Obama Doesn't 'Begrudge' Bonuses for 'Savvy' Bankers

As recently as just a few weeks ago, President Obama called massive Wall Street bonuses “obscene,” language that fit right in with his previous descriptions for them such as “the height of irresponsibility” and “shameful,” an “outrage” and a violation “our fundamental values.”

But in an interview published today with Bloomberg Business Week, the president struck a different note.

Asked about the $17 million bonus given to Jamie Dimon, the CEO of JPMorgan Chase & Co., and the $9 million bonuses going to Lloyd Blankfein, CEO of the Goldman Sachs Group Inc. CEO, the president said, “I know both those guys; they are very savvy businessmen. I, like most of the American people, don’t begrudge people success or wealth. That is part of the free-market system.”

"I do think that the compensation packages that we've seen over the last decade at least have not matched up always to performance," the president said -- a rather serene response relative to some of his previous language on the matter.

The seeming shift in tone comes at a time that Wall Street executives have been relaying to the White House that the president needs to be more encouraging of their efforts if he expects them to be part of the solution in terms of job growth. Several business executives have told the administration that attacking businesses so vociferously doesn’t exactly help create a positive business climate.

White House press secretary Robert Gibbs denied that President Obama had changed his tone at all, pointing out that the president has said "countless times" that he doesn't begrudge wealth or success.

Gibbs insisted that the president was not saying he doesn't begrudge the bonuses.

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31 Comments

MSG

Every statement that he makes is deceiving. He utters no truth and constantly lies to deceive and push his progressive agenda.

Wednesday, February 10, 2010 at 07:09 PM

Ameritianity

VISIT: www.ameritianity.com
Millions of Americans, doing their small but significant part in the governance of our nation, are in the process of ending years of “Minority Rule” by the most liberal, humanistic, five percent of our population. Great job….keep it up….give God the Glory.
We must accept the facts a deal with them:
Must-See Video by Former Muslim & Black Pastor - Added 2/3/10
(1) There is a battle taking place around the world and it amounts to the SLAVERY of Islam vs. the Freedom of Christianity. The USA being the base and stronghold of Christian Freedom.
(2) Islam will not coexist in Christian America. Islam cannot accept our Constitution, our Rights, our Freedoms, including Freedom of Religion. If America falls, the world falls. And they know it.
(3) Obama is not a friend to Christians nor American traditions. He does not see the USA as deserving of world leadership.
(4) Obama is a Narcissist, a racist, a Socialist. He respects Dictators.
(5) As seen in his “State of the Union” - he loathes our Constitution and the Supreme Court. He has stated that in his own words in audio and video viewable at www.ameritianity.com.
(6) We are witnessing a setback for Socialism because “THE PEOPLE” have awakened
(7) The Role of Religion - Now we need to remove the Tax Threat from the IRS against ministers speaking the truth from the pulpit in the same way that the Supreme Court has said the Right to Free Speech does not stop a the front door of Corporations.
(8) Obama wants to control where the power lies in America. The power lies where the wealth is. He wants the POWER to lie in the Unions (now own 2 car companies) and the Federal Govt.
(9) Haiti - look where the AID is coming from, the CAPITALIST NATIONS
(10) Healthcare - WILL REMAIN PRIVATE
(11) Waterboarding & Freedom
"In the same way, let your light shine before men, that they may see your good deeds and praise your Father in heaven." Matthew 5:16 (NIV)
Join us in discussing these and other topics from the Christian perspective at:
www.ameritianity.com

Wednesday, February 10, 2010 at 05:41 PM

California has failed

I thought he didn't like fat cats. Well, I guess if they contribute to his campaign, he likes them. HYPOCRITE.

Wednesday, February 10, 2010 at 05:00 PM

whaley41

JP Morgan quit giving to Democrats so he is kissing arse!!

Wednesday, February 10, 2010 at 04:55 PM

Garry

He wants us to hate the rich (class warfare) well he kiss's upto the rich who will make donations to his re-election. A true example of change.

Wednesday, February 10, 2010 at 04:40 PM

conservabit

Obamao's trying to set himself up for 2010 campaigning! Too late, you've already proven you are anti-business! Businesses will donate to the Republican party to stop your anti-business policies!

Wednesday, February 10, 2010 at 04:01 PM

Tomba

So now only Boo Boo can differentiate between the evil "Fat Cats" and "saavy"
businessmen. Frikkin unbelievable double standard, AGAIN!

Wednesday, February 10, 2010 at 03:57 PM

Revolt Stop The Dictators

AS LONG AS ITS HIS BUDS BANKS!
**
JOIN US TODAY*****FIGHT BACK ******STOP THE LIBERAL AGENDA!
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Never before have we had a president that is so dis-respectful!
He has no respect for the american people or our american values!
Its clear that obama & the liberals he represents are anti_god,
anti-christian & anti-america ! Obama does not even respect the
supreme court! JOIN US TODAY**LOBBY FOR WHAT IS RIGHT
GO TO http://stormlobby.50webs.com/index.html
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ACORN is obamas army! Acorn has 1 million paid employees nation
wide! Acorn is supported by your tax dollers,ACORN MUST BE STOPED!
GOV JAY NIXON OF MISSOURI is firing state employees & replaceing them
with americorps people which is backed by acorn! Gov offices are
now being maned by acorn! FIGHT BACK NOW SERVE AMERICA JOIN US AT
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We can no longer allow the liberals to take over the private sector
we must stop the liberal attacked on the american people & their values
you can help stop them! WE NEED YOUR HELP ! LOBBY CONGRESS FOR WHAT YOU
KNOW IS RIGHT! GO TO http://stormlobby.50webs.com/index.html !!

Wednesday, February 10, 2010 at 03:25 PM

-s-

Savvy Bankers?...what the..!
.
Oh their savvy alright. Pretty savvy how they still collect huge bonuses of taxpayer money, instead of being locked away in hole somewhere..!
.
I suppose "savvy" would describe most of the crooks...um...I mean most of our representatives in Washington. (sorry about that slip folks...)
.
Yup. Savvy is good definition...

Wednesday, February 10, 2010 at 03:07 PM

Woody B

I wonder what Joe the Plumber thinks of he tpres' comments (via Beltway Bob) that he doesn't begrudge wealth or success. What ever happened to 'spread the wealth around"?
Isn't the 'Anointed One' something else?

Wednesday, February 10, 2010 at 02:35 PM

Jenna

Bonuses for savvy bankers good. Bonuses for fat cat bankers bad.

Wednesday, February 10, 2010 at 01:30 PM

Grove in Pasatiempo CA.

Did anyone notice his pants were on fire?
Pelosi and his lefty loons will be livid.
Wonder if the lame stream media will pick this up.

Wednesday, February 10, 2010 at 01:04 PM

B.O.H.I.C.A.

He never does when they are his friends.

Wednesday, February 10, 2010 at 12:54 PM

BT in Tx

WOW! Talk about your "Lies and the Lying Liars Who Tell Them"....
-
And they keep doing it with a straight face.... these are some dangerously nacissistic people!!!!

Wednesday, February 10, 2010 at 12:48 PM

Lourdes

I think that Democrats in general, Obama in particular, believe that the government should have control over businesses. If they could, they would set salaries and prices for everyone and everything.

Wednesday, February 10, 2010 at 12:04 PM

firebird2009

and I thought Obama was anti rich ! Talk about Two face !!!!

Wednesday, February 10, 2010 at 12:04 PM

PATRIOT ARMS

The savvy ones make their "scheduled" payment to the DNC.

Wednesday, February 10, 2010 at 12:00 PM

mario

Ovomit, just shut up oy! now go get the tea for the people.

Wednesday, February 10, 2010 at 11:57 AM

Richard

It's just another lie

Wednesday, February 10, 2010 at 11:52 AM

Markster

"I do think that the compensation packages that we've seen over the last decade at least have not matched up always to performance," the president said. Gee, is he talking about himself?

Wednesday, February 10, 2010 at 11:29 AM

manykrazykatz

I don't object when someone EARNS the money, they should get to keep it. I object when the business fails, gets government bailouts on our tax money, and then the upper management gets paid bonuses. If the busines (bank, whatever) doesn't have enought money to sustain itself, its executives/employees should not get bonuses.

Wednesday, February 10, 2010 at 11:24 AM

JEW

It shouldn't even get bailed out. Bankrupcy is for putting to an end to an unhealthy or dying business.

Wednesday, February 10, 2010 at 12:16 PM

Lee in Pa

Trying to get on the voters' good side... not gonna happen.

Wednesday, February 10, 2010 at 11:19 AM

Revolt Stop The Dictators

JOIN US TODAY*****FIGHT BACK ******STOP THE LIBERAL AGENDA!
*** PLEASE JOIN US TODAY!
*************Tired of being called names by obama & the liberals
in congress! JOIN OUR CONSERVATIVE SOCIAL NETWORK & CONTACT CONGRESS
Join at http://stormlobby.50webs.com/index.html Sign up today!
***
Never before have we had a president that is so dis-respectful!
He has no respect for the american people or our american values!
Its clear that obama & the liberals he represents are anti_god,
anti-christian & anti-america ! Obama does not even respect the
supreme court! JOIN US TODAY**LOBBY FOR WHAT IS RIGHT
GO TO http://stormlobby.50webs.com/index.html
***
ACORN is obamas army! Acorn has 1 million paid employees nation
wide! Acorn is supported by your tax dollers,ACORN MUST BE STOPED!
GOV JAY NIXON OF MISSOURI is firing state employees & replaceing them
with americorps people which is backed by acorn! Gov offices are
now being maned by acorn! FIGHT BACK NOW SERVE AMERICA JOIN US AT
http://stormlobby.50webs.com/index.html
***
We can no longer allow the liberals to take over the private sector
we must stop the liberal attacked on the american people & their values
you can help stop them! WE NEED YOUR HELP ! LOBBY CONGRESS FOR WHAT YOU
KNOW IS RIGHT! GO TO http://stormlobby.50webs.com/index.html !!!

Wednesday, February 10, 2010 at 11:16 AM

Revolt Stop The Dictators

Wednesday, February 10, 2010 at 11:16 AM

conservabit

Obama donors! Of course they are EXEMPT from being demonized!

Wednesday, February 10, 2010 at 11:15 AM

Proud Texas Patriot

He pi##ed off Wallstreet and now he's asking for forgivness. 2010 elections are coming up ya know?

Wednesday, February 10, 2010 at 11:12 AM

manykrazykatz

OMG!!! I cannot WAIT to hear the Obama supporters on this one!! After all the hype about his reluctantly bailing out Wall Street, and railing against the bonuses!!! Now we see another side - the I'll make nice and you give me campaign $$ - side!! What a HO!

Wednesday, February 10, 2010 at 11:11 AM

OHIONOBAMA

They must be paying Obama lots of money under the table. Hmmm. Wonder where he banks?

Wednesday, February 10, 2010 at 10:51 AM

islandbound

OMG! If you're "savvy" according to Obama you deserve your $17 million bonus.
Never mind that Jamie Dimon was a generous donator to Obama's campaign.
I guess that is savvy in Obama's book.
My husband and I can work for 30 years, finally start to make $200,000 a year and Obumbo calls us RICH and in need of a higher tax rate.
You know, I was giving Obama a fair chance, but NO MORE! This is war Mr President, you are the enemy of real hard working Americans.
GTH sir

Wednesday, February 10, 2010 at 10:30 AM