WASHINGTON — First there was General Motors, whose chief executive was summarily dismissed by the White House shortly before the government became the company’s majority shareholder. Chrysler was forced into a merger. At the banks that received government bailouts, executive pay was curbed; at insurance companies seeking to jack up premiums, scathing criticism led to rollbacks.
But President Obama’s successful move to force BP to establish a $20 billion compensation fund that the company will have no voice in allocating — just a down payment, the president insisted — may have been the most vivid example of what he recently called his determination to step in and do “what individuals couldn’t do and corporations wouldn’t do.” More...
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I think President Obama should be receiving more credit than he has for standing up for the average American against the very powerful interests of big business. In less than one and one half years in office he has stood up to the large Wall Street banks, the automobile titans GM and Chrysler, the health care industry and now BP. What American president since Roosevelt has had such a strong record of supporting the common interest instead of caving in to corporate greed? If the so called "Tea Bag Party" followers would look at the Obama record and not remain sidetracked by narrow-mindedness, bigotry and foggy headed thinking they might see that Obama's use of big government power actually has served their real interests. Remember that statutorily BP is only obligated to pay of maximum of seventy-five million for damages caused by their oil spill. Under pressure from the Obama administration they have committed to a minimum of twenty billion dollars. Granted even more money will probably be required to make injured parties whole. In spite of this fact Obama achieved a remarkable success this week. America should take note.
John H. Armwood
I think President Obama should be receiving more credit than he has for standing up for the average American against the very powerful interests of big business. In less than one and one half years in office he has stood up to the large Wall Street banks, the automobile titans GM and Chrysler, the health care industry and now BP. What American president since Roosevelt has had such a strong record of supporting the common interest instead of caving in to corporate greed? If the so called "Tea Bag Party" followers would look at the Obama record and not remain sidetracked by narrow-mindedness, bigotry and foggy headed thinking they might see that Obama's use of big government power actually has served their real interests. Remember that statutorily BP is only obligated to pay of maximum of seventy-five million for damages caused by their oil spill. Under pressure from the Obama administration they have committed to a minimum of twenty billion dollars. Granted even more money will probably be required to make injured parties whole. In spite of this fact Obama achieved a remarkable success this week. America should take note.
John H. Armwood
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