President Obama expresses sudden outrage at bonuses paid to Wall Street executives during what is arguably one of the worst years evah on the Street. Here’s the outrage bite.
But wait … his Treasury Secretary …. well he got a nice little bonus even though he presided over the banking collapse.
Newly minted Treasury Secretary Timothy Geithner’s finances got a recent boost, thanks to a plump $435,000 severance payment from his old employer – the Federal Reserve Bank of New York.
In addition, Geithner last year earned $411,000 as president of the New York Fed and got another $50,000 to $100,000 for unused vacation and comp time, according to a mandatory financial disclosure statement released by the Office of Government Ethics.
Oops. Then there’s Robert Rubin … Clinton’s Treasury Secretary.
The outrage is deserved and it can’t be spun. Wall Street execs are out of touch. But the hypocrisy is thick. And may I say to you Wall Street folk … the minute you turn to the government for help … expect the government to cuff you.