Saturday, April 4, 2009

Foie Gras de Banker

“My administration,” the president added, “is the only thing between you and the pitchforks.”

Wow, Obama firing GM CEO, Rick Wagoner, made headlines last week, but he was also busy intimidating financial executives. Less then a week after AIG exec's publicly endured death threats and ACORN mobs being bussed to their houses, Obama is threatening bank exec's with pitchforks. Nice, so much for rule of law. Realising they had made a Faustian deal, some of them even tried to give the TARP money back, and Obama refused it. Politico has behind the scenes details of the meeting:

Inside Obama's bank CEOs meeting

Dimon also insisted that he’d like to give the government’s TARP money back as soon as practical, and asked the president to “streamline” that process. But Obama didn’t like that idea — arguing that the system still needs government capital.

The president offered an analogy: “This is like a patient who’s on antibiotics,” he said. “Maybe the patient starts feeling better after a couple of days, but you don’t stop taking the medicine until you’ve finished the bottle.” Returning the money too early, the president argued could send a bad signal.

A bad signal for whom, Mr President? Might taxpayers be a little annoyed if they found out that TARP money was being crammed down the throats of banks that didn't want it? Let me offer an analogy:

Several CEOs disagreed, arguing instead that returning TARP money was their patriotic duty, that they didn’t need it anymore, and that publicity surrounding the return would send a positive signal of confidence to the markets.

Sorry guys. He's gotcha where he wants ya.

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