The Obama Administration Has Been Very, Very Good To Banksters And Wall Streetians

[ProSense]

80. No,

Bush and Obama are to blame for a situation out of which Wall Street was given the message that its greed was not just OK but almost vital to our national interests.

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So the benefits of the people working in the financial sector are sacrosanct while those of the 99% of working people -- not so much. Obama signed off on the bonuses for the financial sector. His representatives in the bail-out of the auto companies made the employees pay part of the losses of their employees in the form of contract changes.

Shows where Obama's heart is. Sorry. But those are the facts. And now, state after state is reducing teachers' salaries and cutting benefits. The bail-outs of Wall Street and of the auto companies started a trend.

...those are not the "facts."

In fact, the claim that Obama "signed off on the bonuses for the financial sector" is completely bogus.

Here are the facts. Dodd-Frank reduced the TARP.

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The TARP program originally authorized expenditures of $700 billion. The Dodd–Frank Wall Street Reform and Consumer Protection Act reduced the amount authorized to $475 billion. By March 28, 2012, the Congressional Budget Office (CBO) stated that total disbursements would be $431 billion and estimated the total cost, including grants for mortgage programs that have not yet been made, would be $32 billion.

http://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program

Dodd-Frank also included clawbacks for executive compensation.

Big fine imposed on ex-Goldman trader Tourre in SEC case
http://www.democraticunderground.com/10024657852