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Santelli: It's Like Worrying About 16.5 Cents
Santelli says
I am worried that this is a point of view, among many financial sector big shots, you know, the ones called "the best and the brightest." The ones who consider those who can't sell "worthless securities," losers.
"You know, $165 million is like worrying about 16.5 cents, while $165 maybe necessitates a little more outrage. What do you guys think?"Is this how these people think?
I am worried that this is a point of view, among many financial sector big shots, you know, the ones called "the best and the brightest." The ones who consider those who can't sell "worthless securities," losers.
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Consider the source.
Anyone that gives credibility to Santelli should be fined the $165.00 on their way to therapy.
Appreciate this as just affirms how out of touch with reality this jackass truly is now.
March 17, 2009 4:04 PM | Reply | Permalink
The problem is that the fantasy context for his brazen bullshit has evaporated, so the brazen bullshit is exposed for what it actually is:
brazen bullshit.
These are the "reality is what I insist it is" people. Con artists, many of whom first conned themselves into believing the brazen bullshit isn't brazen bullshit.
March 18, 2009 12:34 PM | Reply | Permalink
I knew when I saw the title I shouldn't read the post but I did. Is this guy still employed? Why is wall street, along with it's shills still breathing air? Oh, that sounds way to much like the new GOP solution - you know the oriental cure (and I don't mean water cure either). So, what I should say is why is Santelli and all the wall street gang he performs for still employed?
March 17, 2009 4:10 PM | Reply | Permalink
Sick Rantelli can blow it out his a$$.
March 17, 2009 4:18 PM | Reply | Permalink
This is how they think. This is also how they talk about the Pentagon budget. Everyone will agree that it's too big but when you point out absurdities they'll say they're too small to make a difference.
But just try to get the National Mall repaired in a public works stimulus bill!
March 17, 2009 4:58 PM | Reply | Permalink
Does he mean that 165 million in executive bonuses is nothing and that we should really focus on what AIG did with the billions in bailout money? What companies got what?
Is that what he's saying?
March 17, 2009 5:56 PM | Reply | Permalink
Update: Santelli defends his remarks.
The difference is the 165 billion is to settle a debt. The 165 million is a reward for those who help create the debt in a period where the company lost 79 billion dollars. I find the bonuses even more outrages.
March 17, 2009 6:25 PM | Reply | Permalink
Well, Santelli should see here: http://tpmmuckraker.talkingpointsmemo.com/
See especially the part right near the beginning that says most experts agree (that the contract can be broken). Contracts get broken all over this country every day, some go to court, some settle out of court and some just go we we we all the way home. Don't miss understand me, I love this country and it's rule of law. That is what has made us great and I uphold the idea of upholding the law, but, dang it, these are exceptional times. Now we have lost the 'but it's a contract' argument move on.
The retention part of we have to pay the bonuses so they stay and help us clean up this mess because no one else knows what is going on in there just got blown out of the water. Seventy some of them have LEFT ALREADY. Gone, not coming back, left, vamoosed.
Now tell me again, why do we have to pay those bonuses? By the way, I don't give a hoot who they are as long as a legal authority does, like Cumno(sp?).
March 17, 2009 7:07 PM | Reply | Permalink
This is misinformation. It was only seven that have left the AIGFP section so far. Sorry.
March 18, 2009 11:09 AM | Reply | Permalink
Contracts are abrogated every day. It's only when the wealthy are parties to them, and they (falsely believe they) hold all the cards, that contracts are forged by God.
In fact, the main reason they have lawyers is to find ways to abrogate contracts.
March 18, 2009 12:38 PM | Reply | Permalink
Santelli is an evil person who is given a voice because of his position with CNBC. There are no socially redeemable qualities with regard to this cancerous boil on the butt of humanity.
March 17, 2009 7:04 PM | Reply | Permalink
Cuomo says that last Friday AIG distributed $160 million to the London-based Financial Products Subsidiary, the criminal enterprise that destroyed AIG. If they weren't before, 73 individuals became instant millionaires.
Outrageous!
But that doesn't answer Santelli's snark. Where's the outrage that Obama and Geithner continue to support this criminal bailout?
March 17, 2009 10:45 PM | Reply | Permalink
Santelli's point is that we should be focused on the billions we're still shoveling at AIG, not the $165mm in executive bonuses.
Those bonuses by the way were completely OK based on how the stimulus package was drafted.
Why did Congress allow executive bonuses as long as they were inked prior to February 11, 2009?
March 17, 2009 11:02 PM | Reply | Permalink
I am concerned about both. 165 million isn't 16 cents.
March 17, 2009 11:07 PM | Reply | Permalink
I'm glad you're concerned about both.
Maybe you should also be blogging about the billions and not just the millions.
Or maybe about how Congress specifically permitted these bonuses right in the stimulus bill as long as the bonus contracts were entered into prior to 2/11/09. Why would Congress have done that? It's right in Section 111
March 17, 2009 11:14 PM | Reply | Permalink
I don't need any advice from you as to what I should blog about.
March 17, 2009 11:57 PM | Reply | Permalink
Well I'm giving it to you anyway. Anyone who's focused on the millions and not the billions/trillions is really missing the bigger picture.
March 18, 2009 8:09 PM | Reply | Permalink
If Santelli's point is that it's small compared to the overall size of the bailout, fine. Building a baseball diamond on the roof of AIG's corporate headquarters is also a small cost, compared to the overall size of the bailout.
Every dollar is an outrage to some degree. Some are purely necessary to keep the global banking system breathing. Others are not.
These bastards will remain gainfully employed, unwinding the noose they placed around the neck of the global economy. Retaining them at their current salaries is a compliment to their abilities I cannot understand in light of their track record, and accordingly, they shouldn't emphasize the necessity of paying top dollar for their alleged talents.
After all, someone could replace them with smarter employees in the event of receivership, from banks and investment houses that bet against housing in the U.S. appreciating at 10% a year indefinitely. Why not let those people have the rudder at AIG, if it costs this much to manage?
March 18, 2009 1:53 PM | Reply | Permalink
There's plenty being said about the billions, why shouldn't we talk about the millions?
It's a symbol, of all the waste inherent in the bailouts as a whole. And I must say it's a damn good question you ask about Congress, who seems to be serving us quite poorly.
As far as Santelli, he's a lizard, why would you bother trying to clarify his "point"? The guy was silent for months as we threw billions at every financial institution in sight, but throws a tantrum when we decide to bailout some average folks?
March 18, 2009 10:49 AM | Reply | Permalink
"As far as Santelli, he's a lizard, why would you bother trying to clarify his "point"?"
If this is directed at me, I wasn't trying to clarify is point. He offered a clarification, and in the interest of keeping readers informed, I was simply trying pass it on.
March 18, 2009 12:03 PM | Reply | Permalink