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Location: Pantego, Texas, United States

Saturday, January 31, 2009

Obama has determined that the bonuses paid on Wall Street are excessive. I wonder why he didn't comment on that when high-powered Democrats were dropping out of government and into financial institutions, and collecting huge bonuses. Franklin Raines, Jamie Gorelick, and Robert Rubin come to mind. It is hard to imagine what these politicians contributed to deserve tens of millions in bonuses. Robert Rubin was paid a fortune for advising Citi to increase their leverage. Rubin deserved to be paid the hundreds of millions he got for that brilliant insight. Raines and Gorelick increased the leverage of Fannie Mae to 70 to one. Apparently they also advised not publicizing what they were doing. It is hard to believe that they were rewarded for such a moronic strategy. From what I can tell, most of the high-fliers in the financial companies are Democrats, and they sound like socialists while discussing politics. Of course, their own compensation is a different matter; they deserve a lot because of their sheer brilliance. Watching them on TV, it appears that they have ego's like those of movie stars.

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