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Taibbi previews ‘Obama’s big sellout’ to Wall Street

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In a preview of an upcoming Rolling Stone article, columnist Matt Taibbi explains how the Obama administration sold out to Wall Street interests. President Barack Obama gave key economic positions away to Wall Street insiders instead of keeping on progressive voices from his presidential campaign.

During the campaign, Obama was primarily advised by people like Austan Goolsbee from University of Chicago and Karen Kornbluh who is a well known progressive economist. Obama gets elected, the very day he gets elected those people are basically off the team and he brings in a whole bunch of people from Wall Street.

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Primarily he brings in his former college buddy Michael Froman who is a Harvard classmate of Obama’s. Froman was a high-ranking Citigroup executive. He puts Froman in charge on November 5th of running the economic transition team. He was in charge of hiring people for the White House to run economic policy.

Froman also brought in Jamie Rubin to be his number two. Rubin is the son of Bob Rubin who is a big Citigroup executive as well. There’s four ways to be connected to Bob Rubin. There is Goldman Sachs where Rubin was the head of Goldman Sachs from 1990 to 1992. Then there’s the Clinton White House where he was the head of the National Economic Council and then Treasury Secretary. After he left the Clinton White House, he went on to Citigroup.

A lot of the people who ended up in the Obama White House have connections in one way or another to Bob Rubin. He had actually helped push through a law that made the Citigroup merger possible as Treasury Secretary and as soon as he did that he left the Clinton White House and went to work for Citigroup and made himself $120 million or so.

Rubin probably more than any other person — single person — was responsible for the financial crisis by deregulating the economy in the White House. He also had a major role in helping to destroy one of the world’s biggest companies. You know, Citigroup. He has like one of the worst track records you can possible find in the country and yet he was the guy who was basically the architect of the entire Obama policy. Obama put him in charge of everything. The crew that’s running the policy in the White House is basically all tied to Bob Rubin.

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A couple of weeks after he hires these Citigroup people to run all those hires, they announced the Citigroup bailout which is a massive $300 billion giveaway to Citigroup. You know, it’s a total sweetheart deal for them. They don’t have to fire any executives. They barely had to give any equity to the government in the deal and Citigroup only had to eat the first $30 billion in losses in this toxic asset plan.

And as soon as that deal was announced, Froman and Jamie Rubin announced that they were hiring Timothy Geithner who had helped put together this entire bailout to the Treasury Secretary job. So, it’s basically like a quid pro quo. You give Citigroup a huge bailout and we’ll give you the Treasury Secretary job.

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Watch all of Matt Taibbi’s comments below. His full story is expected in the January edition of Rolling Stone.

This video is from Rolling Stone, broadcast Dec. 1, 2009.



Download video via RawReplay.com

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

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‘Go look at President Trump’s Twitter’: Portland right-wing rally organizer claims ‘mission success’

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The organizer of a far-right rally in Portland, Oregon claimed the event was a "success" after President Donald Trump attacked Portlandiers protesting the group.

"A confluence of protesters on opposite ends of the ideological spectrum merged on Portland’s waterfront Saturday in a tense but relatively uneventful face-off that brought national attention, including a tweet in the hours before the protest by President Trump decrying the city’s signature anti-fascist movement," the Oregonian reported Saturday.

When a similar right-wing rally in Charlottesville, Virginia killed Heather Heyer, Trump argued there were "fine people" on both sides of the "Unite the Right" rally.

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Why was Jeffrey Epstein buying size 5 women’s panties — while in jail?

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The Miami Herald has another bombshell report on Jeffrey Epstein, who died in a Manhattan jail while waiting to stand trial on federal sex crimes charges.

"A decade ago, during a brief stint in Palm Beach County Jail, convicted sex offender Jeffrey Epstein made an odd purchase at the facility’s store: two pairs of small women’s panties, size 5," the Herald reported Saturday night.

The newspaper noted, "the panties raise questions about why a childless male inmate, accused of sexually abusing girls as young as 14, would be allowed to buy female undergarments so small that they wouldn’t fit an average-sized adult woman."

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White nationalist Republican ridiculed after only 2 people show up for his town hall meeting

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Embattled Rep. Steve King (R-IA) suffered further humiliation on Saturday when only two people showed up for his town hall meeting with Iowa constituents.

King, who was stripped of all committee assignments for his white nationalism, was been an embarrassment for Republicans with his constant racism and misogyny.

A photo of the town hall meeting was posted on Twitter by Reuters photo editor Corinne Perkins.

https://twitter.com/corinne_perkins/status/1162806565109473280

Rep. King was quickly mocked in the comments.

Here's some of what people were saying:

https://twitter.com/sedespres/status/1162811223186006018

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