Obama calls for Wall Street transparency

AFP ^ | September 17, 2007

[presidio9]

Democratic presidential hopeful Barack Obama Monday warned of an erosion in business ethics, which he said offended US morals and endangered the might of US financial markets.

In a major speech on economic policy, the Illinois Senator condemned the Bush administration's "massive tax cuts" and called for more transparency in the housing market, following the subprime mortgage crisis.

"In recent years, we have seen a dangerous erosion of the rules and principles that have allowed our market to work and our economy to thrive," Obama said in a speech at the NASDAQ market site.

"Instead of thinking about what's good for America or what's good for business, a mentality has crept into certain corners of Washington and the business world that says, 'what's good for me is good enough.'" Obama said.

He hit out at the no-holds-barred business mentality of cutting corners for a "quick kill" which he said ignored long-term consequences for the financial system and the economy.

"While this may benefit the few who push the envelope as far as it will go, it doesn't benefit America and it doesn't benefit the market," said Obama, who trails Democratic pace-setter Hillary Clinton in national polls.

"Just because it makes money doesn't mean it's good for business," he said hitting out at huge severance packages awarded to top business executives after "letting down shareholders, firing workers and dumping their pensions."

Obama said he would this week lay out a three-point economic plan, to simplify the US tax code, sharpen the US competitive edge through education reforms, and modernize the safety net for working Americans.

[Jigajog]

Its so nice to hear a Dem speak of transparency. Hey Ubama, where did Hsu get his fun money? Who hired Craig Livingston? How many FBI files were in the WH during MZHILLARY’s romp at second banana. Dems are all about opacity.

[Vigilanteman]

How about we have Obama transparency? If this was NASCAR, he’d have to wear a jacket showing he was owned by George Soros.

[massgopguy]

Maybe, by his first Executive Order, he should create the Securities and Exchange Commission?

[italianquaker]

“Just because it makes money doesn’t mean it’s good for business,” I am glad this buffoon is not managing my portfolio

[freekitty]

“Erosion in business ethics?”

He should know.

[Renkluaf]

...we have seen a dangerous erosion of the rules and principles that have allowed our market to work and our economy to thrive.

Where's the dangerous erosion of rules and principles? Last time I looked, our economy was thriving quite well despite the best efforts of idiots like this one. I'm not certain who's worse, him or the Witch. Both spout platitudes with absolutely nothing to support them and NO ONE ever calls them on it.

[MNJohnnie]

Tell you what Obama. We, the voters, will trust you with this right after you and your Democrat cronies give us transparency in Lobbying, Campaign financing and Spending, especially Earmarks.

Clean up your own house first Mr Obama, then we will talk.

[NativeNewYorker]

...so he'll return all the money from convicted inside-trader George Soros...

[ClaireSolt]

Last I heard, Bush admin had put 500 biz execs in jail who ran wild during Clinton dot.com bubble, and they haven’t gotten to Terry MacAuliff, yet.

[pierrem15]

Sort of like a whore calling Wall Street a slut.

[Oystir]

Sarbanes-Oxley

[Jigajog]

Agree. Nothing like Chicago inner city ethics to guide our country. Shoosh.

[Beckwith]

Ethical questions surround Obama's shady real estate deal and relationship with indicted political fundraiser and Arab-American activist Tony Rezko, who befriended Obama during his Harvard days.

Obama bought a $1,650,000 Georgian revival mansion at a gigantic discounted price, some $300,000 less than the asking price.  The same day, Rezko's wife bought the adjoining lot, paying the full $625,000 asking price.

The Rezko lot wasn't accessible from the public street.  However, it abuts Obama's property and  provided a private preserve that adds to its ambience.  Obama  bought the Rezko property for $104,500 -- $520,500 less than Rezko's wife paid for it. 

Did Tony Rezko and his wife subsidize the purchase of Obama's opulent home?

Mr. Obama turned to Mr. Rezko for help at several important junctures. Records show that when Mr. Obama needed cash in the waning days of his losing 2000 Congressional campaign, Mr. Rezko rounded up thousands of dollars from business contacts. In 2003, Mr. Rezko helped Mr. Obama expand his fund-raising for the Senate primary by being host of a dinner at his Mediterranean-style home for 150 people, including some whose names have since come up in the influence scandal.

In June, it was revealed that Barack Obama wrote letters to city and state officials supporting his political patron Tony Rezko's successful bid to get more than $14 million from taxpayers to build apartments for senior citizens when he was an Illinois state senator.

The deal included $855,000 in development fees for Rezko and his partner, Allison S. Davis, Obama's former boss, according to records from the project, which was four blocks outside Obama's state Senate district.

Just another politician who wouldn't recognize ethics if it kicked him in the nutz.

The Obama File

[Always Right]

"In recent years, we have seen a dangerous erosion of the rules and principles that have allowed our market to work and our economy to thrive," Obama said in a speech at the NASDAQ market site.

"Just because it makes money doesn't mean it's good for business,"

Obviously, we don't want our markets to work, our economy to thrive, and for businesses to make money.....did Democrats actually applaud this speech? Scary that this guy is a leading candidate for President.

[VxH]

[Last I heard, Bush admin had put 500 biz execs in jail]

 

Not this one:

 

 

Mr. Subprime - Roland Arnall.

 

U.S. Ambassador to the Netherlands.

 

http://www.freerepublic.com/focus/f-news/1891779/posts?page=36#36

[wideawake]

hitting out at huge severance packages awarded to top business executives after "letting down shareholders, firing workers and dumping their pensions."

Which pensions have been "dumped"?

Since when does firing workers go hand-in-hand with "letting shareholders down"?

Shareholders have an interest in efficiently-run companies - they have no interest in companies that offer jobs for life.

Pension plans are legal obligations which are insured.

[avacado]

"In a major speech on economic policy, the Illinois Senator condemned the Bush administration's "massive tax cuts" ..."

I have 4% less taken from my paycheck under the federal income tax rate reduction of the 2003 tax cuts, I am middle class, go screw yourself.

[jackieaxe]

Obama said he would this week lay out a three-point economic plan, to simplify the US tax code, sharpen the US competitive edge through education reforms, and modernize the safety net for working Americans.

I just put on my secret Obama decoder ring and this is what the above really means:
- simplify the US tax code = Anyone with a job will pay more in taxes, simple.
- sharpen the US competitive edge through educational reforms = Increase NCLB funding and remove ALL testing requirements.
- modernize the safety net for working Americans = More welfare money, taken from working Americans and given to bums and thugs who don't work.