GE gett'n paid for helping the prez.

#2
#2
Unlike other major lenders participating in the debt guarantee program, including Bank of America, Citigroup and J.P. Morgan Chase, GE has never been subject to the Fed's stress tests or its rules for limiting risk. Also unlike firms that have received bailout money in the Troubled Assets Relief Program, or TARP, GE is not subject to restrictions such as limits on executive compensation.
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Isn't that convenient?
 
#6
#6
Its like you guys just read right over the part that utterly disproves joevol's claim:



GE's finance arm is not classified as a bank. Rather, it worked its way into the rescue program by owning two relatively small Utah banking institutions, illustrating how the loopholes in the U.S. regulatory system are manifest in the government's historic intervention in the financial crisis.

The Obama administration now wants to close such loopholes as it works to overhaul the financial system. The plan would reaffirm and strengthen the wall between banking and commerce, forcing companies like GE to essentially choose one or the other.

"We'd like to regulate companies according to what they do, rather than what they call themselves or how they charter themselves," said Andrew Williams, a Treasury spokesman.

GE's ability to live in the best of both worlds -- capitalizing on the federal safety net while avoiding more rigorous regulation -- existed well before last year's crisis, because of its unusual corporate structure.

GE was able to take advantage of the loophole that existed BEFORE Obama took office so as to qualify and now Obama is trying to close the loophole.
 
#7
#7
lawgator1 said:
Its like you guys just read right over the part that utterly disproves joevol's claim:



GE's finance arm is not classified as a bank. Rather, it worked its way into the rescue program by owning two relatively small Utah banking institutions, illustrating how the loopholes in the U.S. regulatory system are manifest in the government's historic intervention in the financial crisis.

The Obama administration now wants to close such loopholes as it works to overhaul the financial system. The plan would reaffirm and strengthen the wall between banking and commerce, forcing companies like GE to essentially choose one or the other.

"We'd like to regulate companies according to what they do, rather than what they call themselves or how they charter themselves," said Andrew Williams, a Treasury spokesman.

GE's ability to live in the best of both worlds -- capitalizing on the federal safety net while avoiding more rigorous regulation -- existed well before last year's crisis, because of its unusual corporate structure.

GE was able to take advantage of the loophole that existed BEFORE Obama took office so as to qualify and now Obama is trying to close the loophole.
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what claim? i was just wondering if their stocks are going to go up?
 
#8
#8
joevol320 said:
what claim? i was just wondering if their stocks are going to go up?
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You complete frickin idiot. You claimed that GE was getting a break because it helped Obama get elected. And the actual facts are that the loophole was there and now Obama is trying to close it.

My God, you are stupid.
 
#9
#9
lawgator1 said:
You complete frickin idiot. You claimed that GE was getting a break because it helped Obama get elected. And the actual facts are that the loophole was there and now Obama is trying to close it.

My God, you are stupid.
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moron, if you don't think your boy hussein isn't hooking up GE, you're a complete sheep... fool. hussein is going to give GE billions to waste on "good power" and we'll be stuck with bill. you're such a fool law.
 
#10
#10
lawgator1 said:
Its like you guys just read right over the part that utterly disproves joevol's claim:

GE was able to take advantage of the loophole that existed BEFORE Obama took office so as to qualify and now Obama is trying to close the loophole.
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Hold on there cowboy. Where has anyone but Joe (and to some extent RJD) suggested Obama had a hand in this as a quid pro quo?

My comments are that it's nice for GE that they are skating through on a loophole.

As for Obama trying to close the loophole - we'll see how serious they are. I doubt you'll find much fire in any statements coming from Team Obama about this matter. They loved to jump on AIG and Wall Street but I bet they don't get their panties in a wad about GE getting some.
 
#11
#11
joevol320 said:
moron, if you don't think your boy hussein isn't hooking up GE, you're a complete sheep... fool. hussein is going to give GE billions to waste on "good power" and we'll be stuck with bill. you're such a fool law.
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Do you even bother to read the links to which you post -- or do you just accept the Drudge spin?

Seems obvious what happened here.

How do you square the fact that the article you posted says the EXACT opposite of what you claimed?
 
#12
#12
lawgator1 said:
Do you even bother to read the links to which you post -- or do you just accept the Drudge spin?

Seems obvious what happened here.

How do you square the fact that the article you posted says the EXACT opposite of what you claimed?
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drudge spin? it was a news article. drudge didn't write it. he just linked to it. God, you libs hate drudge. it's really funny.
 
#13
#13
volinbham said:
PS. you conveniently read over this part ----
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I didn't read over it. I was looking for the source on that. For a quote. For a reference to a fact.

I'm still waiting for one.

There's an assertion that the program was expanded due to lobbying by GE. But then Obama trying to close the loophole, which is inconsistent with that.

Now, there's a fact and a quote cited for Obama trying to close the loophole.

What's the evidence that the program was broadened as a reuslt of lobbying by GE?

I am not seeing that.
 
#14
#14
lawgator1 said:
I didn't read over it. I was looking for the source on that. For a quote. For a reference to a fact.

I'm still waiting for one.

There's an assertion that the program was expanded due to lobbying by GE. But then Obama trying to close the loophole, which is inconsistent with that.

Now, there's a fact and a quote cited for Obama trying to close the loophole.

What's the evidence that the program was broadened as a reuslt of lobbying by GE?

I am not seeing that.
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Again, why suggest all the posters in this thread are saying Obama did this as repayment to GE? Only Joevol suggested that.
 
#15
#15
volinbham said:
Again, why suggest all the posters in this thread are saying Obama did this as repayment to GE? Only Joevol suggested that.
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You said "isn't that convenient" in reference to GE not having to take stress tests, not being subject to compensation rules.

rjd said it stinks of favoritism.


Seems pretty obvious to me that everyone was willing to assume that Obama was helping out a major contributor when, in reality, he is trying to close a loophole that undoubtedly has been abused by these huge institutions going out and buying these tiny banks so as to take advantage of whatever regulatory gimmick they can.
 
#16
#16
In short, you jumped to an unwarranted conclusion. Admit your assumption on it when you first saw it. Admit you were wrong.
 
#17
#17
lawgator1 said:
You said "isn't that convenient" in reference to GE not having to take stress tests, not being subject to compensation rules.

rjd said it stinks of favoritism.


Seems pretty obvious to me that everyone was willing to assume that Obama was helping out a major contributor when, in reality, he is trying to close a loophole that undoubtedly has been abused by these huge institutions going out and buying these tiny banks so as to take advantage of whatever regulatory gimmick they can.
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you think he's going to close it? i'd say he'll allow GE to take advantage of this as much as they can. He needs GE to help him for the 2010 and 2012.
 
#18
#18
lawgator1 said:
You said "isn't that convenient" in reference to GE not having to take stress tests, not being subject to compensation rules.

rjd said it stinks of favoritism.


Seems pretty obvious to me that everyone was willing to assume that Obama was helping out a major contributor when, in reality, he is trying to close a loophole that undoubtedly has been abused by these huge institutions going out and buying these tiny banks so as to take advantage of whatever regulatory gimmick they can.
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My comments were not intended to imply that Obama had a hand in this period. I specifically mentioned the RJD's might have such intent since he used the term favoritism.

Not surprisingly, you've decided to tell us what we really mean.

My comments were intended to imply that GE is working the system. Further reading of the article supports this claim.

With regard to Obama's role - I stated that in a previous post. I bet they don't hold up GE as an example of why they want to change the rules.
 
#20
#20
lawgator1 said:
In short, you jumped to an unwarranted conclusion. Admit your assumption on it when you first saw it. Admit you were wrong.
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Hmmm. Let's play this game. You saw Joe's post and assumed any other posts critical of GE or the situation MUST be indications that posters agree Obama specifically did this for GE since GE supported Obama.

Apparently, you jumped to an unwarranted conclusion.

Isn't this fun?
 
#21
#21
volinbham said:
Can you guess what I'm assuming now?
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That I absolutely trounced you and joevol on this one and that in the future you will both take a moment to actually read what's linked and think about it before chiming in, mistakenly?
 
#22
#22
lawgator1 said:
In short, you jumped to an unwarranted conclusion. Admit your assumption on it when you first saw it. Admit you were wrong.
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One could say it's unwarranted to assume that because an article says Obama "wants" to close the loophole that any loophole-closing will actually occur.
 
#23
#23
joevol320 said:
you think he's going to close it? i'd say he'll allow GE to take advantage of this as much as they can. He needs GE to help him for the 2010 and 2012.
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Nice try to save it. Article you posted says EXACT opposite of what you claimed.

EPIC FAIL.
 
#24
#24
lawgator1 said:
That I absolutely trounced you and joevol on this one and that in the future you will both take a moment to actually read what's linked and think about it before chiming in, mistakenly?
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I sincerely hope you realize that you've been guilty of the same error in this forum.
 
#25
#25
kptvol said:
One could say it's unwarranted to assume that because an article says Obama "wants" to close the loophole that any loophole-closing will actually occur.
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So first its that he's playing favorites. Then when it turns out he is trying to close the very loophole that allowed for this, you guys change the argument to be, "Yeah, well, he doesn't really mean it."

Face it.

EPIC FAIL.
 
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