If President Obama is so tough on Wall Street, why is Goldman Sachs supporting his financial regulation bill? The CEO of Goldman Sachs spilled the beans at a Senate hearing, telling them, “The biggest beneficiary of reform is Wall Street itself.”
Financiers know that the bill guarantees them future bailouts. Obama pretends otherwise by using a nonsense definition of bailouts. He considers it okay to send billions to pay off a company’s creditors—who typically are big companies and Wall Street firms. Then he denies that’s a bailout.
So while he pummels them in public, Obama pushes a plan that rewards his Wall Street friends and big donors. They’ll absorb the rhetoric, because they’re getting paid to do so. And paid quite well.
Here are the details: “Obama Plan Blows Secret Kisses to Wall Street.”