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Location: Pantego, Texas, United States

Monday, April 06, 2009

The Obama Administration doesn't like business executives getting large bonuses. (And, I tend to agree with them on that.) But, I see some hypocrisy on Obama's part. He used Franklin Raines as an advisor. Raines, of course, cooked the books at Fannie Mae to get himself a huge bonus, originally $90 million, but I think he only wound up with $50 million. Then there is Larry Summers, who was paid $8 million last year, from companies who, as it became apparent that he would be important in the Obama Administration, suddenly decided to pay him a lot of money because they suddenly discovered his brilliance. Could they have suddenly decided to hire him for consulting service at very high rates of pay because they want influence in the Obama Administration?

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