Friday, May 21, 2010

Obama on Goldman: ‘All They’re doing Is Lip-Syncing Capitalism’

Not a good sign for Goldman Sachs.

From Jonathan Adler’s new book, The Promise: President Obama, Year One, :
“Obama later told a friend that the angriest he got as president in his first year was when he heard [CEO Lloyd] Blankfein” justify his compensation by saying “that Goldman [Sachs] was never in danger of collapse. That was flatly untrue,” Obama said.

“‘Let me get this straight,’ the president said.… ‘They’re now saying that they deserve big bonuses because they’re making money again. But they’re making money because they’ve got government guarantees….

“‘These guys want to be paid like rock stars when all they’re doing is lip-syncing capitalism.’ “
Keep in mind that this book is written by the Obama friendly Adler and was likely an attempt to boost Obama's  anti-Goldman creds. What Obama says about Goldman is true but, "Lip-Syncing Capitalism" is exactly what  the President does also, with much more serious consequences for us all.
(Via Clusterstock)

1 comment:

  1. I'm sure Obama came up with that on his own. This book sounds like a press release with a hardcover wrapped around it.