Barack Obama spoke to an empty room of Wall Street suits on Monday, a day after his scathing ’60 Minutes’ interview decrying the “fat cat Wall Street bankers”. The room wasn’t empty as there were at least a dozen or so members of the financial industry on hand. It’s just that the biggest players opted out of the meeting instead making the president talk to them via tele-conferencing. It looks like the fat cats are now showing the president who the big dogs really are.
CitiBank has agreed to return $20b of the $45b it was issued as part of the TARP bank rescue program. There was also an agreement for a $300b ‘backstop’ to be guaranteed to cover all the toxic loans that CitiBank had granted. Paying $20b back seems like a wild discount doesn’t it? I hate the fact that I can not understand shit with all of this banking chicanery.
The one thing I do understand is that there are going to be billions of dollars in bonus money doled out by Wall Street before the years end. The economy is fixed someone said. Yeah, show ya’ right. I prA’li shouldn’t have used that headline since this story isn’t about the fact that the president is a schvartze in some fancy schmatte being stood up by some schmucks in as much as it is the power dynamic of capitalism manifesting itself.
G DUBBZ knew better than to throw the bankers under the bus.
