December 14th, 2009
08:46 AM ET
soundoff (59 Responses)
  1. Laura

    I don't think anyone should be surprised at the wall street attitude. Every Republican since Ronald Reagan has told them that Greed is God and they are his disciples.They really DON'T get it. Greed is (and always has been) one of the worst of the seven deadly sins since it is detrimental to all around you, not just yourself and your neighbor's wife.There is no such thing as a "Christian" republican since they cannot follow the major basis of all faith, "Love they neighbor as thyself". When is CNN going to install a hypocrisy meter and start calling both parties on it?

    December 14, 2009 08:56 am at 8:56 am |
  2. shmeckel

    I hope you end up being a better president than you are a businessman. Here is a tip; you negotiate before you give away all your bargaining chips not after.

    December 14, 2009 08:56 am at 8:56 am |
  3. Michael-SC

    he is absolutely right.
    Bankers and Insurance companies never get it.
    They just raise their fees when they feel like it but when they screw up, they also expect you/customer to pay for their screw-ups.
    They are the legalized MAFIA.
    They have to be controlled and a strong oversight is need for both of them.

    December 14, 2009 08:57 am at 8:57 am |
  4. bird

    I think the banks get it just fine. Take all kinds of crazy risks, get bailed out, take advantage of "free money" (0 percent loans), and make huge profits. Obama i sthe one who doesn't get it. He surrounds himself with deluded socialists who think that by demonizing bankers, and health care insurers etc, they can have their way to re-write America. Guess what? The dimwits on Wall St are a helluva lot smarter than those at 1600 Penn ave...

    December 14, 2009 09:00 am at 9:00 am |
  5. aneanderthal

    Typical liberal, demonize success, tear everyone down to the level of those who the NEA teaches to look to the government for assistance and not take personal responsibility. I hope that the future president will say that this idiot who ruined the country is making to much from his book deals. That would be interesting wouldn't it.

    December 14, 2009 09:00 am at 9:00 am |
  6. File under "Sarcasm"

    Equally important is that Obama doesn't get it about jobs and the deficit if he believes that we can spend our way out of our economic problems. The Democratic Congress keeps passing bills creating more spending on government bureauracy and pork barrel projects using money they'll have to borrow from China. But he's not going to worry about that until next year.

    President Obama is the symbol of hope and change; the hope that the 2010 elections will change the make up of the Congress.

    December 14, 2009 09:03 am at 9:03 am |
  7. phoenix86

    No, the president doesn't get it (as usual). Once again the government has shown its uncanny ability of mismanagement.

    Now on to healthcare....

    December 14, 2009 09:04 am at 9:04 am |
  8. Jerry Coltrane

    Obama and totally inexperienced comrades are the ones who "don't get it". Americans don't want government meddling in everything. The government meddling will always – always – screw things up.

    December 14, 2009 09:04 am at 9:04 am |
  9. Marion/Alabama

    The banks have got it,they have our money,Obama does not get it the government needed to stay out of threatening the banks to make loans or more regulation is what caused them to make all these sub-prime loans.. Had the Democrats not pushed the financial industries to make loans to people who could not afford them,we would not be in the mess we are in.

    December 14, 2009 09:07 am at 9:07 am |
  10. Otis

    Fair enough. If banks don't get it, here's how to fix their compensation problems:

    (1) Traders and salespeople should be paid on a commission based on how many trades they do and how much money they make in each of their books.

    (2) This should be standardized across all banks.

    (3) All non-front office people should be paid on an hourly rate.

    (4) Bonuses for these people should only be merit based, but not exceed one half of their base salaries.

    (5) CEOs should have their salaries capped. Their bonuses should only be tied to the company's preferred stock. This way, if the company does well under their leadership, they can sell their stocks when the price is up and reap their efforts.

    That will fix the bonus issue you keep hearing about, while keeping things fair for the non-front office people.

    December 14, 2009 09:08 am at 9:08 am |
  11. Jerry

    MessageTo Our Misguided President: President NObama, I really think the banks DO get it. YOU are the one that doesn't get it! Of course, you and your cheerleaders (Senile Reed, Pop-Up/Plastic Pelosi, etc., etc., etc.), are not affected by your idiotic decisions. By the way, that does not include the results at the polls come election time.

    Also, did I mention I am a life-long Democrat?

    Stay tuned...

    December 14, 2009 09:11 am at 9:11 am |
  12. Paul from Phoenix

    The ultimate irony. Banks spent lavishly on their people while not watching out for the bottom line.

    Hmmmm......Sounds like the current administration. Hey Obama, another 1.1 trillion dollar spending bill.....YOU DON'T GET IT!!!!!

    But you will next November.

    December 14, 2009 09:12 am at 9:12 am |
  13. Anonymous

    One of the items President Obama should be addressing with these companies are the retention bonuses paid to Financial Advisors as they acquire brokerage companies. Financial advisors are paid through forgivable loans so they are not paying the Taxes on that money they receive that they should be paying. That any other person who might receive a bonus pays. And these retention bonuses are not anything to sneeze at. I worked for a brokerage firm that was acquired and know some of the retention bonus amounts that advisors received. The clients of these companies didn’t receive anything to stay with the new firm but the advisors did. HUMMMM, makes sense to me.

    December 14, 2009 09:14 am at 9:14 am |
  14. WeThePeopleofVirginia

    Then it is equally accurate to say Politicians don't get it why voters are upset with them.


    December 14, 2009 09:15 am at 9:15 am |
  15. T'SAH from Virginia

    NO – the banks "DON'T" get it. In the first place, I don't think they needed the TARP. They were in the RED because their BIG FAT CATS could not get their bonuses.

    So, they borrow the tax payer’s money so they can give their FAT CATS millions of dollars. They are paying it back NOW because they had it all along!!

    They WILL NOT loan money until they see enough money to AWARD themselves. Once that is in the pocket, they will loan money to make more money....

    From the beginning, the bank's intentions were to SCAM us and they got over doing so.

    December 14, 2009 09:20 am at 9:20 am |
  16. MaryJo Bruce Surprise, Ariz

    Does anyone remember when President Bush was in Office he wanted oversight for all these banks. The Dem had the house /senate and said NOOOOOO!!!! So they gave out loans knowing people could probably not pay back. No colateral, not making enough money, giving monies to people who are not legal residents. I even talked to one of the large banks and they said it was all and good....

    December 14, 2009 09:21 am at 9:21 am |
  17. Dominican mama 4 Obama

    Oh they get it alright Mr. President, they're just hoping that it is business as usual in DC and that you'll turn and look the other way like the previous occupants of the White House did while we went swirling down the toilet with the economy.

    December 14, 2009 09:25 am at 9:25 am |
  18. Ruediger Held

    Banks get it just fine, the executives just don't care! Their only motivation is maximising their salary/bonuses as long as they are in a position of power at their respective banks. Does anyone really think their priority is caring about what happens when the next person inherits their mess?

    December 14, 2009 09:26 am at 9:26 am |
  19. Annie, Atlanta

    President Obama, we're not just upset with the banks. We're upset that you put in place a "bank friendly" team in Treasury, who see nothing wrong with huge handouts to their freinds, along with obscene bonuses to the very people who caused a global meltdown.

    I know you're somewhat isolated, sir, in your position, but is there no one on staff who can give you a clue? Maybe you need a new staff, and new treasury, and while you're at it a new Fed chief, for starters. Until then, that B+ you gave yourself isn't how we're seeing it out here.

    Of course when is the last time those inside the DC bubble actually saw it from out here? You're the ones that hand out the cake.

    December 14, 2009 09:29 am at 9:29 am |
  20. Annie, Atlanta

    Oops, that's "friends." Sorry.

    December 14, 2009 09:31 am at 9:31 am |
  21. Obama = WORST president EVER

    Obama doesn't get it. Marxist hack.

    December 14, 2009 09:32 am at 9:32 am |
  22. Mark

    Obama doesn't get it. Raising everyone's already high insurance premiums and adding another trillion dollars to the deficit.

    December 14, 2009 09:32 am at 9:32 am |
  23. Right Leaning Independent

    I am not sure Obama really gets it either! The government should never of bailed out these folks in the first place!! Repubs should never have started the process though Bush did so with Obamas blessing while John McCain originally opposed it! Some folks claim it would have been devastating but I do not believe this for one minute! Smaller banks would have gobbled up these larger banks for pennies on the dollar and could have withstood the devaluation of the banks assets(loans) since they were bought so cheaply in the first place!

    December 14, 2009 09:32 am at 9:32 am |
  24. GR Bill, Grand Rapids MI

    The economic problems and challenges facing Americans belong to ALL Americans. Businesses large and small, banking institutions and others must step up and take responsibility for getting this economy back on it's feet. While so many Americans are in need business leaders waste time pointing the finger at others and wait for government to solve THEIR problems. Only when we realize that working together is the real solution will we be able to solve this crisis. To the banks and financial gurus; lead, follow or get out of the way.

    December 14, 2009 09:32 am at 9:32 am |
  25. Mike

    HECK, NOBAMA does not get it. You cannot continue to tax and spend. The treasury is empty except for the IOU's to China.

    December 14, 2009 09:46 am at 9:46 am |
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