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These things are true…Wall Street firms, including those bailed out by federal TARP funds, are unpopular for paying their executives lavishly...The Obama Administration seeks some regulation of Wall Street, including some limits on bonus payments...President Barack Obama's Manhattan fundraiser included lavishly-paid Wall Street donors.
All of the networks' White House correspondents tried to weave a story out of the combination of these three facts. Monday, NBC's Savannah Guthrie found White House aides seeing "no conflict of interest with the President turning to Wall Street to collect cash." Now her colleague Chuck Todd finds his appearance before Big Apple fat cats "somewhat awkward."
For ABC, Jake Tapper noted that the White House "has expressed frustration with the news of tens of billions of dollars in bonuses that executives are setting aside…but some of that bonus money may be headed for Democratic wallets" before conceding that the "giants of the financial sector…are holding back just a bit to see how it all plays out."
"What about the administration's Pay Czar? Wasn't he appointed to put a lid on Wall Street pay?" asked CBS' Chip Reid. Special Master Kenneth Feinberg answered: his authority is limited only to seven bailed-out institutions--just two banks, Citigroup and Bank of America; one insurance company, AIG; two automobile manufacturers, General Motors and Chrysler; and their financing arms, GMAC and Chrysler Financial.
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