2011/01/21

Is it true that the "New Perps" in the White House are Worse than the Old Ones??

Robert Sheer, whom I thank for this analysis of our problems with the Obama Administration, points us toward the banking meltdown, which has left enormous pain and political upheaval, read-suffering-in its wake, but it is indeed amazing that the folks who created this mess are rewarded with ever more important positions in our government. Yet the recent appointments of Gene Sperling and William Daley, key Wall Street-connected perps of this crisis,,to the most critical positions in the Obama White House have not generated much controversy. The justification for the media's indifference appears to be that the new appointees can hardly be worse than the hustlers they replaced. From the beginning, the Obama administration has been flooded with veterans of the Clinton White House, who pushed their agenda of radical deregulation that Wall Street had long sought, and were rewarded with fat fees from the big banks when they left government. Sperling was a key component, back in the Clinton Treasury Department, of the deregulation of the financial industry, that precipitated this crisis, but his then-boss, Lawrence Summers, the man he will now replace as Barack Obama's top economic adviser, was certainly even more culpable. Both were well rewarded for their efforts. Summers received $8 million in Wall Street compensation back in 2008, while he was an adviser to candidate Obama, and at the same time, he also got $2.2 million from his various consulting activities, mostly for banks that ran into trouble.

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