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

[cali]

In fact, it's been very good for corporate power and influence in general. It's certainly not just about this. For instance, 71% of his judicial appointments have been corporate lawyers and many of his appointments to various departments and agencies have been banksters and lobbyists. Better than a republican doesn't equal good for the 99% or democracy.


Wall Street bankers saw their annual bonuses rise 15 percent on average, hitting the highest level since the financial crisis, according to figures released Wednesday from the New York State Comptroller Thomas DiNapoli.

His office calculates that the average Wall Street bonus was $164,530. The New York Times reports that the average bonus figure takes in payouts at the lowest levels of the firm to the CEO, which pulls up the average.

That makes last year the third-highest average bonus paid ever, despite a year marked by lower profits and shrinking workforces on Wall Street. But references to bonuses on Wall Street is something of a misnomer since it's such a key part of a banker's annual compensation. The 2013 bonus estimate also got a lift from deferred compensation, often in company stock, that became a greater portion of bonuses paid out in the wake of the financial crisis, the Wall Street Journal reports.

http://www.bizjournals.com/orlando/morning_call/2014/03/wall-streets-average-bonus-rose-15-in-2013.html

[Romulox]

1. I just came from a thread in which a poster was discussing "returns" on the NYSE since 2008...

As if that were a period of "normal" growth.

[laundry_queen]

116. I know I read that and thought, "LOL wut?" nt

[ProSense]

2. President Obama

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

...has nothing to do with Wall Street bonuses. From the OP:

Wall Street bankers saw their annual bonuses rise 15 percent on average, hitting the highest level since the financial crisis, according to figures released Wednesday from the New York State Comptroller Thomas DiNapoli.

It's Wall Street being greedy.

On Wall Street, profits are down and the number of workers is shrinking.

But bonuses continue to swell.

Those payouts to Wall Street employees in New York City rose 15 percent on average last year, to $164,530, according to estimates released on Wednesday by Thomas P. DiNapoli, the state comptroller. That was the biggest average bonus since 2007, the year before the financial crisis.

Over all, workers in the securities industry in the city made an estimated $26.7 billion in bonuses last year. The bonus figures encompass everyone from the low-ranking employee to the chief executive, so high payouts to top managers can bring up the average.

That bonuses rose during a challenging environment for the banks reflects a cardinal rule of Wall Street: Firms are willing to pay big for top talent. This held true even as profits overall fell 30 percent to $16.7 billion, according to the comptroller’s report.

- more -

http://dealbook.nytimes.com/2014/03/12/wall-street-bonuses-go-up-as-the-number-of-jobs-goes-down/

[cali]

6. zoom. it's a bird, it's a plane, it's super Pro.

the ProDefender.

[ProSense]

9. "the ProDefender." What are you 5 years old? n/t

[cali]

10. lol. you're one to talk, Pro.

[ProSense]

12. Wall Street profits dropped 30 percent last year

Wall Street profits dropped 30 percent last year
http://www.democraticunderground.com/10024656791

Thanks Obama!

[cprise]

33. Interesting that bonuses are also rising. n/t

[ProSense]

39. It requires some thinking. n/t

[bahrbearian]

23. Faster than a Speeding Bullet.

How does she do it?

[LordGlenconner]

25. What's funny is

You actually think you are less of a broken record than the person you pillory.

[11 Bravo]

35. Astounding, no? A MINIMUM of three anti-Obama posts per day and she ...

derides someone else as being too predictable.

[ProSense]

37. What's "astounding" is how many jump in to blame Obama for Wall Street bonuses.

I mean, it defies logic, but that isn't required in blame Obama land.

[11 Bravo]

40. Exactly! And when it's pointed out to them that he had NOTHING to do ...

with Wall Street bonuses they either deny that they said it, claim that he is somehow responsible for a "climate", or simply abandon the thread; having completed their obligatory daily Obama slam.

[Cali_Democrat]

50. It's utterly absurd

The only way to curb those bonuses would be to get legislation through Congress and to Obama's desk.

Either people are ignorant of how our government functions, or they want a dictator to set compensation rates for workers in this country.

Actually the OP appears to be ignorant of how our government functions and also wants a dictator.

Kinda scary when you think about it.

[Whisp]

105. I'll take Ignorant for $500, Alex. n/t

[lumpy]

111. Hateful ignorance causes crap to flow out of slavering mouths...J.P. Riley

[Whisp]

104. my kitchen sink got blocked today. Thanks, Obama!

he's got an understanding with plumbers I tell ya!

[Number23]

110. You didn't just win this thread. You won the WHOLE DAMN web site

[warrprayer]

129. ...

[JDPriestly]

75. 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.

When the big bail-out deal was dictated in 2008 (and agreed to by Obama), certain employees on Wall Street had labor contracts (employment contracts if you prefer) that insured that they would receive huge bonuses.

Never mind that many of the companies, the banks, brokerages and Wall Street were not only failing but were bringing down the world economy with them. Never mind that. When it came time for bonuses to be awarded, the big shots on Wall Street and their employees argued and insisted and prevailed on the idea that the bonuses were guaranteed by their contracts and had to be granted to them. The greedy top dogs in the financial sector got their bonuses, stock options, etc. per their contracts.

Apparently those who negotiated the bail-outs made no effort to consider amending or revising the labor or employment (one word for the 99% and the other for the 1%) contracts even though some of the banks and insurance companies would have ended up in bankruptcy had the government not saved them.

Move to the auto industry and the bail-out that saved some of the auto manufacturing companies. As a condition for the bail-out (perhaps not literally but actually this was a condition whether called that or not), union contracts were renegotiated -- including some of the terms of the retirement benefits that had already accrued and were for current retirees (insurance benefits -- if my understanding is correct and benefits as well as pay scales were changed on existing contracts. Contrast this with the benevolent treatment of the fat cats on Wall Street.

And now, teachers find themselves being shortchanged across the country on their contractually agreed pensions.

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.

Race to the bottom for ordinary employees. Race to the top for the highest-level employees.

Let's ask for more change in 2016. The change we got with Obama is an improvement over Bush's regressive policies, but not nearly what we need in America.

[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.

<...>

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.

<...>

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

[JDPriestly]

81. What does that have to do with the fact that the Wall Street labor/employment contract

revisions were not a part of the 2008 bail-out?

[ProSense]

82. What? The OP has nothing to do with

"What does that have to do with the fact that the Wall Street labor/employment contract"

...what you're trying to conflate it with, which is the subsidy to companies for low-wage workers. One of the reasons for increasing the minimum wage is to cut down on these subsidies.

The OP is specific to Wall Street bonuses, and attempts to blame Obama for them. The information I posted has everything to do with executive compensation and the TARP, which you erroneously blamed on Obama.

[PowerToThePeople]

3. Should we start a poll to rename

this to:

FascistUnderground.com?

[cali]

4. if that's what you want to do, my dear, go for it.

[PowerToThePeople]

7. I don't need a meta thread

I cursed and hollered a bunch when there were some cop murders a little while ago. I can not push it for a while...

[jsr]

5. Well, because they've been working 10000% harder than you people

[cali]

8. In delusional aternate historyland, President Obama has battled

the Banksters and corporations.

[jsr]

11. The game is actually played in a multidimensional universe

which mere mortals are not financially equipped to view.

[Fumesucker]

13. ...

[JaneyVee]

14. Now Obama controls private sector bonuses? Sheesh.

I swear, some people here don't want a President, they want a dictator.

[cali]

15. No, I wanted DoJ prosecutins and I don't like the number of

corporate wall streeters and bankters appointed by the President. See the difference? Of course you don't. Never mind, just return to your regularly schedule adoration and defense of all things President Obama.

[ProSense]

16. So now you're denying that the OP blames Obama for Wall Street bonuses? n/t

[cali]

17. I'm saying that the administration bears some of the responsibility

for it. not all of it, but they sure as hell didn't do much to rein in the criminality and abuses. Obama rewarded Wall Street by not going after the criminal fucks. duh.

[ProSense]

19. Nonsense. You don't want him credited for the drop in profits, only the bonuses. n/t

[cprise]

36. "Drop in profits" means outsiders get shafted.

What do you think happened to the average investor in 2008?

Your spin reeks.

[ProSense]

38. So now Wall Street profits are good?

"Your spin reeks."

Coming from someone who's advocating more profits for Wall Street.

[cprise]

47. Are you some kind of 'newspeak' enforcer? I won't play your game of dualism.

And whoever pays you to sit on this board all day dominating/browbeating conversations is probably not getting their money's worth.

[ProSense]

52. Don't try to deflect from the fact that you claimed Wall Street profits are good.

"And whoever pays you to sit on this board all day dominating/browbeating conversations is probably not getting their money's worth."

That's the kind of drivel that has become the norm for everyone in blame Obama land.

[cprise]

58. And you're here to correct the errors of most DUers, no doubt

I didn't say Wall St. profits are "good" or "bad", so stop putting words in my mouth you astroturfing, Orwellian weasel.

[ProSense]

65. Yes, you stated that lower profits were a negative. n/t

[cprise]

68. Most investors are not Wall St. bankers. But you want to frame it as black/white

so you can sling mud at another DUer who isn't sympathetic to your establishment heroes.

Its a low grade rhetorical tactic based on a fallacy.

[lumpy]

114. Astroturfing weasel is not mud-slinging in your nearsighted world?

Low grade rhetorical tactic based on a fallacy? Whatever you say I guess you believe.

[bvar22]

124. "astroturfing Orwellian weasel"

Nailed It!

Worth it even if it buys a "hide".

[lumpy]

112. Gaaakkkk..Now that's one spin too much, I'm dizzy

[JaneyVee]

20. Also passed some Wall Street reforms. Btw, who signed TARP anyway?

[bvar22]

125. BTW: Who voted FOR Tarp and lobbyied other Democratic Senators to vote FOR TARP...

...while parading in front of the TV cameras promising Americans that he would NOT vote FOR it unless it contained ironclad protections for Main Street?
ALL while he was a Sitting Senator in 2008?

The much ballyhooed Great Wall Street "Reforms":

*Did NOT fix the problem

*Will NOT prevent another Meltdown

*Did NOTHING to bring the most toxic of scams (derivatives) under regulation

*Did NOTHING about "Too Big to Fail"

*Did nothing the rebuild the firewall between Investment & Savings
(the firewall that was torn down by the Clinton Administration)

...in fact, did very little to solve our problems.
Dodd-Frank was the very least Window Dressing they could use,
and still claim to have instituted "reforms".

Pardon me if I don't join the Mission Accomplished, aren't they GREAT parade of fools.


You will know then by their WORKS.

[lumpy]

109. Oh, I thought it was all Obama's fault. Sorry, I guess I misread your statement; so it is STILL

Obama's fault bonuses rose on Wall St. instead of him going after criminal 'fucks'.

[JaneyVee]

18. You're the one who seems obsessed with him.

Feel free to run for Congress and write some bills/laws. Btw, your OP said nothing of what your post now just said.

[cali]

21. No, I'm obsessed with policy and how it relates to creeping corporate power and

influence.

[ProSense]

22. What the hell does that have to do with blaming Obama for Wall Street bonuses? n/t

[bvar22]

126. Correct me if I'm wrong here, Pro,

..but during the public outrage over the obscene bonuses Wall Street was paying themselves with our bailout money,
and the public demands for clawbacks and prosecutions,

wasn't it President Obama himself who rode to the defense of the Banksters and their "bonuses"?
who stepped in front of the TV cameras admonishing the American Public for their anger?
Aren't the following EXACT quotes from the Press Conference?

*"We can't begrudge them their wealth."

*"They are just savvy businessmen."

*"Its the Free Market."

*"I mean, look at all the baseball players."

Aren't those exact quotes?
They were burned into my mind along with the final realization that Hope & Change was nothing more than a marketing Slogan.


You will know then by their WORKS.

[bluestate10]

98. How does one prosecute people for acts that were sleazy, but were still within written laws. nt

[Whisp]

106. that's about it, change the laws that were slithered in over the last 30 years.

but blaming Obama is easier.

[lark]

34. Not really. They want a D and don't give a crap what he does once elected.

He's Super Obama, savior of the world, and don't you dare say anything else or you hear the wrath of ProSense.

[Cali_Democrat]

41. Actually the only people who think he's "Super Obama"

are the folks who think he controls Wall Street bonuses.

He's not a dictator.

[NYC Liberal]

63. Yep.

And it's funny how this Pic of the Moment was meant to describe Republicans, but actually fits the anti-Obama posters here to a tee:

[lark]

67. Yeah, agree about the bonus thing.

He's the person who picks the people that set a lot of policies and there I have MAJOR disagreements with the Repugs he loves to choose.

[Cali_Democrat]

69. The whole OP is about bonuses.

Who can he pick to set policy for compensation? You really don't know how our government functions, do you?

The only way to limit compensation would be to get legislation through Congress. There's no possible way for the executive branch to limit what companies pay people who are employed by those same companies.

This whole thing is just fucking fantasy.

[lumpy]

108. Obama hate causes some people to show their ignorance. Just think of the ridiculous rhetoric

coming from the mouths of the Tea people and GOPers.

[1StrongBlackMan]

24. Your complete ignoring of this thread ...

The U.S. Senate on Wednesday approved Federal Reserve Governor Sarah Bloom Raskin to be the No. 2 official at the Treasury Department, backing a critic of Wall Street to help coordinate an overhaul of financial regulations. The Senate approved the nomination by voice vote.

http://www.democraticunderground.com/111649405

Has been noted, though I really was not surprised in the least.

[cali]

44. didn't even see it, dear. oh and big fucking deal.

he's had years to do something and this is it? pathetic.

your nonsense and adoration is always noted by be.

[1StrongBlackMan]

53. You "see" and post every article (figuratively, of course) ...

from a plethora of sources ... that furthers your "President Obama Bad" narrative; but miss a prominent article that shows President Obama is doing/has done what you claim to want?

And then, when it's pointed out, you minimize it?

Telling ... Very telling!

Now, I will leave you to your STDV 2014 mission/message.

{ETA: And don't call me "dear", thank you.}

[sheshe2]

97. Some only see what they want to see, 1SBM.

And when they do it is dismissed.

If it's not bashing this President, it is most assured not to make the top of the page. That's what it's all about theses days.

[1StrongBlackMan]

103. I guess ...

But it is so, so transparent.

[sheshe2]

107. Yes it is...

sadly it is.

[Number23]

113. "it is so, so transparent" and boring as all hell as well

[Cali_Democrat]

26. Obama gave those bonuses to Wall Street executives?

[Blue_Tires]

27. So why have ALL the Banksters And Wall Streetians

been screaming for six years nonstop that he's a "business-killing communist?"

[jsr]

30. They are furious:

http://www.washingtonpost.com/politics/obama-has-more-cash-from-financial-sector-than-gop-hopefuls-combined-data-show/2011/10/18/gIQAX4rAyL_story.html

Obama still flush with cash from financial sector despite frosty relations
By Dan Eggen and T.W. Farnam, Published: October 19, 2011

Despite frosty relations with the titans of Wall Street, President Obama has still managed to raise far more money this year from the financial and banking sector than Mitt Romney or any other Republican presidential candidate, according to new fundraising data.

Obama’s key advantage over the GOP field is the ability to collect bigger checks because he raises money for both his own campaign committee and for the Democratic National Committee, which will aid in his reelection effort.

As a result, Obama has brought in more money from employees of banks, hedge funds and other financial service companies than all of the GOP candidates combined, according to a Washington Post analysis of contribution data. The numbers show that Obama retains a persistent reservoir of support among Democratic financiers who have backed him since he was an underdog presidential candidate four years ago.

Obama’s fundraising advantage is clear in the case of Bain Capital, the Boston-based private-equity firm that was co-founded by Romney, and where the Republican made his fortune. Not surprisingly, Romney has strong support at the firm, raking in $34,000 from 18 Bain employees, according to the analysis of data from the Center for Responsive Politics.

[cali]

43. because they're greedy, duplicitous fucks. and btw, President Obama

has had HUGE FUCKING financial support from Wall Street and the financial sector. You know what they say; actions speak louder than words.

oh, and they haven't really screamed non-stop- not most of them

[ProSense]

45. Again

"because they're greedy, duplicitous fucks. and btw, President Obama has had HUGE FUCKING financial support from Wall Street and the financial sector. You know what they say; actions speak louder than words.

oh, and they haven't really screamed non-stop- not most of them"

...what the hell does that have to do with blaming Obama for Wall Street bonuses?

[cali]

51. One more time:

He let the banksters off the hook. President Obama says the right things and doesn't do the right thing. He's a corporate politician to the max.

Now do return to your scheduled adoration of all things Obama, pro.

[ProSense]

55. Again, what the hell does that have to do with you blaming Obama for Wall Street bonuses? n/t

[Blue_Tires]

70. If the WSJ, Fortune and other business publications are any sign

yes, pretty much 90% of them have screamed nonstop...

I'm just sayin'

[VanillaRhapsody]

28. and today he is going to be 'very very good' to millions of workers who have been denied

Overtime Pay for years!

Thank YOU President Obama.....I am grateful for all you've been able to accomplish even in the face of obstruction from the Right and all the negativism coming from elsewhere...

[cali]

42. a sop.

a crumb. better late than never and it looks good, but it's largely a gesture. Obama cares a lot more about his corporate buddies than the poor and working people. He gives good rhetoric, but then he pushes fracking and the TPP and shit that hurts the poor and working people more than what he's done to help them.

<snip>

The campaign comes as working-class Americans are struggling to get by on incomes that have not increased appreciably during the Obama administration, despite record corporate profits and a recovering economy. Though stagnant wages are primarily attributed to larger economic forces, economists say federal rules that have failed to keep pace with the growing cost of goods and services have also played a part.

While Obama largely ignored the issue during his first term, he has placed it at the center of his economic agenda ahead of this fall's congressional elections. Critics complain that the campaign is more rhetoric than substance — his proposal to raise the minimum wage to $10.10 is unlikely to clear Congress. Meanwhile, the move to change federal overtime rules, first reported by the New York Times, is not intended to produce results until the waning days of Obama’s presidency.


White House officials declined to describe the proposal in detail, suggesting only that they were contemplating a change in the salary threshold that determines whether an employee receives overtime pay for working more than 40 hours a week.


<snip>

http://www.washingtonpost.com/politics/obama-to-order-expansion-of-overtime-pay/2014/03/12/3262d334-a9f2-11e3-8599-ce7295b6851c_story.html

[VanillaRhapsody]

57. A CRUMB? Are you serious? Obviously you are NOT someone this effects..

the workforce has been fleeced for YEARS for no doubt BILLIONS of dollars because of this insane rule. THIS is just the negativity I was talking about....Because apparently Obama is a magician and can wave a magic wand and make all your dreams come true.

Also this IS a real job creator because Time and a Half will encourage them to hire more employees..


CRUMB my Aunt Fanny! THIS is a BFD!

[cali]

59. Yes. a crumb. read the fucking details.

[ProSense]

61. Photo of Obama handing out Wall Street bonuses

[VanillaRhapsody]

77. I have LIVED it!

how about you? Got any skin in THIS game?

[bluestate10]

100. The OP doesn't care about benefits that you gained from President Obama's efforts.

The only thing that matters is blindly striking out at the President without giving a single fucking alternative. The tactic is so republican like. The President is not a dictator, he can't implement laws against Wall Street with republicans constantly blocking every legitimate effort to reign in Wall Street, the impact of Dodd-Frank was blunted by republicans. So called progressives and bleeders for the common person, as they like to put themselves on their own created pedestals, can bring about change by helping get rid of republican office holders, but that won't happen because they are too busy attacking Democrats and our President.

[VanillaRhapsody]

115. Agreed....they cannot believe Obama didn't give them their ponies, unicorns and flying cars!

[Tierra_y_Libertad]

29. Wall Street is about as "well regulated" as the "well regulated militias" we hear about.

[L0oniX]

31. ^^^this^^^

...but of course they are not terrorists ...are they? Financial terrorists perhaps?

[L0oniX]

32. They are financial terrorists I tells ya ...terrorists.

[bvar22]

46. "We can't begrudge them their wealth"

I know these guys, "and they are just savvy businessmen."

"I mean, look at all the baseball players."
"Its the Free Market."

---President Obama defending the obscene Bonuses the Banksters awarded themselves in 2009

[ProSense]

48. Obama caps contractor pay

He has control over that.

Executive order on federal contracting means real action on economic mobility

By Heather C. McGhee and Amy Traub

When it comes to boosting economic opportunity, President Obama isn’t going to wait for Congress anymore...the President made a powerful statement about employers’ obligation to reward work -- starting with his own obligation as the executive in charge of millions of federal contracts.

In a study we released last May, Demos found that nearly two million private sector employees paid with federal tax dollars through contracts, loans, grants, leases and health spending, earn wages too low to support a family. These are people working on behalf of America, doing jobs that we have decided are worthy of public funds—yet they’re being treated in a very un-American way. That’s why federal workers have been walking off the job for the last year...Now the President has taken a major step to lift up hundreds of thousands of those workers. In the process, the president will help families work their way up out of poverty and give new momentum to efforts to raise the minimum wage for everyone laboring too hard for too little in today’s low-pay economy.

The truth is that preferring contractors who pay workers at least $10.10 an hour will have benefits far beyond the workers themselves and their families. When our tax dollars subsidize and promote the creation of low-wage jobs rather than positions that enable workers to afford the necessities of life, there is a ripple effect throughout the economy: poorly-paid workers have less to spend in their communities, and businesses facing less consumer demand in turn hire fewer workers, stunting economic recovery. Low-paid workers also contribute less in taxes and more often need public benefits to provide for their families....From the 1931 Davis-Bacon Act onward, the idea that the federal government should be a model employer – and that employees working on behalf of the public should have strong workplace protections – has an extensive history in our country. The use of executive orders to improve the employment practices of companies granted federal contracts also has a long precedent. Beginning in 1941, successive presidents from both parties signed executive orders aimed at preventing employment discrimination by federal contractors. President Obama’s order raising wages for companies that do business with the federal government follows this successful precedent.

If the cost of federal contracts is a concern, the spotlight should be not on the employees who will finally see a raise to $10.10 an hour, but rather on the over $21 billion a year the government spends on the pay of their bosses, the top executives at contracting firms. After Demos put a number on this subsidy of executive excess in a September report, Congress included a lower maximum pay reimbursement for contractors in its December budget deal. But even the lower cap still provides executives a roughly $234.00 an hour subsidy. When you consider that our current contracting system fuels inequality through both lavish compensation for CEOs and poverty wages for front-line workers, it becomes clear where cost-cutting efforts should be focused.

- more -

http://thehill.com/blogs/congress-blog/economy-budget/196837-executive-order-on-federal-contracting-means-real-action

On the lower cap for maximum pay...

Varied views on new contractor-pay cap

By Josh Hicks

Federal worker unions have applauded a new limit on pay for government contractors, but one industry group has warned that the “arbitrary” cap will cause problems for those who do business with federal agencies.

The restriction, which came as part of the new budget deal Congress and President Obama approved last month, reduced the highest level of contractor compensation from its previous annual limit of $952,000 per individual to $487,000 per individual, a drop of nearly 49 percent.

The Professional Services Council, a group that represents the professional- and technical-services industries, said in a statement on Friday that the rule will “inhibit the ability of companies to attract top talent.”

<...>

The American Federation of Government Employees has argued since at least last year for lowering the limit to $230,700, which would match Vice President Biden’s salary in 2013. The organization included that proposal in its list of 2014 legislative priorities.

- more -

http://www.washingtonpost.com/blogs/federal-eye/wp/2014/01/03/varied-views-on-new-contractor-pay-cap/

Obama pushes to limit federal spending on corporate executive pay
http://www.democraticunderground.com/10022927167

[bvar22]

64. YES!!! And he got a DOG too!!!!

Please pay attention.
Your post was completely irrelevant to the topic of this thread which is
the obscene Bonuses Wall Street Bankers have paid to themselves.

Back in 2009, there WAS a movement to Claw Back the Bankster Bonuses.
President Obama stepped up to the mic to defend the Bankster Bonuses with the comments
I posted above.

[ProSense]

72. Well,

Please pay attention.
Your post was completely irrelevant to the topic of this thread which is
the obscene Bonuses Wall Street Bankers have paid to themselves.

..."pay attention" to this: What the hell does Obama have to do with Wall Street handing out bonuses?

Back in 2009, there WAS a movement to Claw Back the Bankster Bonuses.
President Obama stepped up to the mic to defend the Bankster Bonuses with the comments
I posted above.

The Federal Government cannot prevent bonuses or control how a company hands them out. It can put in place certain provisions related to executive compensation, which Dodd-Frank did.

SEC Will Require Companies To Report CEO-To-Worker Pay Ratios
http://www.democraticunderground.com/10023694931

[bvar22]

92. Full of NonSense.... as usual.

When the Wall Street Banksters were demanding nearly a TRILLION Dollars from the government,
the government could have asked for anything, even that Banksters receiving Money give up their "bonuses".
Banker Bonuses could have easily been attached to TARP before the bailout.

In fact, a popular candidate for President and Senator in 2008 promised the American people that conditions would be imposed to protect taxpayer money before he would vote for TARP.
Of course, that was just BS for the cameras,
and TARP was passed with No Strings Attached,
because the Banker Contracts were sacred,
and NOTHING could be done.


Contrast THAT with the conditions imposed ON and concessions demanded FROM the Auto Workers BEFORE their "Bailout".

[Enthusiast]

119. +1 a whole bunch!

[ProSense]

128. Actually,

"Full of NonSense.... as usual.

When the Wall Street Banksters were demanding nearly a TRILLION Dollars from the government,
the government could have asked for anything, even that Banksters receiving Money give up their "bonuses".
Banker Bonuses could have easily been attached to TARP before the bailout. "

...the above is "full of nonsense." It's also clear that you have no idea about the recently enacted laws to clawback executive compensation.

Big fine imposed on ex-Goldman trader Tourre in SEC case

By Nate Raymond and Jonathan Stempel

(Reuters) - A U.S. judge on Wednesday ordered former Goldman Sachs Group Inc trader Fabrice Tourre to pay more than $825,000 after a jury found him liable for defrauding investors in a subprime mortgage product that failed during the financial crisis.

The decision by U.S. District Judge Katherine Forrest in Manhattan came in one of the prominent Wall Street cases linked to the crisis, and one of the few in which an individual was held personally responsible for wrongdoing.

Tourre was ordered to pay $650,000 in civil fines, and give up an additional $175,463 bonus plus interest linked to the transaction at the heart of the U.S. Securities and Exchange Commission case.

The total payout fell below the roughly $1.15 million, including a $910,000 fine, that the SEC had sought.

- more -

http://www.reuters.com/article/2014/03/12/us-goldmansachs-sec-tourre-idUSBREA2B11220140312

Bank of England Seeks to Expand Clawback Rules

By CHAD BRAY

LONDON – Bankers who engage in misconduct could have their bonuses clawed back for up to six years after the improper conduct under a new rule proposed by the Bank of England.

Under Britain’s so-called remuneration code, the Prudential Regulation Authority, a regulator in the central bank, can require the lenders it regulates to recoup bonuses that have been deferred when there is misconduct, actions that lead to significant losses and failures of risk management. Under the proposal, the clawbacks would also apply to supervisors of employees who engage in improper behavior.

<...>

In the United States, the Dodd-Frank Act, passed in 2010, allows for clawbacks of up to three years on incentive pay to executive officers if there is an accounting restatement. The Sarbanes-Oxley Act, passed in 2002, allowed for the clawback of bonuses from a company’s chief executive and its chief accounting officer if there was a financial restatement.

<...>

On Wednesday, Fabrice Tourre, the former Goldman Sachs trader, was ordered by a federal judge in Manhattan to forfeit a bonus of roughly $175,000 tied to his work on troubled mortgage deal at the center of his trial last year. He was ordered to pay $825,000 in penalties and other costs.

In a civil case brought by the Securities and Exchange Commission, Mr. Tourre was found liable by a federal jury last year of defrauding investors.

http://dealbook.nytimes.com/2014/03/13/bank-of-england-seeks-to-expand-clawback-rules/

[JoePhilly]

49. Well, the market was about HALF what it is now when he took office.

Oh right ... the market recovery is a BAD thing. We were much better off when it was in free fall.

I forgot.

[cali]

54. where have the vast majority of those profits gone, dear?

[ProSense]

56. Is Obama to blame for the 30 percent drop in Wall Street profits?

http://www.democraticunderground.com/10024656791

[ProSense]

62. LOL. Five-year-old. n/t

[bluestate10]

99. You defense a counterpoint with name calling. That is elementary schoolyard behavior. nt

[1StrongBlackMan]

73. How exactly would a POTUS ...

effect where the profits of private enterprises go?

[highmindedhavi]

66. He gave those crooks billions through TARP

just like Bush did. His attorney general said that banks are "too big to prosecute". Another bank puppet. Rich got richer.

[Cali_Democrat]

71. TARP was passed prior to Obama becoming President

Sorry to burst your bubble.

[Romulox]

78. Right, but the majority of it was distributed in 2009. nt

[Cali_Democrat]

84. Yes...according to the TARP law that was passed in 2008, before Obama became President

The President cannot ignore a law and refuse to distribute funds.

I swear, some people here really do want a dictator.

[Romulox]

85. The Obama admin formally requested the funds.

What is gained by denying plain fact?

Obama: Give me the money

NEW YORK (CNNMoney.com) -- President-elect Barack Obama made his case Monday to Congress for the release of $350 billion in remaining federal bailout funds.

A top Obama economic aide laid out new priorities for the use of the remaining balance under the Treasury Department's $700 billion Troubled Asset Relief Program, or TARP. In a letter addressed to the leadership of the Senate and House of Representatives, the Obama team strikes a note of urgency about winning the release of the funds.

"President-elect Obama believes it is not too late to change course, but it will be if we don't take dramatic action as soon as possible," says the letter, written by Lawrence Summers, director-designate of the National Economic Council.

http://money.cnn.com/2009/01/12/news/bush.tarp/

[Cali_Democrat]

86. He had to by LAW.

It appears people lurve them some dictators, as long as it's their policies being dictated.

[Romulox]

89. That's just false. Read the link. nt

[Cali_Democrat]

91. You're right then

I thought all funds were already requested prior to him being sworn in.

[rhett o rick]

96. "I swear, some people here really do want a dictator. " Can you spell PROJECTION? nm

[BodieTown]

74. Quantitative Easing

People so soon forget:

QE is very, very good for banks and Wall Street.

It's the stimulus that keeps on giving...to the one-percent.

Throughout 2013, QE was full-steam-ahead. Since 2008, I believe.

Basically interest-free money for banksters. Banksters invest in Wall Street. Wall Street richly rewards its CEOs and hedge-fund managers.

Taxpayer-subsidized money (socialized loss) equals handsome bonuses for Wall Streeters (privatized profit).

That's how it works, like it or not.

Janet Yellen, the Fed Chair, appointed by the Executive branch of government. You really think she doesn't reflect the President's preferences?

The Dow is has been past 16000 again, based on historically low volume. That's the big boys at play with the little peoples' money.

To suggest that banksters/Wall-Streeters do not benefit from Obama's decisions is remarkably naive.

[Kablooie]

76. *EVERY* administration is good to Banksies and Wall Thieves.

Until we get big private money out of politics it will remain the focus of every administration no matter how progressive they want to be.

I would bet that even Elizabeth Warren would find strict limits to her power over the 1% if she became president.

[truedelphi]

95. Very good assessment.

And if Warren gets elected to the Oval Office, I bet she is invited to Dallas early on in her career as Prez.

[JDPriestly]

79. Please forgive me for being a bit off-topic, but bonuses are something we should talk about.

It’s no secret that US CEOs are some of the best-paid people on earth. After all, for the first time ever, the two top-paid corporate executives took home billion-dollar pay checks. What seems to be a better-kept secret, though, is that a large portion of their pay is tax deductible – which creates, effectively, a government subsidy for corporate bonuses.

It’s all thanks to a lucrative tax break that's completely legal. In 1993, when Congress capped the tax deductibility of executive pay at $1m, it allowed US corporations to deduct performance-based pay –including stock options – from their federal income taxes. The companies use the tax-deductible stock options to lower their IRS bills. That, in turn, means that those rich executive bonuses turn into government subsidies.

The total cost to the US: in the neighborhood of $7bn a year at last count, according to the Economic Policy Institute.

The fast-food industry, in particular, has racked up $64m in tax savings by giving its CEOs big bonuses.

http://www.theguardian.com/money/us-money-blog/2013/dec/03/tax-breaks-for-ceos-pay-for-million-dollar-salaries

Bonuses are a tax loophole that Congress should close.

[Cali_Democrat]

90. Thank you for that.

Yes, it's something we should talk about and there's no question legislation has to get through Congress.

There's a process to follow when it comes to things like this.

Contrary to what some believe on this thread, here's no way Obama can prevent bonuses from being paid by himself.

It requires collective action and Congress has to close these loopholes.

[Rex]

83. Of course they have! Just look at his cabniet appointments!

Income inequality is the worst in recorded history! But you know the Third Way apologist will defend their paycheck to the last reply!

K&R for pissing off all the RIGHT people!

[Glitterati]

87. AND to the uninsured

I haven't had insurance in almost 30 years and I have a chronic condition.

My daughter is 18 and has never been insured in her life.

[MisterP]

88. "nu-uh! so why are they complaining about him all the time?

there's now WAY Wall Street and King Coal would be so cynical as to use complaints to shift the agenda further in their favor!"

[WhaTHellsgoingonhere]

93. sheds light on another phenomenon we see at DU

For many, this "if this happened under Bush" test doesn't apply.

IF THIS HAPPENED UNDER BUSH, 100% of DUers would be correct to make posts like "Recovery? it's a jobless recovery!" or "Yeah, jobs, but they're crappy paying jobs" or "The stock market is a casino" and "What the stock market is doing says nothing about our economy" or "Unemployment numbers are improving because long-term unemployed aren't being captured" or "Real unemployment is much higher."

BUUUUUUTTTTTTTT...this Obama, and now for many, these sound arguments no longer apply.

We're seeing the same phenomenon being played out with Snowden and Greenwald right now, as well.

Pathetic

[truedelphi]

94. And best news of all is if we get Hillary Clinton in the Oval Office, or

Whoever is the Republican contender, we can have another four years of the same!

[pragmatic_dem]

101. And so has Eric Holder, they are like the dynamic duo, dressed in green spandex...

shooting dollar bills at rich people with the 3rd Way Ray Gun.

Just don't get caught downloading too many documents from MIT.

Justice Dept is on it.

Speaking of Holder, has anyone seen him?

Thinking of putting out an Amber Alert.

[pragmatic_dem]

102. Only 30% of Americans have stock worth $5000 or more....

And 30% of Americans have ZERO savings.

Stock ownership (~50%) is lowest since 1998 when Gallup began tracking the percentage.

Two factors:

1. Americans know that neither party is protecting small investors as witnessed by the non-regulatory aftermath of multitrillion dollar mortgage fraud so they are hesitant to gamble with modest savings, especially with education and health care costs so high.

2. People have less wealth year over year because wages continue to stagnate or decline.

http://www2.ucsc.edu/whorulesamerica/power/wealth.html

http://money.cnn.com/2013/05/09/investing/american-stock-ownership/

[DiverDave]

117. BUT, BUT, BUT ninth dimension chess!!

He is just setting them up...yeah, that's the ticket

Now alert because I told the truth.

[Bobbie Jo]

121. Meh

Too lame to alert.

Just please, get some new material already.

[DiverDave]

123. TY for your well reasoned and thoughtful post

and bye, ignore.

[Enthusiast]

118. K&R! Way to go, cali! I'm inspired!

We have the whole cast of Obama apologists on this thread. It must be an article they do not want you to read.

[NCTraveler]

120. Let me see if I get the logic here.

Obama appoints lawyers as judicial appointments, people who have worked in the banking industry to financial positions, and persons with specific expertise to other positions; therefore, Obama must be responsible for corporate bonuses. This bottom of the barrel article truly tries to make that link. Failed miserably.

Also, simply being a lobbyist does not make one a bad person. Often it is just the opposite. I wish people understood what a lobbyist is. Blanket condemnation of them shows a true lack of knowledge as to the function they perform in Washington.

[woo me with science]

122. K&R

[yourout]

127. I don't blame Obama the President but Obama the Senator should get some blame along with every.....

other Senator that did not insist on some very significant changes being tied to the bailout.

Namely the repeal of The Gramm-Leach-Bliley Act.

It should have been In no uncertain terms...repeal Gramm-Leach-Bliley or no money.

As it is they have just set the table for the next crash and this one will make the last one look like a walk in the park
as we have little to no resources left to pull us out.

[woo me with science]

130. kick