Skip to comments.Obama sees executive pay rules as next financial reform: report
Posted on 10/25/2012 10:05:25 PM PDT by grundle
WASHINGTON (Reuters) - President Barack Obama said in an interview released on Thursday that the next important step for making the financial sector safer is to make sure executive pay is less closely tied to risky bets.
In an interview to be published on Friday in Rolling Stone magazine, Obama said that despite passage of Dodd-Frank financial reform legislation, there is more to be done to make financial markets safe after the damage caused by the crisis of 2007-2009.
"The single biggest thing that I would like to see is changing incentives on Wall Street and how people get compensated," Obama said. It's questionable, even after enactment of Dodd-Frank reforms, that those incentives have completely been changed, he added.
The Rolling Stone interview stirred controversy because of the president's use, at one point, of a barnyard epithet that some saw as an attack on Republican Mitt Romney.
The White House did not dispute the remarks but a re-election campaign official stressed that the comments were "part of a casual conversation at the end of the interview." The wide-ranging interview covers Obama's first term, what he views as his biggest accomplishments and his fierce fight with Romney for the White House.
(Excerpt) Read more at news.yahoo.com ...
4) Has close ties to Wall St., but pretends to support Occupy Wall St.
Although Obama claims to support the Occupy Wall St. movement, the truth is that he has raised more money from Wall St. than any other candidate during the last 20 years. In early 2012, Obama held a fundraiser where Wall St. investment bankers and hedge fund managers each paid $35,800 to attend. In October 2011, Obama hired Broderick Johnson, a longtime Wall Street lobbyist, to be his new senior campaign adviser. Johnson had worked as a lobbyist for JP Morgan Chase, Bank of America, Fannie Mae, Comcast, Microsoft, and the oil industry.
6) Supported the $700 billion TARP corporate-welfare bailout just like Bush
While Senator, Obama voted for the $700 billion TARP bank bailout bill. The bailout rewarded irresponsible and illegal behavior. It redirected resources from more productive uses to less productive uses. It punished the hard working taxpayers who had played by the rules and obeyed the law. It created horrible incentives, and sent the wrong message. The bailout was evil because it rewarded the bad people and punished the good people. No society that does this can expect to remain free or prosperous. Instead of bailing out these corrupt corporations, we should have let them cease to exist, like we did with Enron.
The Kenyan is losing it. I don’t think he can stand the pressure right now. His Everybody Gets A Trophy presidency is about to come to a screeching halt.
Who the FK does he think is? /s
He has no idea what the risks are in running a business, what a salesman/broker has to go through to increase revenue.
If he reduces incentives on Wall Street that talent and companies will move....offshore.
There will be waivers .... lots of waivers.
Global Witness is calling on the current Libyan interim Government to publish all existing and future oil contracts, and work with international audit organisations to improve accounting and auditing practice within the NOC so that revenues can be accurately measured and reported on. Following elections, Libyas new government should ensure oil sector transparency is written into Libyas new constitution and establish a review of all contracts under parliamentary oversight revising any that are corrupt or were poorly negotiated.
When asked to comment, long-time Libyan anti-corruption activist Abdelhamid El Jadi said that these documents reinforced his own findings into Gaddafis extensive history of mismanagement of the oil sector and his knowledge of shoddy practices within the NOC. El Jadi also praised one of the Reports contributors, Najwa El Beshti, a former head of oil contracts at the NOC, who faced an assassination attempt and numerous threats as a result of her work to report mismanagement in the sector.
Beyond the need for reforms of Libyas oil sector, it is hard to think of a more obvious contemporary example than Libya to demonstrate the need for new international standards of transparency and accountability for the extractive industries, said Carini. Unfortunately the international push to require such transparency, both through the Dodd-Frank Act in the United States and a parallel effort currently being formulated in Europe, is being seriously undermined through the actions of the international oil industry, which appears keen to sustain an opaque environment within which to operate, he concluded.
(Source: Global Witness)
Yep, Obozo is certainly right about this,
the office of president should be in a mop closet
with one phone and no perks. After all he’s the
executive he’s talking about...
Let’s change how presidents profit from being in office. No more writing books and pay for speeches.
As if Washington has anything to do with how much private corporations pay their executives... Or should in any free society.
This guy has got to go.
The real answer, of course, is to simply not bail out these banks if they blow it again.
OH This is bull hockey!
Please get the skinny mentally ill punk out of our house!
The single biggest thing I would like to see is Obama out of his present job and unemployed. The second thing would be seeing him in an orange jumpsuit in Gitmo as a domestic terrorist for the rest of his miserable life..
I’m just hoping his depression gets the best of him soon.
So, eliminating the risk/reward basis of capitalism... but he believes in capitalism????
make sure executive pay is less closely tied to risky bets.
Will it include the executive branch of the federal government? Its made some risky and losing bets.
Just can't give up the pimping, can you?