Obama says hedge fund managers are ‘society's lottery winners'

Yahoo Finance ^ | Wed, May 13, 2015 | Angela Greiling Keane

[expat_panama]

The U.S. won’t put a dent into poverty and income inequity unless Democrats and Republicans can agree to raise taxes on top earners like hedge-fund and private equity managers, President Barack Obama said Tuesday.

Obama, whose longstanding proposal to raise taxes on what is known as carried interest has gained little traction in Congress, said fairness demands that the nation’s wealthiest pitch in as more and more Americans are falling behind.

“If I were able to close that loophole, I’d be able to invest in early childhood education,” Obama said at a poverty summit at Georgetown University in Washington. “If we can’t ask from society’s lottery winners to make that modest investment, then really this conversation is for show.”

Obama’s off-the-cuff remarks came during a discussion in which he said the U.S. has a chance to confront poverty as politicians from both parties, including 2016 presidential candidates, are converging on issues of income inequality and opportunity. He offered no new remedies.

More from Bloomberg.com: ACLU Seeks Probe of Alleged Bias Against Women in Hollywood

The president has often said the wealthiest Americans must make sacrifices to better life for poorer people. In addition to urging higher taxes for investment managers on Tuesday, he questioned whether the pay of some corporate chief executives is justified.

Social Constraints

“A previous CEO of a company might have made 50 times the average wage of a worker,” Obama said. “They might now make 1,000 times or 2,000 times, and that’s accepted practice inside the corporate boardroom. That’s not because they’re bad people. That’s because they’ve been freed from a certain set of social constraints.”...

[2banana]

FREE JOHN CORZINE!!!

[JudyinCanada]

I think the beneficiaries of affirmative action are the winners of life’s lottery.

[Liz]

Here's then-US Sen Hillary cozying up to then-US Sen Corzine.

Jon Corzine was fresh out of Goldman Sachs executive suite, buying his NJ Senate seat office for $65 million; then buying the NJ governorship. Out of office, he ran a hedge fund where $1.5 B went missing.

BTE, Chelsea's husband runs a hedge fund that gained access to investors who had ties to the Clintons---even as reports surfaced that Mezvinsky's hedge fund had "underwhelming" returns.

The WSJ reports extensively on the fund's underperformance since its inception and Mezvinsky's mediocre investing and strategizing.

Back in 2011, Mezvinsky, now 37, and two former Goldman Sachs colleagues — Bennett Grau and Mark Mallon — began raising money for Mezvinsky's Eaglevale Partners LP hedge fund. Some of Eaglevale's investors included Goldman Sachs CEO Lloyd Blankfein. Blankfein, a slavish Democrat supporter, said he had "always been a fan of Hillary Clinton."

[goodwithagun]

Isn’t Princess Chelsea’s husband a hedge fund manager?

[MrB]

ask from society’s lottery winners to make that modest investment

---

Only a leftist would say that putting a gun in someone’s face is “asking them to make an investment”.

[Gaffer]

Ha! The World’s Biggest Lottery winner trashing other so-called lottery winners. Priceless.

[Gaffer]

Yes. But it don’t count apparently.

[expat_panama]

Welcome to another day of earning a living while the left wants to get even with anyone earning a living. 

Not to worry, there's really nothing to it.  Yesterday's stock drop of a third of a percent in mixed volume now has futures pointing up a third.   On top of that yesterday's metals held steady and now they're seen leaping a half percent.  Of course we'll also be hearing from these guys:

7:00 AM MBA Mortgage Index
8:30 AM Retail Sales
8:30 AM Retail Sales ex-auto
8:30 AM Export Prices ex-ag.
8:30 AM Import Prices ex-oil
10:00 AM Business Inventories
10:30 AM Crude Inventories
 

[WKUHilltopper]

And yet he’s taken millions from them.

[OttawaFreeper]

But of course, his sugar daddy George Soros will still not be paying taxes.

[4yearlurker]

Here we go again..."The winners in life's Lottery!"

[Mr. Jeeves]

Only a leftist would say that putting a gun in someone’s face is “asking them to make an investment”.

It's just very unfortunate that so few Americans possess the ability to understand what is really being said by their President.

[OttawaFreeper]

What about things like pork bellies and orange juice, as shown with Duke and Duke in the movie “Trading Places”?

[MrB]

It’s really easy to refute them when they deny that it comes down to a gun in the face.

“What if I say ‘no’?”

[logi_cal869]

What about the Congressional insider trading loophole?

Nothing to see here.../s

[Soul of the South]

A prominent GOP candidate could respond by stating the obvious, that Obama himself is a prime example of winning the life lottery. However, we won’t.

When my progressive associates start on income fairness issue, my response is I will listen when:

1) Jon Corzine goes to trial and prison.
2) When Barack Obama and Michelle Obama makes a public example by giving 50% of their net worth directly to individual poor people (not organizations). This means Barack and Michelle actually going into the urban center and handing the cash directly to poor individuals.
3) When wealthy progressive Hollywood celebrities sell their second, third, and fourth homes, as well as their private jets, and give the money to the poor.
4) When George Soros, Tom Steyer, Michael Bloomberg, Bill Gates, and Warren Buffett stand together publicly, release their federal tax statements for the last 20 years to the public, define what their fair share should have been, and write checks on the spot to the US Treasury for the difference.
5) When 100% of the Democrat caucus in Congress supports legislation to prohibit the use of campaign funds for any personal use and prohibit representatives and Senators from taking surplus campaign funds with them when they leave office.
6) When Al Sharpton pays his back taxes.

Until all of the above happens, don’t talk to me about the issue. Talk is cheap, actions speak louder than words. They are all hypocrites until they walk the talk.

[Liz]

GOV'T FRAUD AT ITS FINEST and Democratic votes to boot.

He exposed the Clinton Foundation frauds, but in his earlier book, "Extortion," author Peter Schweitzer writes about Obama and Eric Holder, using the Justice Dept and assorted govt agencies to extort Big Money ....threatening jailtime unless the targets fork over billions. Read on.

The Largest, Best Funded Voter Fraud Operation in US History Happening Before Your Eyes
Red Statements ^ | 3/12/2015 | Steven Ahle / FR Posted by HomerBohn

So you say you want a permanent democratic majority? But what about the massive amount of money that's needed?

Obama, and congressional democrats, along with a huge assist from Eric Holder add the shady ACORN into the mix by changing ACORN to "NeighborWorks America."

Both NeighborWorks America....and La Raza....provide the manpower.....and now have a huge funding source.

The DOJ has sued several banks and made settlements in which the banks have paid 24 billion in fines. One of the banks, CitiCorp was also ordered to pay $50 million to La Raza and NeighborWorks America as part of the settlement.

But wait, it doesn’t stop there. Another clause in the agreement makes it possible for La Raza and NeighborWorks America to rake in even larger amounts of money.

Of the remaining money the banks needed to pay in settlements, the banks were able to contribute additional money to La Raza and NeighborWorks America. For every dollar they contribute, it reduces their debt to the government by 2 dollars. That’s some mighty powerful incentive to give generously.

House Judiciary Committee Chairman Bob Goodlatte (R-Va.) and House Financial Services Chairman Jeb Hensarling have questioned why this money was sent to the two organizations rather than to the alleged victims of the bank’s crime. The administration of course declined to answer.

--SNIP--

So now, with Social Security cards, manpower and tons of money to go along with the two years before the next presidential election, the largest and most successful voter fraud campaign may alter the course of the elections not to mention the future of the United States.

Within the first couple of months of Obama’s illegal immigration executive memos he signed on AF One, at least ninety thousand Social Security cards were issued to illegal aliens. Now Senators Ben Sasse and Jeff Sessions want answers on how many additional social security cards were issued. The answer is important because it will allow citizens to know just how much money taxpayers are spending on illegal aliens.

Social Security cards are keys of the kingdom to illegal aliens. With them, they are able to access a number of all sorts of benefits, including the Earned Income Tax Credit, Social Security disability payments or Social Security’s supplemental income program.

The senators also want to know how much in benefits these illegals have collected. The senators have yet to connect the dots in Obama’s real scheme. Let me help them out.

Social Security cards besides making illegals eligible for benefits, can have a more profound problem for the United States. The cards make it very easy for illegals to register to vote, even in states with voter ID laws.

One of the documents accepted for registering to vote is………….Social Security cards. But administration officials don’t dare instruct the illegals on how to vote and many might not trust them. The Washinton Times explains how easy it would be to add millions of new voters through the democrat’s illegal amnesty.

So how do you get around this? Simple. You have the latino-centric America hating La Raza do it. Yes, La Raza actually teaches illegal immigrants where and how to register and vote. With the advent of so many illegals being able to vote and limited resources, La Raza couldn’t possibly handle the volume or afford to spend the kind of money necessary to facilitate such a huge undertaking.

[kjam22]

Lottery winner? Yeah... I guess these guys could be hedge fund managers too if only their lottery number had come up...

[Soul of the South]

Let me correct condition #4 in post 17 above.

4) When George Soros, Tom Steyer, Michael Bloomberg, Bill Gates, and Warren Buffett stand together publicly, release their federal tax returns for the last 20 years to the public, allow Barack Obama to define what their fair tax payment should have been, and write checks on the spot to the US Treasury for the difference.