Obama's TPP negotiators received huge bonuses from big banks

[ForgoTheConsequence]

Source: RT

A controversial trade deal being touted by the White House is expected to give American corporations broad new authority if approved. Now according to newly released documents, big banks gave millions to the execs that are now orchestrating the agreement.

Investigative journalist Lee Fang wrote for Republic Report on Tuesday this week that two former well-placed individuals within the ranks of Bank of America and CitiGroup were awarded millions of dollars in bonuses before jumping ship to work on the Trans-Pacific Partnership on behalf of the White House.

The Trans-Pacific Partnership, or TPP, is a widely-contested trade deal between the US and 11 other nations adjacent to the Pacific Rim, and has been negotiated by representatives for those countries in utmost secrecy. According to leaked excerpts of the TPP and remarks from experts following the news closely, though, it’s believed that the arrangement would allow corporations to oppose foreign laws while at the same time limiting the abilities for governments to regulate those entities.

On Tuesday, Fang wrote that two major United States-based financial firms have significantly awarded former executives who have since attracted the attention of President Barack Obama and subsequently been offered positions that put them directly involved in TPP talks.

Former Bank of America investment banker Stefan Selig, Fang acknowledged, received more than $9 million in bonus pay after he was nominated to join the Obama administration in November. And Michael Froman, the current US trade representative, was awarded over $4 million from Citigroup when he left them in 2009 in order to go work for the White House. Republic Report were provided those statistics through financial disclosures included in Fang’s article.

Read more: http://rt.com/usa/tpp-fang-big-banks-577/

---

More sources:

http://www.salon.com/2014/02/18/obama_trade_officials_received_huge_bank_bonuses/

http://www.huffingtonpost.com/2014/02/17/obama-trade-banks_n_4805544.html

http://www.republicreport.org/2014/big-banks-tpp/

[djean111]

1. This doesn't even surprise me one little bit. Business as usual.

I think the GOP bullshit about Obama's executive orders threat is ridiculous.
But the TPP - that is legislating behind doors, secretly, with no input from anyone but The Money.
Be pissed off about that, please, Issa. Or do you and others stand to get the big bucks, too.

[zeemike]

8. No way will Issa touch this.

The right wing has been calling Obama a communist and that would contradict that meme...
Nope they will stick to other things that deflect the conversation.

K&R for exposure.

[Laelth]

2. k&r for exposure. n/t

-Laelth

[marmar]

3. Quelle Surprise!

[SamKnause]

4. Of course they did.

If this surprises you, you have not been paying attention.

Wall Street is the official government of the United States of Corporations.

Our politicians are their puppets.

Damn, what will it take for people to realize this and face the facts staring them in the face ?????

Our corrupt politicians aid, abet, enable, and enact everything that Wall Street, global corporations, and the CEOs want.

[Dustlawyer]

17. It will take a large organized group committed to campaign finance reform and

publicly funded elections. Get as much money out of our elections as possible! Not likely in the current climate, but getting likelier by the day with all of the attention turning to the huge inequality in wealth between the citizenry. If we can get our government back (sounds too much like a Tea Party meme I know), then we can bust up the Wall Street banks and the media conglomerates. We also need to federalize voting so that everyone has an equal opportunity to vote, as well as installing election protections to eliminate the real voting fraud danger, electronic voting fraud.
If we can do all of this (tall order) we will be able to solve most of our problems because our Representatives would be OUR Representatives!

[grahamhgreen]

5. What is Hillary's position on the TPP? For/against?

[ForgoTheConsequence]

6. For.

She said she certainly believes "the Trans-Pacific Partnership holds great benefits for Japan's economy," adding the economies of the two countries have expanded on a broader scale as consumers in many emerging democracies or emerging economies are now demanding more goods and services.

She said Japan and the United States have comparative advantage in that the two are "high tech, we have highly educated workforces," and that the TPP "is one way that could really enhance our relationship."

http://www.upi.com/Top_News/US/2013/01/29/Clinton-US-Japan-relations-secure/UPI-97681359514680/

[grahamhgreen]

36. No one I know can vote for that:(

[BrotherIvan]

7. I don't think it matters much if Obama rams it through

It looks like this is one issue he's not "powerless" on.

[Gerhard28]

9. She's FOR it.

"She’s also taken a leading part in drafting the Trans-Pacific Partnership, the free-trade pact that would give U.S. companies a leg up on their Chinese competitors."

http://www.businessweek.com/articles/2013-01-10/hillary-clintons-business-legacy-at-the-state-department#p1

[Divernan]

10. As Secretary of State, she promoted and praised TPP.

http://www.upi.com/Top_N
WASHINGTON, Jan. 29 (2013)(UPI)

Speaking from Washington to an international group of students, Clinton was asked by a Japanese student about the future of bilateral relations since their economic ties appeared to be getting weaker. She was also asked about the TPP, a U.S.-led free-trade zone initiative that currently includes Australia, New Zealand, Brunei, Chile, Malaysia, Peru, Singapore and Vietnam.

Japan wants to join the talks but there is much opposition in the country because of concerns among certain sections that the TPP's tariff-eliminating clauses would cause cheaper foreign goods to flood Japan, threatening its highly protected farming and agriculture industry.
She said she certainly believes "the Trans-Pacific Partnership holds great benefits for Japan's economy," adding the economies of the two countries have expanded on a broader scale as consumers in many emerging democracies or emerging economies are now demanding more goods and services.

She said Japan and the United States have comparative advantage in that the two are "high tech, we have highly educated workforces," and that the TPP "is one way that could really enhance our relationship."


Read more: http://www.upi.com/Top_News/US/2013/01/29/Clinton-US-Japan-relations-secure/UPI-97681359514680/#ixzz2thWHrHKU

[ForgoTheConsequence]

11. Ed Schultz just mentioned this.

Said he'll be talking about it tonight.

[laserhaas]

12. K&R - I've often wondered how in the sam blazes do we expect to see a watchdog

do a good faith job (like Eric Holder whose law firm works for WS or SEC employees leaving million dollar jobs for the SEC)

when their loyalties are (obviously) divided.

[stillwaiting]

24. In my opinion their loyalties are not divided.

They serve their corporate masters will over looking out for the interests and well-being of average Americans. At least from an overall perspective when thinking about the things they have done while in public office and when thinking about the things they have NOT done while in public office.

Our governmental system is corrupt because the the laws that are currently in effect have literally legalized corruption.

We have a lot of changes to make before we get the government back working for the interests of average Americans and not solely for the wealthy elite and their multinational corporations and banks.

[George II]

29. You don't think Holder is doing a good job?

[George II]

13. All the links go back to the same article....

....and the two who received bonuses detailed in the original "Republic Report" article received their bonuses as employees of two banks, Bank of America and Citicorp.

The headline and story implies that they received their bonuses as negotiators for the TPP, which is not true. They received those bonuses for their work at those two banks. Not that it's right that they received those huge bonuses, but there doesn't appear to be ANY connection between the bonuses and the TPP, which is what the author is trying to do.

There are probably hundreds if not thousands of big bank executives in the country who received similar bonuses who are NOT negotiators for the TPP.

Very disingenuous "reporting" if you ask me!

[ForgoTheConsequence]

14. "The headline and story implies that they received their bonuses as negotiators for the TPP"

No it does not. Go back and read it again.

[George II]

18. "Obama's TPP negotiators received huge bonuses from big banks"

To me, and maybe others, it reads as though they got their bonuses AS TPP negotiators, not independent of their ultimate positions as TPP negotiators. I'm not sticking up for them or their bonuses (they're much too big) but they earned them for their work at those two banks, NOT for their work as TPP negotiators.

Michael Froman left Citicorp more than four years ago, and Stefan Selig announced that he was leaving Bank of America two month before his nomination.

[Maedhros]

15. Here's what the OP states:

Former Bank of America investment banker Stefan Selig, Fang acknowledged, received more than $9 million in bonus pay after he was nominated to join the Obama administration in November. And Michael Froman, the current US trade representative, was awarded over $4 million from Citigroup when he left them in 2009 in order to go work for the White House. Republic Report were provided those statistics through financial disclosures included in Fang’s article.

The timing of the receipt of the bonuses certainly raises some questions regarding exactly for what the bonuses were awarded.

[George II]

20. "The timing of the receipt of the bonuses certainly raises some questions"

One of them was awarded in 2009.

[Maedhros]

25. "when he left them... in order to go work for the White House."

If you're suggesting that there isn't a revolving door between big banks and regulatory commissions/government positions, and that money doesn't change hands during the process, then I'm afraid you haven't been following American politics for the last century.

[George II]

30. I suppose he should have appointed a bank teller and bank security guard!

[Maedhros]

33. As was noted above, there were any number of principled pro-democracy, pro-Net Neutrality

advocates who would have been equally qualified for the position.

Sorry, but the vapidity of your posts has relegated you to the ignore list.

[George II]

34. Unless I missed the post, I didn't see any suggestions of anyone who could have been nominated.

[rhett o rick]

21. Ah yes, nothing to report here. Keep moving. And dont worry Corp-America will take very good

care of you.

[DeSwiss]

16. Thanks Obama!

- Too soon? Or, too late?

K&R

[MisterP]

19. "can't be! I know the WH's not the type to do that sort of thing because I don't want

them to be the type to do that sort of thing--and that's good enough for me!"

yes it's needed

[JDPriestly]

22. Some of these banks are paying $4 million and $9 million in bonuses to their top employees

but almost no interest to depositors. What's more, at least one of them charges small adult depositors in savings accounts a fee. I realize that the millions in bonuses would not mean much relief for millions of savers, but there is something out of balance and kind of perverse about banks that make these value judgments. Just perverse. Those banks are not working for depositors like me. They are working for their management and maybe their shareholders but not for the folks who deposit their income in the bank and have a checking account. We really need banking reform. Investment banks are OK, but they should not be dealing with ordinary deposits and banking transactions of ordinary people so much of which is electronic today.

[swilton]

23. No surprise here

Business as usual!

[grasswire]

26. It doesn't have to be this way.

[IAmKirak]

27. It's just money. TPP won't happen under President Obama.

[donnasgirl]

28. What makes you say this?

Most everyone i know feels he will in hopes it doesn't land in the lap of Hillary Clinton.

[FiveGoodMen]

40. Funny that he keeps pushing for it, then.

[ksecus]

31. sigh

Everybody is corrupt.

[donnasgirl]

32. Yup

It is definitely beginning to feel that way.

[blackspade]

35. Well of course they did....

The best government the corps can buy.....

[El_Johns]

37. kr

[woo me with science]

38. Well, isn't that special.

Study: Obama's "Trade" Deal Would Mean a Pay Cut for 90% of U.S. Workers
http://www.democraticunderground.com/10023661805

Sold out again.

[840high]

39. k/r

[cprise]

41. K&R

[blkmusclmachine]

44. Transparency..

[Scuba]

45. No one could have predicted that.