Thursday, March 19, 2009

"Signed Off"

Will Congress ever limit his ability to receive huge paychecks from Wall Street starting next year? Shouldn't an official who makes decisions about which companies will survive and whether their executives get paid millions be barred from working in that industry after he leaves office?

This should happen now, and certainly as part of any financial reform package. Call it the Greenspan Clause.

7 Comments:

Anonymous Anonymous said...

The Street wouldn't like it, for obvious reasons.

3/19/2009 1:54 PM  
Anonymous Anonymous said...

Yes! Our government is very incestuous in that way. It makes me feel like our government isn't so much ours, as it is only for the rich, cronies, want-to-be-cronies, and those willing to do harm.

The other night on the news, a reporter interviewed a mother of a young soldier who recently lost his life in Iraq/Afghanistan. She said her son wanted to do good, make a positive difference. He wanted to make things better and help. Now contrast that with everything that is and has happened on Wall Street and in Washington.

3/19/2009 3:00 PM  
Anonymous Anonymous said...

Do you have the same sort of ire for Phil Gram and similar types?

Veteran Journalist Robert Scheer on AIG Bonuses, the “Backdoor Bailout” and Why Obama Should Fire Geithner, Summers
"Oh, there’s no question about it. And you should point out that UBS—that one of the officers of UBS is Phil Gramm, who was the Republican head of the Senate Finance Committee who pushed through the deregulation legislation, the Commodity Futures Modernization Act, the Financial Services Modernization Act, which made—allowed this to happen, which made these crimes legal. And, I mean, these people have no shame. This guy is an officer of a foreign company that we American taxpayers are paying for having caused all of this suffering. That is what I find astounding about this.

First of all, I think that the whole argument that they’re too big to fail is utter nonsense. That’s why we have bankruptcy courts. If you can’t pay your bill, you go through bankruptcy court, there’s a resolution of it. There’s absolutely no reason why AIG couldn’t have gone the way of Lehman. It didn’t go the way of Lehman because the head of Goldman Sachs was in on the meeting with Timothy Geithner, who was then head of the New York Federal Reserve, when they decided to save AIG hours after Lehman was allowed to go down the tubes. Why? Because Goldman Sachs had $20 billion insured by AIG. And the CEO of Goldman Sachs was in on that meeting—the only CEO. This is one of the great financial scandals of American history. I don’t know why that’s not being investigated. I think Timothy Geithner should be asked a lot of tough questions. I think he should be asked to resign, frankly, by the President, because he’s up to his eyeballs in this. "

3/19/2009 3:52 PM  
Anonymous Thomas Daulton said...

But how can we "attract the best and most qualified people" to government service if we cut off their gravy train of 7-figure Capitol Hill sinecures as "lobbyists"?

Foxhunting trips for retired Treasury officials will be next!

3/20/2009 5:19 PM  
Anonymous Thomas Daulton said...

Geez, I can't even make this stuff up!! How do comedians survive anymore?

CNBC says Wall Street can't be "run well" by people making less than $250,000 per year

He's referring to CEOs, not Treasury Secretaries, of course, but this is exactly the attitude I'm referring to. It's rare to see it so explicit... yet not as rare as I'd like it to be.

3/20/2009 5:28 PM  
Anonymous Anonymous said...

"Goldman Sachs, which has received $10 million in bailout funds, paid Summers $135,000 for a speech on April 16, 2008 and another $67,500 for a speech on June 18, 2008."

$135,000 for a "speech". Why don't they call it what it is, payoff monies. You watch my back, I'll watch yours...wink, wink.

4/03/2009 8:06 PM  
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