Obama Lets Corporate Predators Buy His “Trade Policy”


Barack Obama’s support for corporate trade goals, no matter how unethical and/or borderline illegal, is nothing new. His early and lasting backing of the Panama trade deal – a stellar performance wherein he convinced Democrats to vote for a bill which made it legal for US corporations to violate US law – was a brilliant part of his strategy to move the Democrat party onto Wall Street.

So it was no surprise to anyone familiar with his history that he has been appointing hired Wall Street guns – or goons – to write his TransPacific Trade Policy. Nor is it surprising that he has had nothing to say against their “former” companies paying them for writing and negotiating the deal.

Stefan Selig

Officials tapped by the Obama administration to lead the Trans-Pacific Partnership trade negotiations have received multimillion dollar bonuses from CitiGroup and Bank of America, financial disclosures obtained by Republic Report show.

Stefan Selig, a Bank of America investment banker nominated to become the Under Secretary for International Trade at the Department of Commerce, received more than $9 million in bonus pay as he was nominated to join the administration in November. The bonus pay came in addition to the $5.1 million in incentive pay awarded to Selig last year.

Michael Froman, the current U.S. Trade Representative, received over $4 million as part of multiple exit payments when he left CitiGroup to join the Obama administration. Froman told Senate Finance Committee members last summer that he donated approximately 75 percent of the $2.25 million bonus he received for his work in 2008 to charity. CitiGroup also gave Froman a $2 million payment in connection to his holdings in two investment funds, which was awarded “in recognition of [Froman’s] service to Citi in various capacities since 1999.”

Do I have to explain what this means? How their companies are basically paying these guys in advance to continue promoting their interests even as they pretend to work for the govt? Or that Obama just about had to be working hand-in-glove with these corporations to come up with these guys’ names in the first place? Or that these payments are a measure of how deeply corrupt our system is now?

That’s what I thought.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s