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Aristotle
Nitroglycerin


Joined: 05 Dec 2007
Posts: 594
Location: On a sand dune, sipping a cold soda

Obama - Parsons/Citigroup Friendship
PostPosted: Tue Feb 24, 2009 8:21 am Reply with quoteBack to top

Monday 2/23 Politico was reporting that Richard Parsons, the "incoming Chairman" of Citigroup, was seen at the White House at 6:00PM. Politico also confirmed that Mr. Parsons was scheduled to meet with Valerie Jarrett, one of President Obama's chief advisors.

While Ms. Jarrett is an attorney, there is nothing in her published resumes that indicates that she has much experience in banking. As a result, we can all worry that Citigroup's representative will sell her a bill of goods that she will pitch to President Obama.

After I read the Politico story, I went on Wikipedia to learn Richard Parsons' background. See: http://en.wikipedia.org/wiki/Richard_Parsons

In Wikipedia, Mr. Parsons is listed as an Obama friend and campaign economic advisor. It seems to me that there is a profound conflict of interest in Mr. Parsons acting in that capacity, while at the same time being the "incoming Chairman of Citigroup", a significant debtor of the Federal government.

There is widespread criticism, by the financial press, of any Federal deal with Citigroup where Citigroup gets more Federal cash plus a conversion of the Fed's preferred shares into common shares of Citigroup at a price per share far above the market.

Does the Obama administration have the common sense to know that they will be ripped to shreds in the press when the Obama-Parsons connection becomes widely know AFTER a sweet deal is made for Citigroup?

It seems like business as usual at the White House. Friends of the President influencing critical public policy for their own financial benefit.

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Aristotle

As Yogi Berra said "It's like deja vu all over again."
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Aristotle
Nitroglycerin


Joined: 05 Dec 2007
Posts: 594
Location: On a sand dune, sipping a cold soda

A Photo of Citigroup's New Chairman PBFF richard Parsons
PostPosted: Wed Feb 25, 2009 5:11 pm Reply with quoteBack to top

See: http://www.forbes.com/2009/02/.....group.html

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Aristotle

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