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New Chief Of Staff: Former Hedge Fund Exec  
User currently offlinewindy95 From United States of America, joined Dec 2008, 2722 posts, RR: 8
Posted (2 years 7 months 3 weeks 2 days 21 hours ago) and read 1097 times:

President Obama's first chief of staff Rahm Emanuel once sat on the board of troubled federal mortgage giant Freddie Mac.

Bill Daley, the president's chief of staff whose departure was announced today, was previously a top executive at financial firm J.P. Morgan Chase & Co.

And the new Chief of Staff Jack Lew...

Quote:
From 2006-2008, Jack Lew was chief operating officer of Citibank's alternative investments division. And it was his division that made billions of dollars betting "U.S. homeowners would not be able to make their mortgage payments," as the Huffington Post reported.

The piece also reported: “Lew made millions at Citi, including a bonus of nearly $950,000 in 2009 just a few months after the bank received billions of dollars in a taxpayer rescue, according to disclosure forms filed with the federal government. The bank is still partly owned by taxpayers.”



You just cannot make this stuff up. I wonder if the 99% will show up at the White House and protest this? A little occupy wall street on the White House lawn? I am sure the Obama would not mind.

http://www.weeklystandard.com/blogs/...oney-mortgage-defaults_616230.html

And on MSNBC's website the news stories on this do not mention this bit of news...I wonder why?

New chief of staff a low-key, long-time insider

http://www.msnbc.msn.com/id/45934918

http://www.msnbc.msn.com/id/45930989

Funny that a 1 per-center who made his money on the alternative investments collapse is called "low Key" by MSNBC.


OMG-Obama Must Go
11 replies: All unread, jump to last
 
User currently offlinemt99 From United States of America, joined May 1999, 6581 posts, RR: 6
Reply 1, posted (2 years 7 months 3 weeks 2 days 20 hours ago) and read 1071 times:
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Quoting windy95 (Thread starter):

Bill Daley, the president's chief of staff whose departure was announced today, was previously a top executive at financial firm J.P. Morgan Chase & Co.

And the new Chief of Staff Jack Lew...

You should not wait for people to protest. You should be celebrating!, you should be ecstatic on how Obama is surrounding himself with virtuous bankers who now have a bad reputation for doing nothing wrong.

Obama is opening his eyes! Come on Celebrate.

Why arent you happy?



Step into my office, baby
User currently offlineCasInterest From United States of America, joined Feb 2005, 4588 posts, RR: 2
Reply 2, posted (2 years 7 months 3 weeks 2 days 20 hours ago) and read 1064 times:

Quoting windy95 (Thread starter):
Funny that a 1 per-center who made his money on the alternative investments collapse is called "low Key" by MSNBC

he is low -key by personality description, but don't let facts stand in the way of your totally misplaced rant.
The only reason you are upset is that this astute political move by Obama to hire a responsible banker takes away a big politcal bullet from the GOP. Perhaps 2. One, he has hired a person who is qualified for the job, and has demonstrated good decision making skills in public and priviate service. 2. He has hired a devout person of the Jewish faith. this will play against the GOP's painting of the Obama administration as anti Isreal within the American Jewish population that votes.



Older than I just was ,and younger than I will soo be.
User currently offlineseb146 From United States of America, joined Nov 1999, 11592 posts, RR: 15
Reply 3, posted (2 years 7 months 3 weeks 2 days 19 hours ago) and read 1039 times:

Quoting windy95 (Thread starter):
it was his division that made billions of dollars betting "U.S. homeowners would not be able to make their mortgage payments

But, wait a minute... We have been told by the media and people on this very board that never happened. So, which is it? Besides, this guy is part of the whole problem; one of the ones the right-wing loves and wants to keep around. Why so down on him? This is who the right-wing wants leading us.

Or, could it be the right-wing hates Obama because he does not have an (R) behind his name? Or (and I'm just putting it out there) he's black with a Muslim father?



Life in the wall is a drag.
User currently offlinePPVRA From Brazil, joined Nov 2004, 8959 posts, RR: 40
Reply 4, posted (2 years 7 months 3 weeks 2 days 18 hours ago) and read 1005 times:

Quoting mt99 (Reply 1):
you should be ecstatic on how Obama is surrounding himself with virtuous bankers who now have a bad reputation for doing nothing wrong.

I wanted these guys to go bankrupt because they failed their businesses.




Quoting CasInterest (Reply 2):
The only reason you are upset is that this astute political move by Obama to hire a responsible banker takes away a big politcal bullet from the GOP. Perhaps 2. One, he has hired a person who is qualified for the job, and has demonstrated good decision making skills in public and priviate service. 2. He has hired a devout person of the Jewish faith. this will play against the GOP's painting of the Obama administration as anti Isreal within the American Jewish population that votes.

No, there are two reasons:

1. Hiring another banker sounds very unlike the democratic party.
2. Way too many bankers in the Federal government makes the revolving door stand out like a sore thumb.

Both reasons most members of the Democratic party can agree with, but will now have to defend their president.

Also, your argument that this man made the right call in 2006-2008 sounds more like a Republican response to the typical democratic attack.

Quoting seb146 (Reply 3):
We have been told by the media and people on this very board that never happened.

Huh? I don't recall any claims of not being able to short the mortgage market. I think you are confused.



"If goods do not cross borders, soldiers will" - Frederic Bastiat
User currently offlinemt99 From United States of America, joined May 1999, 6581 posts, RR: 6
Reply 5, posted (2 years 7 months 3 weeks 2 days 18 hours ago) and read 1000 times:
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Quoting PPVRA (Reply 4):
1. Hiring another banker sounds very unlike the democratic party.
2. Way too many bankers in the Federal government makes the revolving door stand out like a sore thumb.

Both reasons most members of the Democratic party can agree with, but will now have to defend their presiden

Most member of the GOP would love to see bankers all over the place - yet now they must complain about

[Edited 2012-01-10 08:52:57]


Step into my office, baby
User currently offlineCasInterest From United States of America, joined Feb 2005, 4588 posts, RR: 2
Reply 6, posted (2 years 7 months 3 weeks 2 days 17 hours ago) and read 974 times:

Quoting PPVRA (Reply 4):
No, there are two reasons:

1. Hiring another banker sounds very unlike the democratic party.

Nope not unlike the democratic party. They are hiring a responsible business leader. not an irrational one.

Quoting PPVRA (Reply 4):
2. Way too many bankers in the Federal government makes the revolving door stand out like a sore thumb.

Banking and Money Generation are a prime driver of the Governemnt and Bankers are required. What is not needed, is a bunch of folks like those that made loans without making the required qualifications stick, and those that created special funds for their clients( Goldman) so that the Client could short the fund. This persons hiring does not confilict.

Quoting PPVRA (Reply 4):
Also, your argument that this man made the right call in 2006-2008 sounds more like a Republican response to the typical democratic attack.

No, he made the right decision in 2006 -2008 based on his knowledge. If he was responsible for the bundling of the actual securities that he made money on, then there is another issue altogether. However their is no evidence of this.

the right call when you make money is not owned by either party.



Older than I just was ,and younger than I will soo be.
User currently offlineWestJet747 From Canada, joined Aug 2011, 1830 posts, RR: 10
Reply 7, posted (2 years 7 months 3 weeks 2 days 17 hours ago) and read 954 times:

Quoting CasInterest (Reply 2):
he has hired a person who is qualified for the job, and has demonstrated good decision making skills in public and priviate service

As qualified as they get. I'd rather a "big, bad banker" at the helm than some lawyer who has taken a few finance night-courses. If someone is handling currency, they should understand currency.

Quoting windy95 (Thread starter):
Funny that a 1 per-center who made his money on the alternative investments collapse is called "low Key" by MSNBC.

It was the securities market that collapsed, the alternative investments led by Mr. Lew hedged against this and subsequently did extremely well.

And what isn't low-key about being wealthy? For example, if you make $2 million a year, stay out of the limelight by making fiscally conservative decisions and not making controversial statements, are you not low-key?



Flying refined.
User currently offlinePPVRA From Brazil, joined Nov 2004, 8959 posts, RR: 40
Reply 8, posted (2 years 7 months 3 weeks 2 days 15 hours ago) and read 929 times:

Quoting CasInterest (Reply 6):
No, he made the right decision in 2006 -2008 based on his knowledge. If he was responsible for the bundling of the actual securities that he made money on, then there is another issue altogether. However their is no evidence of this.

I am sure he is quite knowledgeable - never claimed otherwise. In fact, just reading a biography of his on the HuffPo, he doesn't believe the proximate cause of the financial collapse had much to do with deregulation. Smart man indeed.

Quoting CasInterest (Reply 6):
the right call when you make money is not owned by either party.

Indeed, I agree. But if it was a Republican President, democrats would be decrying as a man who got rich while others lost their jobs, and other populist nonsense trying to vilify "those who make money".



"If goods do not cross borders, soldiers will" - Frederic Bastiat
User currently offlineCasInterest From United States of America, joined Feb 2005, 4588 posts, RR: 2
Reply 9, posted (2 years 7 months 3 weeks 2 days 14 hours ago) and read 914 times:

Quoting PPVRA (Reply 8):
But if it was a Republican President, democrats would be decrying as a man who got rich while others lost their jobs, and other populist nonsense trying to vilify "those who make money".

I don;t think so. The nutcases in the Occupy movement, perhaps, but no others. He is a person that did his job and did it well. Was his salary high, yes, but not because of himselft, but rather the industry itself.



Older than I just was ,and younger than I will soo be.
User currently offlinewindy95 From United States of America, joined Dec 2008, 2722 posts, RR: 8
Reply 10, posted (2 years 7 months 3 weeks 2 days 14 hours ago) and read 894 times:

BHO quotes

Quote:
"I did not run for office to be helping out a bunch of fat-cat bankers on Wall Street,"

"The people on Wall Street still don't get it," Obama said. "They're still puzzled why is it that people are mad at the banks. Well, let's see. You guys are drawing down $10, $20 million bonuses after America went through the worst economic year that it's gone through in decades, and you guys caused the problem.

The very same firms reaping billions of dollars in profits, and reportedly handing out more money in bonuses and compensation than ever before in history, are now pleading poverty. It's a sight to see

“Bankers don’t need another vote in the United States Senate -- they’ve got plenty,”



For thinking bankers and wall street are bad he sure seems to have many of them in his inner circle.

Quoting PPVRA (Reply 8):

Indeed, I agree. But if it was a Republican President, democrats would be decrying as a man who got rich while others

HALLIBURTON!!!!!! CHENEY!!!!!!!!!!!...OMG



OMG-Obama Must Go
User currently offlinemt99 From United States of America, joined May 1999, 6581 posts, RR: 6
Reply 11, posted (2 years 7 months 3 weeks 2 days 14 hours ago) and read 891 times:
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Quoting windy95 (Reply 10):
For thinking bankers and wall street are bad he sure seems to have many of them in his inner circle.
Quoting windy95 (Reply 10):

HALLIBURTON!!!!!! CHENEY!!!!!!!!!!!...OMG

OK,. fine,, so why aren't you happy at the fact that bankers are in his inner circle? You seem upset at because of it



Step into my office, baby
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