Obama Bigwigs Take Aim at Wall Street

Matt Taibbi says bankers are still overpaid

(NEWSER) - Matt Taibbi was incredulous when he read a recent New York piece in which Wall Street denizens whined that Dodd-Frank was limiting their bonuses. "I watch what I spend," one banker lamented, "but my girlfriend likes to eat good food," which adds up fast. "Quelle horreur!" Taibbi quips in Rolling Stone , before shredding the argument. Actually, bank compensation is falling because of the European debt crisis. Bankers he knows are saying things like, "If the ECB doesn't come up with a Greek bailout package, I'm going to have to sell my children for dog food." And at some banks (like Goldman Sachs), bonuses are actually up relative to earnings. More»

Financial giants refuse to die, Steven Davidoff explains

(NEWSER) - You might remember Lehman Brothers from its starring role in kicking off 2008's financial crisis by declaring bankruptcy, and hence, you might think it is dead and buried. But you'd be wrong, writes Steven Davidoff in the New York Times : Lehman is actually still shambling around, zombie-like, and what's more, it's trying to get bigger. Courts are still trying to work through Lehman's bankruptcy, the biggest in history, and in the meantime Lehman's estate is trying to buy apartment firm Archstone-Smith. More»

First lady has been a powerful player in her husband's White House: Book

(NEWSER) - A new (unauthorized) book by New York Times reporter Jodi Kantor depicts Michelle Obama as an "unrecognized force" in her husband's administration, according to an adaptation of The Obamas in the Times . Though initially reluctant to be a meddling first lady, she began voicing concerns when she felt her husband's big-picture agenda was getting sacrificed to mundane politics and even pushed the president to shake up his team of advisers, writes Kantor. Some highlights:

• Clashes with Rahm: She had a testy relationship with former chief of staff Rahm Emanuel, and he "chafed" at her influence. The president once passed along a criticism of hers to his staff ("She feels as if our rudder isn't set right"), and Emanuel reportedly repeated it with disdain to others. The excerpts also note that Emanuel offered his resignation at one point, when his criticisms about health care reform went public.

Obama, GOP hopefuls all cozy with banks: Joel Kotkin

(NEWSER) - Wall Street doesn’t have much to worry about in 2012: President Obama, Newt Gingrich, and Mitt Romney all have the big banks’ backs. Obama “may call them ‘fat cat’ bankers, but he's been something of a kitten when dealing with financiers: There have been fewer prosecutions during his term than in the previous 25 years, notes Joel Kotkin at Politico . Indeed, Obama has received more Wall Street donations “than all the GOP candidates combined,” and he’s gotten more from Bain Capital—which Romney co-founded—than anyone else. More»

So why haven't homeowners been bailed out?

(NEWSER) - If you were trying to get a loan in southern Florida in 2007, bankers like James Theckston were there to help. "If you had some old bag lady walking down the street and she had a decent credit score, she got a loan," Chase's then-regional VP of Home Finance tells Nicholas Kristof. And Theckston says there's no doubt that though borrowers bear some responsibility for what Kristof describes as their "harebrained decisions," the bankers "were far more culpable," writes the New York Times columnist. More»