When I read the posts to a WashingtonPost column, it makes me very sad that there are so many uneducated people out here. They not only can not read and write, but they can not think. So much of what they think they know is laughably wrong. Not to disagree, just pure T wrong! It is no wonder our country is in such a mess. Many of our citizens are very poorly educated.

Posted by: annnort | April 19, 2010 9:22 PM | Report abuse


WILL OBAMA RETURN $994,795 IN GOLDMAN SACHS CAMPAIGN CONTRIBUTIONS?

Posted by: JCM-51
------------------------
Agreed. Obama has got Chris Dodd back in charge of finance reforms -- what a joke. The guy should as far away from finance reform since he helped to get us in this mess. November can't come soon enough.

Posted by: 45upnorth | April 19, 2010 9:02 PM | Report abuse


WILL OBAMA RETURN $994,795 IN GOLDMAN SACHS CAMPAIGN CONTRIBUTIONS?

Posted by: JCM-51 | April 19, 2010 8:54 PM | Report abuse

WE'LL REMEMBER IN NOVEMBER!!!

Posted by: barrysal | April 19, 2010 5:39 PM | Report abuse

WE'LL REMEMBER IN NOVEMBER!!!

Posted by: barrysal | April 19, 2010 5:38 PM | Report abuse

WE'LL REMEMBER IN NOVEMBER!!!

Posted by: barrysal | April 19, 2010 5:37 PM | Report abuse
------------------------------------------
You may need to make some type of reminder.

Posted by: Emmetrope | April 19, 2010 8:17 PM | Report abuse

Does this President understand that Capital formation creates jobs in the private sector and higher taxes and more regulations destroys jobs.
Government jobs do not count as Government produces nothing and destroy wealth!

Posted by: rteske | April 19, 2010 8:16 PM | Report abuse

They are taking each other out now. At least they'll be going out with lots of money. The next crisis might be twice as big as the last crisis we are still in. About all a dollar buys is a politician and they all want millions to help you lose billions.

Posted by: tossnokia | April 19, 2010 8:01 PM | Report abuse

I think the President may be talking about current activities by Wall Streets Welfare Queens.

Why is the GOP still trying to protect Wall Streets Welfare Queens?

Google
gold market manipulation and fraud.

And select the news tab.

http://www.huffingtonpost.com/nathan-lewis/its-ponzimonium-in-the-go_b_519893.html

The Gold market is the latest Ponzi scheme for Wall Streets Crooks. Just like the Credit Default Swaps (CDS) and Collateralized Debt Obligations (CDO) scam that created the housing bubble.

A Whistle-blower, Andrew McGurire outed Goldman Sachs good budy JP Morgan Chase on shorting the metals market.
http://www.gata.org/node/8466

Andrew McGurire tried to testify to the CTFC. He was prevented from doing so.

Instead GATA presented the evidense by giving up their time to do it. During the CTFC meeting there were several incidents of the live coverage being cut, where this matter was talked about.

Since then:
" The Internet company that hosts the King World website reported to King World the following: ”Your hosting account is the target of a distributed denial of service attack…Computers were attacking your account.”"

And some one then tried to kill the whistle blower Andrew Maguire.

The CFTC changed the bankruptcy rules for people selling gold futures recently hidden in it is protection for those selling paper Gold derivatives at leverage's of up to 100/1. It is a fractional reserve. I presume you know what that is?

Commodity futures are being used to pump the price of Commodities while appearing to non cognoscenti to depress them as they constantly loose money on the down swings. We are talking paper trades that appear to exist but do not in reality. This allows those controlling the market to make money on both up and down swings in the market. The inflating price is bate to attract in fools.

Eventually pumping the market creates a bubble the market can no longer support, as all the fools have run out of cash, market saturation. Just before this, those pumping the market, take out a big bet the market will fail; as Goldman Sachs did with AIG and then they bail. As they did in the CDS scam. This leaves home owners with houses they took out mortgages for that are now worth half the value of the mortgage. This is called negative equity.

GOLD is an artificialy inflated bubble just like the housing market.

Get out of Gold now.

Posted by: walker1 | April 19, 2010 7:56 PM | Report abuse

Obama, Wall Street, Bank's, etc, etc.... all the same people. He turned out to be just another uncle Tom for the rich and powerful. Sorry I voted for him ans sent his campaign money.

Posted by: frluke | April 19, 2010 7:26 PM | Report abuse

President Obama will just be reflecting the way many people feel. The idea of giving non-secured loans, bundling them in ways no one can understand, and then selling them to people knowing they are worthless or taking out insurance so you make millions when they fail is just legalized theft. The whole process is a sophisticated way of stomping ordinary investors while rich executives make billions.

And then, of course, when the whole thing goes bust, those same millionaires run to the government to get their corporations bailed out.

It would be much better to regulate derivatives, set up a fund the banks pay into to provide the money for any future bailouts, and to require banks to keep a significant percentage of each loan they make.

Of course, the GOP hates these ideas because they are owned by and shill for the bailed out banks and corporations who stomp the middle class. The middle class ends up unemployed, losing homes and health insurance, and watching their retirement funds decline. But the rich and the Republicans keep on trucking.

Posted by: tinyjab40 | April 19, 2010 7:19 PM | Report abuse

So disappointed by the guy I voted for.... he has a real problem now.. He took a bunch of money from a criminal bank... what congress folks will need to not seek reelection as a result of taking greedy money from a greedy bank....

Posted by: robinhood2 | April 19, 2010 7:04 PM | Report abuse

Obama the Socialist, seeing his poll numbers tanking goes back to the only thing he knows.....attacking Bankers and Wall Street....the same people who put him in the White House. America is seeing throuhg Obama's little ploy......attack the banks and then try to push through more of his socialist agenda. Strong Regulations are needed, but not with the current Dodd plan which allows bailouts to continue. The GOP is right about this as they were right about opposing the socialist health plan - both items the American electorate has made clear they do not like. Obama will go to New York, read his teleprompter and again lie to the American public....no wonder America has given up on Obama and his socialist allies in the Democratic party.

Posted by: Realist20 | April 19, 2010 6:58 PM | Report abuse

My only question is what took to damn long?

Posted by: Homunculus | April 19, 2010 6:26 PM | Report abuse

OBAMA'S CAMPAIGN CONTRIBUTORS

BOYCOTT THEM

University of California $1,591,395
Goldman Sachs $994,795
Harvard University $854,747
Microsoft Corp $833,617
Google Inc $803,436
Citigroup Inc $701,290
JPMorgan Chase & Co $695,132
Time Warner $590,084
Sidley Austin LLP $588,598
Stanford University $586,557
National Amusements Inc $551,683
UBS AG $543,219
Wilmerhale Llp $542,618
Skadden, Arps et al $530,839
IBM Corp $528,822
Columbia University $528,302
Morgan Stanley $514,881
General Electric $499,130
US Government $494,820
Latham & Watkins $493,835

Posted by: charlietuna666 | April 19, 2010 6:17 PM | Report abuse

"There was an article in the Post earlier about how Obama should try to aim to be more like TR. I think history would look very favorably on that."

The only problem here is that Obama is all Bull, no Moose.

Posted by: Swat02 | April 19, 2010 6:05 PM | Report abuse

President Obama is attacking a key problem. Strong regulations are overdue to insure against recurring melt down of the economy.

As the public gains greater understanding of the issues, my expectation it that we will see increasing support for the democrats in November. And eventually, most will recognize that Obama shows great courage and determination -- he is truly a great president.

Posted by: sabahdabby | April 19, 2010 6:04 PM | Report abuse

Elect Sarah Palin, a real American! Yeah, right!

Posted by: kebred | April 19, 2010 6:03 PM | Report abuse

Lets hear it for Mitch McConnell for the best imitation of a pissed off bullfrog from an ethically bankrupt Wall Street shill! What a pathetic, terminally greedy weasel. But, then again, he IS a Republican.

Posted by: Bushwhacked1 | April 19, 2010 5:39 PM | Report abuse

WE'LL REMEMBER IN NOVEMBER!!!

Posted by: barrysal | April 19, 2010 5:39 PM | Report abuse

WE'LL REMEMBER IN NOVEMBER!!!

Posted by: barrysal | April 19, 2010 5:38 PM | Report abuse

WE'LL REMEMBER IN NOVEMBER!!!

Posted by: barrysal | April 19, 2010 5:37 PM | Report abuse

These are smart talented guys!
I know them.

B.Obama

Tony Rezko.... mmmm mmmm mmmm
I likes me fried ataters...

Obama is openly corrupt, lobbyist?
Call 1 800 barrack

Paulson, bernanke, gates???

Change??

this guy is untouchable.

Thank God Al Capone didn't
have gibbs and axelrod to cover
for him.

Chicago Rules!!

Posted by: simonsays1 | April 19, 2010 5:36 PM | Report abuse

There he goes again. Obama is now DEMONIZING the Wall Street Giants. How about how the government encouraged these Wallstreeters to give those loans, and NOW he's concerned?

Obama is just trying to take our FOCUS off of the health care fiasco that he and Nancy fought to pass. WELL MR PRESIDENT, YOU SAID THAT YOU DETERMINED TO PASS THIS HEALTH CARE BILL, AND NANCY PELOSI DID WHAT SHE THOUGHT SHE HAD TO DO TO GET IT THRUOUGH FOR YOU. YOU RODE ROUGHSHOD OVER THE WILL OF THE AMERICAN PEOPLE, AND SAID THAT YOU DIDN'T CARE ABOUT RE-ELECTION BECAUSE YOU AND THE DEMOCRAT CONGRESS WAS DOING THE RIGHT THING. WELL SAID, MR PRESIDENT, BECAUSE WE WILL TAKE YOU AT YOUR WORD!

Posted by: barrysal | April 19, 2010 5:35 PM | Report abuse

There he goes again. Obama is now DEMONIZING the Wall Street Giants. How about how the government encouraged these Wallstreeters to give those loans, and NOW he's concerned?

Obama is just trying to take our FOCUS off of the health care fiasco that he and Nancy fought to pass. WELL MR PRESIDENT, YOU SAID THAT YOU DETERMINED TO PASS THIS HEALTH CARE BILL, AND NANCY PELOSI DID WHAT SHE THOUGHT SHE HAD TO DO TO GET IT THRUOUGH FOR YOU. YOU RODE ROUGHSHOD OVER THE WILL OF THE AMERICAN PEOPLE, AND SAID THAT YOU DIDN'T CARE ABOUT RE-ELECTION BECAUSE YOU AND THE DEMOCRAT CONGRESS WAS DOING THE RIGHT THING. WELL SAID, MR PRESIDENT, BECAUSE WE WILL TAKE YOU AT YOUR WORD!

Posted by: barrysal | April 19, 2010 5:35 PM | Report abuse

There he goes again. Obama is now DEMONIZING the Wall Street Giants. How about how the government encouraged these Wallstreeters to give those loans, and NOW he's concerned?

Obama is just trying to take our FOCUS off of the health care fiasco that he and Nancy fought to pass. WELL MR PRESIDENT, YOU SAID THAT YOU DETERMINED TO PASS THIS HEALTH CARE BILL, AND NANCY PELOSI DID WHAT SHE THOUGHT SHE HAD TO DO TO GET IT THRUOUGH FOR YOU. YOU RODE ROUGHSHOD OVER THE WILL OF THE AMERICAN PEOPLE, AND SAID THAT YOU DIDN'T CARE ABOUT RE-ELECTION BECAUSE YOU AND THE DEMOCRAT CONGRESS WAS DOING THE RIGHT THING. WELL SAID, MR PRESIDENT, BECAUSE WE WILL TAKE YOU AT YOUR WORD!

Posted by: barrysal | April 19, 2010 5:35 PM | Report abuse

When things are going bad for Obama and his poll numbers are really tanking he ALWAYS starts attacking the banks and Wall Street. This will be the third time....he is a one-note Johnny that is constantly spending, raising taxes and increase the public debt.....now wonder the midterm elections scare the democrats.

Posted by: Realist20 | April 19, 2010 5:33 PM | Report abuse

When things are going bad for Obama and his poll numbers are really tanking he ALWAYS starts attacking the banks and Wall Street. This will be the third time....he is a one-note Johnny that is constantly spending, raising taxes and increase the public debt.....now wonder the midterm elections scare the democrats.

Posted by: Realist20 | April 19, 2010 5:32 PM | Report abuse

LET'S GET THIS RIGHT!

Obama, once again is going to 'bite the hand that feeds him!' After wooing and accepting $994,000 in political funds from Goldman Sachs, he is now ready to destroy them if only to cover his, Emanuel's, Paulson's, Geithner's and other tracks! HOW VERY BOLD OF HIM! If I recall, he also found it convenient to distance himself from William Ayers of the Weathermen and from his 'favorite' pastor, the infamous Reverend Wright after he used them for his purpose and get him elected.

Obama is as culpable and as those who participated in this rape of the American's pension fund as he now has most of them on his (the American taxpayers') payroll. Not only does he need to step down from the office of the President, but sol do Geithner, Emanuel, his CZARS, every person who is sitting on one of his committees; especially, Andrew Stern of SEIU fame. It is time to clean house and get rid of the leaven.

His progressive, radical, liberal policies are undermining the very tenets of our Republic and Constitution.

AMERICA SPEAK OUT AND RID US OF THIS RADICAL EGOCENTRIC who calls himself president.

Posted by: imaginemore | April 19, 2010 5:29 PM | Report abuse

MEMO TO DEMOCRATS:
Sen. McConnell and the rest of his party just gave you a huge political gift for use in November. Try not to blow it, this time.*

*Where are the Moveon.org et. al. t.v. spots?
They should be running now. Oops. I forgot, financial reform is not "cool" enough for the left wingers.

Posted by: BBear1 | April 19, 2010 5:26 PM | Report abuse

The problem is not just that the big bankers dumped on us the first time and then came begging for bailouts. It is also that they are spending millions for advertising and buying congress to fight against the regulations which would keep it from happening again.

Obama is absolutely right. If he makes any mistake, it will be not to do enough.

Most of us believe in reasonable profits for fairly run businesses. But we don't believe in hundreds of millions to go to rich executives who deliberately construct instruments like derivatives to cover up bad loans and make profits by selling the public investments you yourself are betting against.

We need strong reform.

Posted by: tinyjab40 | April 19, 2010 5:25 PM | Report abuse

Obama's words do not mean much any longer.We have to wait and see what he actually does,if at all.

Posted by: vismorge | April 19, 2010 5:22 PM | Report abuse

Children in school and some at home are punish for minor to serious infractions, drivers are punish severily for other infractions, some even minor, people are put in jail, many for a long time, for even refusing to give their names or to attempting to be funny to a cop, for that matter is a federal crime to argue with an airline maid; a teacher in Florida recently was sentenced to 30 years for having sex with a minor. We find laws of all kinds to castigate people for whatever reason a prosecutor feels like it, how in hell can't anyone find laws to put in jail these executives who have violated every moral, economical and social cannons and commandaments?

Posted by: postDC | April 19, 2010 5:22 PM | Report abuse

Children in school and some at home are punish for minor to serious infractions, drivers are punish severily for other infractions, some even minor, people are put in jail, many for a long time, for even refusing to give their names or to attempting to be funny to a cop, for that matter is a federal crime to argue with an airline maid; a teacher in Florida recently was sentenced to 30 years for having sex with a minor. We find laws of all kinds to castigate people for whatever reason a prosecutor feels like it, how in hell can't anyone find laws to put in jail these executives who have violated every moral, economical and social cannons and commandaments?

Posted by: postDC | April 19, 2010 5:21 PM | Report abuse

Mr. Obama, tear this Wall Street down!

Posted by: TalkingHead1 | April 19, 2010 5:14 PM | Report abuse

This is interesting. I wonder if Obama wants to be more like FDR or TR. While FDR is better remembered (because of the war and his love affair with the media) TR was a far better president when it came to skating the fine line between capitalism and progressive policy, changes which truly helped the American People, instead of just making them feel better.

There was an article in the Post earlier about how Obama should try to aim to be more like TR. I think history would look very favorably on that.

Posted by: theartistpoet | April 19, 2010 5:11 PM | Report abuse

July 2008 - Obama's quit smoking promise secured Michelle's backing to run for presidency

March 2010 - Doctors tell Barack Obama to quit smoking

The man cannot tell the truth, cannot keep a promise.

Posted by: hunter340 | April 19, 2010 5:09 PM | Report abuse

There he goes again, our Demagogue-in-Chief. Too bad Mr. Obama can't stand up to the Chinese the way he beats up on Wall Street. China caused the global economic crisis, not the U.S. (Read Martin Wolf: "Fixing Global Finance.") The cause was unbalanced trade, with China depending on exports for its growth, and recycling the surplus back into reserve currency purchases while pegging the remninbi to the dollar. This was a recipe for financial implosion -- as has happened. Wall Street is a casualty of 1) a bad trade deal negotiated by Clinton giving China MFN; 2) a bad WTO deal negotiated by Clinton and signed by Bush inviting China into our markets; 3) politicians like Obama who won't stand up to China on currency manipulation. Obama is a stooge for China, and all he can think of is to go Wall Street and attack our industries. Whose side is he on? www.FreeingTibet.com

Posted by: JohnRobertsFreeingTibet | April 19, 2010 5:05 PM | Report abuse

The issue is not who TOOK money from Wall Street - Both Dems & GOP did. We know that. The big question is: WHO IS WILLING TO STAND UP AGAINST THE BIG MONEY and POSSIBLY FOREGO future funds?

The Dems have made it clear they're willing. Only question is..will the GOP be WITH Wall Street or AGAINST Wall Street???

Posted by: CathyDawkins | April 19, 2010 5:04 PM | Report abuse

Anybody else wonder if Obama is bi-polar? At least to his biggest fans and supporters.............

Posted by: GordonShumway | April 19, 2010 5:02 PM | Report abuse

As a previous poster said, I agree that this is nothing but political rhetoric. If Obama had wanted to "DO" anything about Wall Street, he would've had the Dept of Justice investigating and prosecuting LONG ago. Instead, he continues to empty the Treasury using Geithner and Summers for all his compadres on Wall Street and at Fannie and Freddie. By now the sum stolen is approaching $200 trillion. I've read that 135 congressmen and a multitude of current and former administration officials, have billions sitting in their offshore bank accounts....to include both Clintons and both Bushes. Some of the Clintons' accounts were listed at www.worldreports.org/news last year.

Please note that the charges filed against Goldman-Sachs were CIVIL, not CRIMINAL CHARGES. NOBODY goes to jail and the theft and corruption continues not only with helping themselves to TAXPAYER FUNDS via continuing "bailouts" but through their OUTRAGEOUS bonuses.
Goldman will pay a small, insignificant fine, if anything, and carry on BUSINESS AS USUAL.

Face it folks, the name of Obama's, Wall Street, and Congress' game is "Corruption Unlimited".

Posted by: winsom88 | April 19, 2010 5:01 PM | Report abuse

And what about Soros and other Demorat supporters? Suspect they will be told to continue as normal.

Posted by: gmclain | April 19, 2010 4:58 PM | Report abuse

More useless words from Mr. Obama.
As a previous poster suggested, "if the purple lips are moving, he is lying".
Ba-da-BOOM!
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

And this from the assclowns that claim there is no racism in the anti-Obama mania... purple lips? Really?

Ba Da Boom... dont ever let me see you in person

Posted by: veronihilverius | April 19, 2010 4:57 PM | Report abuse

The GOP has gain just as much or more from the big banks than anyone! It's now time for a change. As long as the GOP is in power, let's operate as normal! If President Obama does nothing, he would be wrong, President Obama is doing something, he's wrong. The GOP will fight him tooth and nail. But one day the GOP will be in power and I'm sure the GOP want the same that they're now dissing out!

Posted by: kebred | April 19, 2010 4:52 PM | Report abuse

As a previous poster said, I agree that this is nothing but political rhetoric. If Obama had wanted to "DO" anything about Wall Street, he would've had the Dept of Justice investigating and prosecuting LONG ago. Instead, he continues to empty the Treasury using Geithner and Summers for all his compadres on Wall Street and at Fannie and Freddie. By now the sum stolen is approaching $200 trillion. I've read that 135 congressmen and a multitude of current and former administration officials, have billions sitting in their offshore bank accounts....to include both Clintons and both Bushes. Some of the Clintons' accounts were listed at www.worldreports.org/news last year.

Please note that the charges filed against Goldman-Sachs were CIVIL, not CRIMINAL CHARGES. NOBODY goes to jail and the theft and corruption continues not only with helping themselves to TAXPAYER FUNDS via continuing "bailouts" but through their OUTRAGEOUS bonuses.
Goldman will pay a small, insignificant fine, if anything, and carry on BUSINESS AS USUAL.

Face it folks, the name of Obama's, Wall Street, and Congress' game is "Corruption Unlimited".

Posted by: winsom88 | April 19, 2010 4:52 PM | Report abuse

For those of you who are concerned about him taking money from the "pigs". He did that before anyone knew that the pigs were blowing up the finacial system.

It's about time he is stepping out on the issue. But at least he has the pigs in his sights.

Now only if the Republi-cons can get on board about fixing the system that allowed the pigs to eat so heavily from our trough and leave little for us. Fat chance the "Cons" will help out. They have their snouts fully inserted in the trough and don't intend to budge.

Posted by: joseph_charles | April 19, 2010 4:51 PM | Report abuse

How far will OBAMA & this CONGRESS go to Prosecute the Criminals? - What a JOKE! - Paulson made $Billions shorting the sub-prime mortgages,- but He was legal!? - Or was He? - BUT,-- 'GOLDMAN was Totally Responsible to it's $Investors,-- and was NOT OPEN,- and was NOT Forthcoming to it's Investors!! -- So Paulson may escape the noose,-- but GOLDMAN Is Totally CRIMINAL to the MAX!! -- Those at the Top at GOLDMAN should not only be $Fined,-- but should face Hard Prison Time,-- and rigtfully the death sentence! - These Economic TERRORIST Actions were and are Acts of TRAITORS against the United States of America!! -- But, You can bet Your' bippy,- that OBAMA & CONGRESS will do very little, except $Fine.-- BIG DEAL!? -- That is small potatoes, compared to the many X's over in Illgotten $PROFITS!! -- Enough $$$$$ to go-around, and a-round, and a-round,-- even under-the-table to this CONGRESS, -- AND THEIR' Globalist Criminal $BANKster PALS!!! -- As for the toooo-late, toooo-big "SEC" hot-dogs!? ha! -- They All should be in PRISON IMMEDIATELY!!!!

Posted by: jward52 | April 19, 2010 4:50 PM | Report abuse

Sounds like more political theater.

How can you accept a million dollars in campaign contributions, and then state that what that contributor did to make the money was wrong?

I guess Obama has a different campaign advisor now.

Posted by: postfan1 | April 19, 2010 4:38 PM | Report abuse

Sounds like more political theater.

How can you accept a million dollars in campaign contributions, and then state that what that contributor did to make the money was wrong?

I guess he has a different campaign advisor now.

Posted by: postfan1 | April 19, 2010 4:37 PM | Report abuse

obozo has his kickbacks.now all he has to do is manage his $$$$$ and work on his book and presidential library in kenya. a few more years to retirement,then the big bucks roll in

Posted by: pofinpa | April 19, 2010 4:34 PM | Report abuse

This has the chance to be the defining moment in the fall elections as well as for the entire Obama presidency. The president has a chance to finally seize the initiative on an issue that an overwhelming majority of voters support him and are lining up against the GOP position of quietly defending Wall Street. Voter anger at Congress is only topped by rage at Wall Street.

http://www.political-buzz.com/

Posted by: parkerfl1 | April 19, 2010 4:23 PM | Report abuse

Unfortunately, President Bail Out is a day late & a dollar short. In the 2 years since his last Cooper Union speech (which , by the way, proves the disingenuousness of his October 08 appeal on the Senate floor in support of the Bush/Paulsen extortion Bill, as he managed to completely mangle his paraphrase of FDR's Lend-Lease speech), President Bail Out has filled his economic team with the very Wall Street bandits & culprits whom he now pretends to castigate, while We The People have had to endure yet more layoffs, plant closures, foreclosures, furloughs, service cutbacks, Presidential faux-to-ops, & lectures about how we are too racist & slow-witted to grasp that it's all Bush's fault. And what dividend have we received on our investment in Hope & Change? Why, a mandate that we fork over yet more dollars to the financial sector to bailout the insurance companies --- Obamboozled, again!

Posted by: herty3k1 | April 19, 2010 4:15 PM | Report abuse

When Obama makes this statement: "I will break up the TBTF institutions," then we will have reform.

Anything less than that is window dressing.

He knows Congress will not pass meaningful reform.

Knowing that allows him to puff a bunch of hot air.

Posted by: ahender1 | April 19, 2010 4:15 PM | Report abuse

"DUDE you are pathetic..President Obama is doing what he is suppose to be doing. Marketing the USA."

So MARKETING THE USA is the goal of the "President"?
Oh, my gosh...I certainly hope this poster is the drunk high-school student sleeping in the back of the class. To think an ADULT would post this comment is a pathetic, evil portent for the Country...


Posted by: wcmillionairre | April 19, 2010 4:07 PM | Report abuse

If the Party of "No" had been around during recovery from the Great Depression, they probably would have voted against a Congressional Bill that created the Federal Deposit Insurance Corporation (FDIC).

Posted by: truthhurts | April 19, 2010 4:05 PM | Report abuse

I have no objection to any political figure or office holder from accepting my small donation or a corporation's enormous donation - what I expect is the politican to put my needs equal to the corporation no matter what amount of money was accepted. So when I note that all of Congress accepted funds from insurance companies, Wall Street, etc. that's fine, it takes a bucket of $$$ to run and while I don't like that aspect I do recognize this is is 2010 not 1920 and money must be raised. What I long ago learned to take notice of was when it counted, when it was politically not popular did the politicans favor me or the corporations? When I look many Democrats will gladly take the money from corporations but vote against the corporations/insurance co., etc. -- Republicans? Almost NEVER. So when crying about POTUS look back a couple of years -- Republicans took the money, eliminated as many laws as they could to allow the greedy corporations to ruin the economy while lining their own pocketbooks. Neither party is blameless but in light of recent health care vote and coming vote on regulations -- both sides took a boatload of $$$ -- but who is voting against them?

Posted by: Lemon7221 | April 19, 2010 4:02 PM | Report abuse

Contrary to the Crawford Village idiot, Presidente Obama has shown he is nobody's pawn.
The fact that Goldman people contributed to his campaign did not entitle them to a free ride at our expense.

Posted by: analyst72 | April 19, 2010 3:56 PM | Report abuse

What a hypocritical creep. He has ex Sachs guys all over his administration, he's letting Fannie and Freddie go unchecked and Chris "the crook" Dodd is writing regulations on the same industry he allowed to go wild. Wanna bet that somewhere in the future there is a position waiting for that corrupt POS Chris Dodd at Goldman? Sickening!! All you libs who want to pin all this on Bush- remember who was in control of Congress since 2006 and remember how your boy "The One" voted FOR all of those bills that caused the mess. Truth is truth!

Posted by: yankee11 | April 19, 2010 3:54 PM | Report abuse

What a hypocritical creep. He has ex Sachs guys all over his administration, he's letting Fannie and Freddie go unchecked and Chris "the crook" Dodd is writing regulations on the same industry he allowed to go wild. Wanna bet that somewhere in the future there is a position waiting for that corrupt POS Chris Dodd at Goldman? Sickening!! All you libs who want to pin all this on Bush- remember who was in control of Congress since 2006 and remember how your boy "The One" voted FOR all of those bills that caused the mess. Truth is truth!

Posted by: yankee11 | April 19, 2010 3:53 PM | Report abuse

Just like Hugo Chavez, Obama is moving in to take over the Banks - any that stand in the way will be destroyed. The Obama Socialist agenda continues to ravage the American private enterprise system.

Posted by: Realist201 | April 19, 2010 3:50 PM | Report abuse

The employees at Goldman Sachs gave Obama $994,000. They must not have realized that he had an Alinsky scheme to spring on them.

Posted by: tsapp77 | April 19, 2010 3:46 PM | Report abuse

The employees at Goldman Sachs gave Obama $994,000. They must not have realized that he had an Alinsky scheme to spring on them.

Posted by: tsapp77 | April 19, 2010 3:45 PM | Report abuse

The last time a charismatic Socialist came to power by controlling the banks, organizing social welfare programs, and through personal charm was 1939. I am now waiting for the new Reichstag to happen and the subsequent seizure of power. Sadly, we never seem to learn our history lessons... :(

Posted by: docwatson223 | April 19, 2010 3:42 PM | Report abuse

I haven't figured out why these bankers keep giving Obama and the Democrats big campaign contributions.
==================================

Because they ain't !!

Look what Mitchy McDonnell did!!
Dialing for Wall Street Campaign Dollars.

http://anoox.com/blog/Lux_Report.39303

Posted by: Fei_Hu | April 19, 2010 3:30 PM | Report abuse

Obama received tens of millions of dollars from big banks. If he had any morals, he should return every dollar given to his campaign.

Posted by: badgerburg | April 19, 2010 3:30 PM | Report abuse

Obama received tens of millions of dollars from big banks. If he had any morals, he should return every dollar given to his campaign.

Posted by: badgerburg | April 19, 2010 3:30 PM | Report abuse

Obama received tens of millions of dollars from big banks. If he had any morals, he should return every dollar given to his campaign.

Posted by: badgerburg | April 19, 2010 3:29 PM | Report abuse

I would suggest President Obama give back the $994,000 his campaign accepted from his greedy Wall Street supporters. It's not as if he's hurting from lack of income these days, unlike the millions of American people who have no jobs and no money. This President needs to quit giving speeches to Wall Street moguls and raising money for political operatives. It would do him good to stand in a food line with other young families who are sleeping in their cars. But then, he is so far removed from the reality of what's happening in this country that he will probably write another book about how he saved us all!

Posted by: mpwynn | April 19, 2010 3:28 PM | Report abuse

In 2008, Barack Obama raised more money from Goldman Sachs than any other politician has ever raised in one year from a single company in the history of the planet.

Posted by: BenLaGuer | April 19, 2010 3:23 PM | Report abuse

Here he goes again. Air Force One, fighter escorts, security guards, speech and applause, then all enacted in reverse. He can't just stay in the White House and do his job. Almost unbelievable.
.

Posted by: Billw3
========================
DUDE you are pathetic..President Obama is doing what he is suppose to be doing. Marketing the USA.


Not staying in some hideaway secluded spot in Texas staying away from Dik Cheney's Hunting trips.

Posted by: Fei_Hu | April 19, 2010 3:20 PM | Report abuse

Here he goes again. Air Force One, fighter escorts, security guards, speech and applause, then all enacted in reverse. He can't just stay in the White House and do his job. Almost unbelievable.
.

Posted by: Billw3
========================
DUDE you are pathetic..President Obama is doing what he is suppose to be doing. Marketing the USA.


Not staying in some hideaway secluded spot in Texas staying away from Dik Cheney's Hunting trips.

Posted by: Fei_Hu | April 19, 2010 3:19 PM | Report abuse

"The president is only fixing what the Crawford Village idiot destroyed with his stupidity, incompetence, and cronyism."

Oh, come on now! On issues as diverse as retaining the Patriot Act, to implementing and expanding the horrendous Stimulus Bill, Mr. Obama has proven the only difference between himself and former president Bush...is a better TAN!

"Stupidity...incompetence...cronyism"...only a foolish person would think our Mr. Obama is less endowed with any of these "qualities" than Mr. Bush was.

Posted by: wcmillionairre | April 19, 2010 3:19 PM | Report abuse

George Orwell is Reborn as Mitch McConnell.
Proving yet again what lying machine Republicans have been and are.

Fifty-one years ago, the novelist George Orwell published "1984" -- a social science fiction classic about a future totalitarian regime that had perfected the art of propaganda and mind control.

The book contributed several iconic terms to the political lexicon -- "Big Brother," "thoughtcrime" -- and perhaps most profoundly prescient -- the concept of "doublethink." "Doublethink" is the act of simultaneously accepting as correct two mutually contradictory beliefs. The concept was later refined as "doublespeak" -- which is simply the notion that if you say something often enough, you can convince normal people that something is its opposite.

The concepts are clearly on display in this well known excerpt from 1984:
"From where Winston stood it was just possible to read, picked out on its white face in elegant lettering, the three slogans of the Party:

* WAR IS PEACE
* FREEDOM IS SLAVERY
* IGNORANCE IS STRENGTH."

The modern Republican Party has worked hard over the last decade to perfect the arts of "doublethink" and "doublespeak." Karl Rove and George Bush were masters of the craft. They called their plan to reduce restrictions on polluters the "Clear Skies Initiative." When they eliminated Clinton-era rules conserving forests they called their program the "Healthy Forests Initiative." And, of course, they argued that their program of warrantless wiretaps enhanced our "freedom."

Now Republican Senate Leader Mitch McConnell has carried Orwellian "doublespeak" to new heights of sheer chutzpa. Tuesday McConnell took to the Senate floor to charge that President Obama's proposal to hold the Wall Street Banks accountable actually "institutionalizes" bailouts of Wall Street.

Of course, McConnell forgot to mention in his floor speech that he and the chief of the National Republican Senatorial Committee (NRSC), Senator John Cornyn, had just returned from a trip to New York, where they had private meetings with top Wall Street executives to enlist their help in funding Republican campaigns this fall in exchange for killing tough financial reform.

More here:
http://anoox.com/blog/Lux_Report.39303

Posted by: RealNews1 | April 19, 2010 3:17 PM | Report abuse

I haven't figured out why these bankers keep giving Obama and the Democrats big campaign contributions. They give them a fortune and then he screws them over again and again. Makes me wonder what he is promising them behind our backs. And why is that we would want to give the same guys, Democrats like Chris Dodd and Barney Frank, who got us in this mess with their bungling of Fannie Mae and Freddie Mac and sub prime mortgages even more power? They've already proven they can't manage their own business much less ours.


Posted by: 3boysmountainmom | April 19, 2010 3:16 PM | Report abuse

You can write that headline only because you are not aware of any foreign bank accounts under the name "Barack Obama" or a pseudonym.

Posted by: easttxisfreaky | April 19, 2010 3:14 PM | Report abuse

More useless words from Mr. Obama.
As a previous poster suggested, "if the purple lips are moving, he is lying".
Ba-da-BOOM!

Posted by: wcmillionairre | April 19, 2010 3:14 PM | Report abuse

Do we really believe Obama's indignant finger pointing?

Geithner, Goldman Sachs, Soros, Dodd, Obama inside dealing with Goldman..........This is political and is Obama really going to turn off his Wall Street supporters?

How about some real "transparency" for a change?

Let's hear the new back room dealings.

More health care cloak and dagger.

Posted by: pjcafe | April 19, 2010 3:10 PM | Report abuse

Dionne has been ranting and raving about the Tea Party populism in his article. Do you think he might mention Obama's use of populism?

Posted by: shewholives | April 19, 2010 3:06 PM | Report abuse

BLAH BLAH BLAH BLAH BLAH, THAT'S ALL THAT IS, THIS IS WHY AMERICANS ARE PROTESTING LIKE NEVER BEFORE.

Posted by: JWTX | April 19, 2010 3:05 PM | Report abuse

Socialism works great, until you run out of other people's money !!!

Posted by: thgirbla
==================================

AND Margaret Thacher who coined this statement was just as big a Greedy Teabagger as you.

aaaaand
Stay of our PUBLIC ROADS...

Posted by: Fei_Hu | April 19, 2010 3:03 PM | Report abuse

It is clear that Obama is only trying to divert attention from those who really caused the Financial Crisis. The true culprits are in congress. The banks would not have loaned money to people who were bad credit risks if they were not encouraged by Congress and Barney the Frank in particular to continue on with "Affordable Housing" backed by our not so smart Fannie Mae and Freddie Mac.
Even the ever so dumb, according to your readers, Bush administration, saw the problem that was being caused by Freddie and Fannie. They actually tried to put in controls and watch dogs to prevent the sub-prime mortgage crisis from happening. That was in 2003, a full 4 years before the crap hit the fan. Now after you and yours caused the first problem you are trying to blame the banks. The banks are not clean, but not nearly as dirty as the government in this situation. How can you have a financial crackdown that does not include the killers of our economy? Yes, I mean Fannie and Freddie.

Posted by: nychap44 | April 19, 2010 3:03 PM | Report abuse

There is a pattern of news analysis that oversimplifies how the market would react to rule changes on Wall Street. It is assumed that most companies are against financial reforms. The fact is very few firms are able to participate in the secretive world of derivatives. As a result, the market has become so concentrated that most firms WANT to see a return to real free and open competition.

The only firms fighting to stop serious regulations are the large conglomerate investment banks like Goldman Sachs. They are the major player in the derivatives marketplace. I urge you to look around during the speech; you may find many more heads nodding in agreement than those opposed. You will see that most Wall Street firms actually want capitalism. They want a “free” market. They are opposed to the oligarchy we have now.

Posted by: NewThoughts | April 19, 2010 3:01 PM | Report abuse

Once again the moronic republicans will continue their "Political Suicide Tour 2010"
by opposing the Obama on this bill. The complain about the bank bailout yet they're too greedy and/or lazy to do anything about it.

Posted by: blarsen1 | April 19, 2010 2:59 PM | Report abuse


Here he goes again. Air Force One, fighter escorts, security guards, speech and applause, then all enacted in reverse. He can't just stay in the White House and do his job. Almost unbelievable.
.

Posted by: Billw3 | April 19, 2010 2:57 PM | Report abuse

The Patron Saint of these clowns is Henry II, who said something like "Will no one rid me of this turbulent (troublesome) priest?", about an actual Saint (Thomas à Becket).

I'm sure the Boardrooms of Comcast and Goldman Sachs echo right now with "Will no one rid me of this troublesome FCC/SEC?"

The question is: How long is it going to take the Right Wing to figure out that they have been duped into thinking that Power and Money are related to Sainthood. There is just no excuse for being that stupid.

Justice Scalia, and any other good Catholics, feel free to chime in here ...

Posted by: gannon_dick | April 19, 2010 2:54 PM | Report abuse

Socialism works great, until you run out of other people's money !!!

Posted by: thgirbla | April 19, 2010 2:54 PM | Report abuse

Obama keeps another promise. Stick it to these dirty greedy pigs so we can have a real economy again.

Posted by: mongolovesheriff | April 19, 2010 2:53 PM | Report abuse

as a republican it would be better for the republican party to go along with the presidents idea to to reeel in the big money banks.the people of this country are very tired and disgusted about the way the the republican party is backing the thieves and liars on wall st.if you like your job it would benefit your party to go along with the president on this idea.

Posted by: SISSD1 | April 19, 2010 2:49 PM | Report abuse

WELL SAID...

THIS HAS to be RESTATED

AGAIN AND AGAIN..

The president is only fixing what the Crawford Village idiot destroyed with his stupidity, incompetence, and cronyism.

Posted by: analyst72 |

Posted by: Fei_Hu | April 19, 2010 2:49 PM | Report abuse

I would like to see the president to first lay out in non-populist terms what actually happened and in his view what was the root cause of the meltdown. We know Wall Street Bankers are greedy and myopic, in a sense, that is what we pay them for. The question is what was the systemic problem in the system that allowed this to occur? How could Moody and S&P rate the garbage that was in the CDOs as investment grade? Why did "sophisticated investors" buy this junk? How did a bunch of plaid pants wearing mortgage sales men fool the best and the brightest? How did government contribute to the problem? Until we get to the bottom of the mess, all we have is political posturing.

Posted by: marknelso | April 19, 2010 2:44 PM | Report abuse

Obama speeching to the big banks " You know.... let me be perfectly clear... I am going to impose a 1/2% tax on you to cover any future losses you may have. But the good news is you can pass it along to the American public and they will pay for it. I get $60 million dollars in tax-payer money and you can go about business as usual. Now let's be perfectly clear about something else too... I need a campaign contribution from you... a big one. Thank you I am BHO"

Posted by: tbastian | April 19, 2010 2:42 PM | Report abuse

Obama also "castigated" the health insurance companies - and when the dust settled, he signed a bill forcing everyone to buy health insurance.

So after Obama's anti-bank performance here is over (because that's all it is - a performance), every American citizen will probably be mandated to invest money.

Posted by: solsticebelle | April 19, 2010 2:39 PM | Report abuse

I assume nobody is really surprised that the events of 2008 changed people's perception of the large financial institutions. It is probably fair to say that there is a significant element of politics to the President's remarks that relates to who he thinks needs to be appealed to in order to improve Democratic chances next November. But there is also a realization of a fundamental reality that has been described fairly clearly by Paul Volcker. The large financial institutions have developed a sense of entitlement to excessive rewards for a kind of business that in the best case contributes a limited real value to the American economy and in the hopefully worst case that we experienced in 2008 almost caused its collapse. Clearly, it is going to be a struggle for the financial services industry to accept the need for real change. But, they are probably going to find that they have no other choice.

Posted by: dnjake | April 19, 2010 2:35 PM | Report abuse

Mr. President,

I sincerely hope you don't just wag your finger at Wall Street and the bankers as this story suggests. our campaigning is over, and you are "the man". The most stringent regulations of banks and securities is called for, nothing less.

The only way money can enter our nation's so-called "financial system" is as a debt instrument created by a bank. It's been that way since 1913 when congress abrogated its Constitutional authority to create money and gave it to the Federal Reserve System.

The Fed has failed our nation repeatedly. It has made the wealthy richer and indentured average Americans almost to the point of breaking. The FED hasn't prevented inflation, stablized prices or prevented unemployement. It's failed at its mission.

Now the the FED is handing our taxpayer money against valuless assets. This is, in effect, monetizing something worthless. That is what Woodrow Wilson thought in 1813 the FED was going to prevent from ocurring.

Our financial system needs a total overhaul and you are the man to do it...it needs more of an overhaul than did the healthcare system.

I hope and pray you tell the folks you will meet with if they think they are on a short leash now, that you intend to make it shorter yet.

There are lot's of people out here who are expressing anger directed at the federal government. My opinion is the main reason for this is because from all appearances the banks and Wall Street own the federal government lock, stock and barrel.

The anger againt the federal government is being displayed many ways, but in my opinion is the anger is really about one thing...the money; and how it has been taken away from people who work hard and try to do the right thing...now they have lost it all (of fear they will lose it) and their home equity to boot.

Your office needs to show us that's not the case and that you can control the rich.

Good luck and you have my best wishes and my continued support.

Posted by: Vunderlutz | April 19, 2010 2:25 PM | Report abuse

It wouldn't hurt to consider how much the world economy was hurt by financial manipulations such as the those that caused Iceland to go bankrupt. Oh and forget them just think of all the foreclosures and bankruptcies here.It might even be that all of us are financially interconnected and causing untolled suffering to others may eventually do the same to us.

Posted by: Wildthing1 | April 19, 2010 2:21 PM | Report abuse

In some ways, the Obama Administration is a prime example of poetic justice.

-The youth of this country who voted overwhelmingly for Obama, will have to pay the deficit that Obama ran up.

-The wealthy investment bankers at Goldman Sachs that strongly backed Obama and cashed in on a financial windfall via government bailouts will now have to face increased regulation.

I'm sure that the timing of the charges against Goldman were planned to coincide with the financial services reform bill and to divert attention from the SEC's disclosure that it knew about Stanford's fraud as far back as the mid-90's, but did nothing (disclosed the same day as the Goldman Sachs charges, but drowned out in the big announcement).

But the the politics of the timing don't detract from the facts of the SEC's underlying case.

And I can't see why any Republican would even attempt to defend Goldman Sachs against the SEC's political timing.

Goldman Sachs was partially responsible for installing the leadership at the SEC. They made their bed through sketchy business deals and political contributions to the current leadership. Let them sleep in it.

Posted by: law_dog | April 19, 2010 2:21 PM | Report abuse

In some ways, the Obama Administration is a prime example of poetic justice.

-The youth of this country who voted overwhelmingly for Obama, will have to pay the deficit that Obama ran up.

-The wealthy investment bankers at Goldman Sachs that strongly backed Obama and cashed in on a financial windfall via government bailouts will now have to face increased regulation.

I'm sure that the timing of the charges against Goldman were planned to coincide with the financial services reform bill and to divert attention from the SEC's disclosure that it knew about Stanford's fraud as far back as the mid-90's, but did nothing (disclosed the same day as the Goldman Sachs charges, but drowned out in the big announcement).

But the the politics of the timing don't detract from the facts of the SEC's underlying case.

And I can't see why any Republican would even attempt to defend Goldman Sachs against the SEC's political timing.

Goldman Sachs was partially responsible installing the leadership at the SEC. They made their bed through sketchy business deals and political contributions to the current leadership. Let them sleep in it.

Posted by: law_dog | April 19, 2010 2:21 PM | Report abuse

Does this guy ever stop "speaking"? Jesus, what an ego.

Posted by: rg019571 | April 19, 2010 2:21 PM | Report abuse

So Obama spoke to these folks, had rountable discussions with them, and solicited closed to a million dollars from them... and he didn't notice what they were up to?

He was either in on it, or he was too stupid to figure out what was going on. Which was it?

A more humble person might recognize that he was part of the problem, by kissing up to Goldman, and telling it what it wanted to hear. Obama was part of a Wall Street-worshipping political class. Is it too much to ask that Obama admit that he was part of the problem? Apparently so.

Posted by: Swat02 | April 19, 2010 2:18 PM | Report abuse

It wouldn't hurt to consider how much the world economy was hurt by financial manipulations such as the those that caused Iceland to go bankrupt. Oh and forget them just think of all the foreclosures and bankruptcies here.It might even be that all of us are financially interconnected and causing untolled suffering to others may eventually do the same to us.

Posted by: Wildthing1 | April 19, 2010 2:15 PM | Report abuse

Break up the big banks before they do even more damage.

Posted by: corebanks1940 | April 19, 2010 2:12 PM | Report abuse

Yep, that's just what this country needs, more divisive anger for purely political purposes.

Posted by: mtpeaks | April 19, 2010 2:12 PM | Report abuse

URGENT TO PRESIDENT OBAMA (c/o Gibbs, Axelrod, Emanuel, Plouffe, Jarrett):

A multi-agency coordinated "action program" of your own government is committing financial sabotage and what amounts to a social and physical genocide against unconstitutionally "targeted" American citizens -- including those deemed to be "dissidents" and "undesirables."

Indeed, Mr. President, YOU and other political leaders may be in the cross-hairs.

This veteran journalist pleads with you -- ATTENTION MUST BE PAID:

http://nowpublic.com/world/u-s-silently-tortures-americans-cell-tower-microwaves

http://nowpublic.com/world/gestapo-usa-govt-funded-vigilante-network-terrorizes-america

ATTENTION 'PROJECT GENEVA' TEAM MEMBERS:

Let me shortcut your important work; see latest "comments" pages of all relevant articles at NowPublic.com/scrivener

Posted by: scrivener50 | April 19, 2010 2:09 PM | Report abuse

The heading tells the entire story. Obama to castigate investment banks he wooed in the past.

It must be nice to be a politician. To use someone for their money, only to then use them as your whipping boy only months later...all to further the interests of one's self.

...and maybe, Obama is doing the right thing here...maybe the investment banks are the biggest problem in America. Or maybe, the government is the biggest problem in America and the investment banks are just a well-timed scapegoat to beat upon for political purposes...nobody really knows the truth to this story except for those involved.

However, this is the exact epitome of our government's ails and our nation's ails. We find it acceptable and even admired when a man sells himself to a group for campaign contributions, but then turns on the same group for their indiscretions, fraud and crimes against the common man.

IT SEEMS TO ME, A MAN OF TRUE PRINCIPLE AND HONOR, WOULD NOT ACCEPT ONE PENNY FROM A GROUP OF THIEVES AND CORRUPTED GOONS.

But then again, I am not the one who ever accused any American politician of principles or honor.

Posted by: TheFreeMan | April 19, 2010 2:07 PM | Report abuse

The heading tells the entire story. Obama to castigate investment banks he wooed in the past.

It must be nice to be a politician. To use someone for their money, only to then use them as your whipping boy only months later...all to further the interests of one's self.

...and maybe, Obama is doing the right thing here...maybe the investment banks are the biggest problem in America. Or maybe, the government is the biggest problem in America and the investment banks are just a well-timed scapegoat to beat upon for political purposes...nobody really knows the truth to this story except for those involved.

However, this is the exact epitome of our government's ails and our nation's ails. We find it acceptable and even admired when a man sells himself to a group for campaign contributions, but then turns on the same group for their indiscretions, fraud and crimes against the common man.

IT SEEMS TO ME, A MAN OF TRUE PRINCIPLE AND HONOR, WOULD NOT ACCEPT ONE PENNY FROM A GROUP OF THIEVES AND CORRUPTED GOONS.

But then again, I am not the one who ever accused any American politician of principles or honor.

Posted by: TheFreeMan | April 19, 2010 2:06 PM | Report abuse

May the REGIME be with you, Obama Wan Nairobi.

Posted by: jahoby | April 19, 2010 2:02 PM | Report abuse

Keep this up And actually do something about these hairballs and i might actually come back into the democratic fold

Posted by: scon101 | April 19, 2010 1:55 PM | Report abuse

The president is only fixing what the Crawford Village idiot destroyed with his stupidity, incompetence, and cronyism.

Posted by: analyst72 | April 19, 2010 1:55 PM | Report abuse

Obama and the Dems have turned us into Argentina.http://directorblue.blogspot.com/2009/11/dont-cry-for-me-america.html

Posted by: votingrevolution | April 19, 2010 1:49 PM | Report abuse

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