“I did not run for office to be helping out a bunch of fat cat bankers on Wall Street,” Mr. Obama said in an interview on CBS’s “60 Minutes” program on December 12, 2009. “They’re still puzzled why is it that people are mad at the banks. Well, let’s see,” he said. “You guys are drawing down $10, $20 million bonuses after America went through the worst economic year that it’s gone through in — in decades, and you guys caused the problem. And we’ve got 10% unemployment.”
On Wednesday August 4, 2010, Obama went to campaign for Alexi Giannoulias, the Democrat nominee for Obama’s Senate seat from Illinois.
Mr. President, do you not see the disconnect here?
The Giannoulias family owned and operated Broadway Bank of Chicago. That same bank was seized by federal regulators in April, because they were, for all practical purposes, bankrupt. This was a bank that was mired in the central issues that resulted in the current fiscal crisis, i.e. subprime real estate loans.
And that doesn’t even talk about the usual, run-of-the-mill corruption in Chicagoland. The bank provided now felon Tony Reczko, Obama confidant and political supporter.
And remember: Giannoulias has only limited experience at anything…and most of his experience relates to his family’s banking.
And Mr. Obama wants you, people of Illinois, to vote for this man.
Of course, politics makes strange bedfellows. To see the President who has been bashing Wall Street for the majority of the last two years raise money and praise a banker (of a failed bank, no less) is comedic gold.
It is unfortunate Republicans came up with one of the most mediocre Senate candidates possible in Mark Kirk. But in the blue state of Illinois, he is running even with Giannoulias.
Well, maybe some good will come from the banking crisis after all.