Is racism a subtext in all these attacks on Cory Booker? [View all]
Why the ferocity? Is a successful, Stanford-educated African-American too much for some Americans? Wasn't Booker just following the lead of the president in defending the free-market system?
http://baselinescenario.com/2010/02/10/president-obama-on-ceo-compensation-at-too-big-to-fail-banks/
President Obama On CEO Compensation At Too Big To Fail Banks
Posted on February 10, 2010 by Simon Johnson | 104 Comments
Bloomberg today reports President Obama as commenting on the $17 million bonus for Jamie Dimon of JP Morgan Chase and the $9 million bonus for Lloyd Blankfein of Goldman Sachs,
“I know both those guys; they are very savvy businessmen,”
and
““I, like most of the American people, don’t begrudge people success or wealth. That is part of the free- market system.”
<edit>
This is the antithesis of a free-market system. Not only were their banks saved by government action in 2008-09 but the overly generous nature of this bailout (details here) means that the playing field is now massively tilted in favor of these banks. (I put this to Gerry Corrigan of Goldman and Barry Zubrow of JP Morgan when we appeared before the Senate Banking Committee last week; there was no effective rejoinder.)
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