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Thursday, February 05, 2009

Obama Targeting the Wrong CEOs

The polls are in.  Poor people of America hate that CEOs took $18B in bonuses. Needless to say, this is a crisis. And in a crisis it is necessary for Obama to step in, which in this case means he must punish these bad CEOs...the new boogeymen.

They also make great distractions, and based on Obama's performance in his first two weeks, he needed a good distraction. We should be questioning his CEO credentials, and the fact that he can't pick a cabinet of lawful citizens. Oh, and there is this nasty business of Obamulus, now closing in at $900B. When you examine the pork in this bill $18B of CEO bonuses looks like a gnat on a boar's butt.

What we are not being told is that these CEOs are not arbitrarily setting their compensation packages.  It is the board who approves these packages. So shouldn't Obama be chastising the boards, and not the individual CEOs?

Regardless, Obama scrutiny will only apply to rich, White, private-sector boogeymen, and not to Liberals like Franklin Raines, a Liberal brother who exited the CEO "bidness" with perfect timing:

From Barackbook.com

"In the four years since he stepped down as Fannie Mae's chief executive under the shadow of a $6.3 billion accounting scandal, Franklin D. Raines has been quietly constructing a new life for himself. He has shaved eight points off his golf handicap, taken a corner office in Steve Case's D.C. conglomeration of finance, entertainment and health-care companies and more recently, taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters." (Anita Huslin, "On The Outside Now, Watching Fannie Falter," The Washington Post, 7/16/08)

Raines managed to bilk the government out of $billion, getting a mega $million package for himself. Yet Obama sought counsel with him on how to handle…the financial crisis. Does it even surprise any of you that Obama would ask for counsel on a financial crisis from a disgraced CEO, who was complicit in creating the financial crisis? I couldn't make this stuff up folks.

Guess who was complicit with Raines in his duping of America? None other than Democratic Congressman from Massachusetts, Barney Frank and Democratic Senator from Connecticut, Chris Dodd. So not only did these men allow this to happen under the careful scrutiny of Nancy Pelosi and Harry Reid, they then had the nerve to ask for $350B to manage the fallout of their actions.

So where did that first $350B go? Well we are still looking for that. And that fact that the Democratic controlled Congress has admittedly set no standards for how $350B should be managed, doesn't rise to the level of a "crisis" in the eyes of Obama. But $18B of so-called CEO abuse, well now that's a crisis.

Here's the wrap:

Our Congressmen are the CEOs of our various states. They are appointed to represent our interests. And just the other day the CEOs in the House gave themselves $93K in additional "petty cash" to use at their sole discretion. They didn't ask the board, and they didn't ask the shareholders, aka the taxpayers. They just did it.

But let's not forget their recent pay raise, taking their pay to $174K, and in the top 6% of incomes in America. These raises in salaries occur automatically, unless they vote for them not to occur.

"As lawmakers make a big show of forcing auto executives to accept just $1 a year in salary, they are quietly raiding the vault for their own personal gain," said Daniel O'Connell, chairman of The Senior Citizens League (TSCL). "This money would be much better spent helping the millions of seniors who are living below the poverty line and struggling to keep their heat on this winter."

While Obama was lambasting private sector CEOs over $18B, the real thieves are these Congressional CEOs, and cronies thereof, and they are robbing us in plain sight, because they report to no one, not even us.  No board for oversight, and no Obama breathing down their necks.

Here is what this is really about.  The Messiah is going to need to blame the falling stock market on somebody.  He won't blame his bosses, the Democratic Congressmen.  Thank God for the easy targets, scapegoats, boogeymen...rich, private-sector CEOs.

That's my rant!

© 2009 Kevin Jackson – The Black Sphere All Rights Reserved


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33 comments:

Anonymous said...

zacharytelschow

This author is great. Keep sending these my way.

"While Obama was lambasting private sector CEOs over $18B, the real thieves are these Congressional CEOs, and cronies thereof, and they are robbing us in plain sight, because they report to no one, not even us. No board for oversight, and no Obama breathing down their necks."

Amen.

DawnofAquarius said...

Kevin and Zacharaytelschow, you nailed part of the problem. Now let's take it another level lower. We are the CEOs of our families/selfcorporationsgo. Why are we not executing our responsibility of managing the body politick better?

What will it take to get rid of all the bums in Washington (Democrats and Republicans)? Voting doesn't seem to be working and armed revolution is against the law (although putting bombs in public places, long ago, seems well-tolerated by the current POTUS, if William Ayres is any evidence).


Perhaps it's time for all of us to change our names and our modus operandi to John Galt, Inc. Drastic measure I know, but we live in desperate times. Think uhboud it.

The Black Sphere said...

Dawn - I don't disagree with you. If you know how things work, until most of these guys die, it's difficult to beat them with their warchest. So unless we go after them strategically, we will fail. We will have a tight strategy in place by 2010.

machinepolitick said...

You are absolutely right Dawn. Everyone repeat after me: I am John Galt. It is time to destroy this machine of our own design that is being used to torture us. I use my art to do this. Everyone find your voice and your talent and make this happen. Complaining will get us nowhere.

WebSmith said...

Taken into perspective with this mult-trillion dollar disaster, CEO bonuses and corporate jets are just emotional issues that are being used to get the things that the administration wants.

The guys that get these things have fun figuring out a way to get around government restrictions and brag about it to their buddies when they do. They will soon be making more than they were before.

They will continue to donate to Obama's campaigns and inauguration(s) if they manage to eliminate the 22nd Amendment.

DaveG said...

The very first thing we should do is DEMAND an end to the practice of gerrymandering. There should be no such thing as a "safe seat," but here we are with damn near 535 of them.

iamfelix said...

"Which Barney Would You Rather Have Fix Wall Street?"

Any one that's NOT Barney Frank.

Anonymous said...

Diane MacDonald February 5

This is just soooo interesting!

madmath1 said...

The main outrage over the CEO's Bonuses was it was rewarding failure (and quite well. I like 1% of that for my failures in life). If it hadn't been for the bailouts, these CEO's would had gotten what they deserved: NOTHING! There would had been nothing to give and the others would know if they continue their policy of failure, they will follow suit. Now we all get something far more worse: an excuse to put one of these lying, cheating failure on Obama's advisory to tell us all how much we're allow to make. Only in Bizzaro World does this make sense. Why stop at CEO's, what about doctors, lawyers (ha ha ha, I know it won't happen, but why not?), assembly worker, inventor, editor, freelance writer, etc. This is a one way path of each according to his ability, each according to his needs. The equalization of all wages, unless you're in government. frankly, I don't want to work years becoming an engineerer to make the same as an Obama voter (unless it's Opra which, again, won't happen).

Dr. Dave said...

You are spot on, Kevin:

1) b. Hussein is in way over his head (just like Slick was). Whether or not he figures out how to be a "CEO" and lead will largely help determine the kinds of gains we can get in Congress in 2010.

2) Here's an interesting fact (from the NY Times, no less) about our esteemed CEO Congressmen and women: "this year’s freshmen reported a median net worth of around $1.8 million, while those already in Congress were worth a median of around $815,000."

So...just where should b. Hussein aim his income caps?

commoncents said...

Interesting post here - keep up the great work!

Would you like to have a link exchange with our blog COMMON CENTS where we blog about the issues of the day??

http://www.commoncts.blogspot.com

Ron B said...

Kevin,
Some great points about our congressmen and their salaries and who they should be responsible to.

There is however one CEO that no one has railed about with his perks.
a.) private plane and helicopter
b.) 132 Room Mansion, $0 lease payments
c.) 5 chefs at beck and call
d.) tennis court, track, pool, bowling alley and home theater.
e.) operating expense well over $9.5M annually.

This CEO is non other than the BIG "O". Let him Give back some of his perks before he demands a maximum pay rate for any CEO.
Since the BIG "O" has never run a company he does not realize as he keeps stating that these CEO's do not pay themselves just as he does not pay himself. Congress granted and approved the current compensation for the POTUS and may change it when it is necessary.

So when a corporation grants a top executive perks, privileges and compensation it comes with great responsibility. I do not like it when they (top exec's) get their golden parachutes after doing a poor job but the board of directors granted them these contracts in the first place.

RonB

The Black Sphere said...

Dave G - agreed, there should be no safe seats. But these guys have warchests, and they won't give up a seat lightly. Term limits!!

The Black Sphere said...

MadMath1 - The gov't is the main one giving money to failing companies and CEOs! The irony!

The Black Sphere said...

Dr Dave - Nice stats. You entered the Sphere "armed and ready" for battle!

The Black Sphere said...

commoncents - email me on the details of the exchange, and I will consider it.

The Black Sphere said...

RonB - You are the voice of reason in this mad crazy world, my friend. Great comments as usual!

Anonymous said...

kp998

I can see why they let this guy go. The board is nothing more than a rubber stamp for the CEO.

Anonymous said...

emmettgolf

Taken into perspective with this mult-trillion dollar disaster, CEO bonuses and corporate jets are just emotional issues that are being used to get the things that the administration wants.

The guys that get these things have fun figuring out a way to get around government restrictions and brag about it to their buddies when they do. They will soon be making more than they were before.

They will continue to donate to Obama's campaigns and inauguration(s) if they manage to eliminate the 22nd Amendment.

Anonymous said...

Tbyrd073

I would be extremely surprised if Barney Frank or any of these idiots in Washington are ever held accountable for the $700B theft.

Anonymous said...

iMattK

Agreed -- Obama needs a distraction as he pushes through the greatest heist in American history, this phony "stimulus" package which will only serve to increase the size of government, drive up inflation and diminish our quality of life.

Anonymous said...

David Sforza at 5:44pm February 5

Typical. Punish the hard workingl and reward the lazy.

Larry said...

This surprises you? Most people cannot tell you how many Senators or Congresscritters they have, nor can they name any one of them.
We have the government we deserve.

Digital Publius said...

Incredible rant Kevin, that so many Americans are blind to the sort of tomfoolery you so brilliantly illustrate in this article, is maddening.

The Black Sphere said...

Larry - Nobody deserves this ship of fools, not even those who stupidly voted for them. I will do all I can to change it, one Congresscritter at a time!

The Black Sphere said...

@Digital - Thanks my man! You know I appreciate that coming from you. And I like that you used "tomfoolery", a throwback word.

Chip Head said...

Has anybody noticed Mr. Obama has not opposed the outrageous professional athlete compensation? But there is that little fact most of them are not of the White persuasion. Makes one wonder.

Chip Head said...

On second thought, maybe it has to do with bashing business is cool, but bashing rich athletes and entertainers is not cool.

The Black Sphere said...

Chip - If they make more than $100K, he will get them. Most of these guys have to retire, before they become Conservatives. When the money flow stops, they get a dose of Liberalism.

Julie said...

Another great post.

Anonymous said...

NewsGuy2005

The problem is not compensation for people who have earned it, but the banking practices themselves.... this whole argument over "bonuses" is a smokescreen so the banks continue to bleed us dry. Too bad we are too stupid to realize it.

Tim Bruce said...

Guess which agency and which Americans are being asked to do more with less in the trillion dollar spending fiasco- Your military.

That’s right, the men and women who keep your free to right the anti-american junk in your blogs are having their budget slashed 10% while the rest of the government is bloating with this so-called stimulus bill.

The Carter years all over again. Get ready.

The Black Sphere said...

Tim - You are obviously speaking figuratively, since I post NOTHING anti-American. I am a true patriot. The kind you can trust with your RED-blooded life!