Paper Tiger President: Obama's "scold the bankers" faux-Populism

Submitted by Eternity on Mon, 12/14/2009 - 10:37.

Glen Greenwald @ Salon - I wonder what it's like to live in a country where political and financial elites are held accountable for wrongdoing.  Everyone can decide for themselves how credible a threat Obama, Tim Geithner, Larry Summers and friends will ever pose to Wall Street, but at least some of the bankers don't seem to be taking it very seriously:


So expect a healthy dose of political posturing before, during and after the President's meeting with top bankers Monday. "It's a p.r. stunt," says an executive at one of the banks that will be getting a dressing-down at the White House meeting.  Executives from Goldman Sachs, JPMorgan Chase, Bank of America and Wells Fargo are expected to be among those in attendance.

Last week, Britain imposed a one-time 50% tax on bankers' bonuses in response to the crisis they caused and subsequent bailout they needed, and France is now doing the same.  Last month, the German Defense Minister was forced to resign in disgrace because of false statements he made about a NATO airstrike that slaughtered numerous civilians in Afghanistan.   Earlier this year, the former Prime Minister of South Korea jumped to his death while being investigated for corrupt and illegal acts he allegedly committed while in power.  Read more.