RUSH: When I was gone I noticed a story, ladies and gentlemen, I thought would just cause fireworks, and maybe it did and we just don’t know about it. It was the story that Goldman Sachs is going to pay out huge bonuses because of a record six months. I don’t know if it’s a record, but a fabulous first six months of 2009. And I thought back to the calls that we had last week, we had two, maybe three calls from Obama voters who were livid at Obama but for reasons that we didn’t understand until they spoke to us. We’re mad at Obama for what we see as the destruction of the private sector, the depletion of capital from the private sector. These two or three Obama people called up and they were mad because they see Obama giving all the money to Wall Street, all the money to big business and not giving the money to them.
They expected to get all the money, and they’re not getting it. So I thought when this Goldman Sachs story hit, I mean, who is having a record anything in 2009? Well, we at the EIB Network are, ladies and gentlemen, but that’s not out of the ordinary. We haven’t had a down year in our 20-plus years in business. But aside from, you know, some obvious exceptions, what industry is having a huge record first half of 2009? (interruption) Well, aside from… (laughing) The US government is, yeah, and they are about an industry. This whole cap-and-trade thing is nothing more than Soviet-style, five-year plan, national industrial policy. And it’s all based on hoaxes. I’ll get into that later. I expected there to be outrage. I expected there to be people fit to be tied. Goldman Sachs? A Wall Street firm?
I thought Obama was going to cap their pay. I thought he was going to limit bonuses and compensation. I know it hasn’t been done yet. I thought Obama was going to get tough with these people. Here they have a record first half of 2009, and then we learn today from the New York Times — which is just beside itself over this that Citibank — Citibank, which is barely still in business — is going to give raises instead of bonuses, ‘after all those losses.’ This is the New York Times. ‘After all those losses and bailouts, rank-and-file employees of Citigroup are getting some good news: their salaries are going up… The troubled banking giant, which to many symbolizes the troubles in the nation’s financial industry, intends to raise workers’ base salaries by as much as 50 percent this year to offset smaller annual bonuses, according to people with direct knowledge of the plan. The shift means that most Citigroup employees will make as much money as they did in 2008, although some might earn more and others less.
‘The company also plans to award millions of new stock options to employees in an effort to retain…’ What’s going on here? What in the world’s going on in Goldman Sachs, a record 2009, or something like that. Citibank, 50% raises in lieu of bonuses. Citibank is not doing well, and they got bailout money. What is going on? Remember the outrage sparked at AIG when they were getting bonuses that were contractually permitted? Maybe these Obama voters that called us last week had a point. This is the last thing we all expected to happen here. Except the smart money, smart people like me. I know exactly what’s going on. The Goldman Sachs people are practically running this show. The Goldman Sachs people ended up getting some bailout money from AIG. People have forgotten this. AIG was used as a cut-out, essentially, to send money to Goldman Sachs. Paulson was from Goldman Sachs. Geithner was at New York Fed Reserve. Goldman Sachs. The one financial institution on Wall Street that was not bailed out, the one financial institution that was allowed to hit the bricks and go south was what? Lehman Brothers. They just happened to be, in Goldman Sachs’s view, their number-one competitor. They’re gone. Everybody else was bailed out. In fact, let’s go back to me on this program March 18th I said this.
RUSH ARCHIVE: The true AIG outrage is how AIG was used by Geithner and Henry Paulson to send money to foreign banks, as well as Goldman Sachs and a couple of other domestic banks — in addition to what they got in the TARP bailout, the first phase. Yesterday the number was $93 billion. It’s over a hundred billion now that went to places like Deutsche Bank, a French bank, a couple of other banks in Europe. Goldman Sachs, which is where Paulson came from, got $13 billion. Now, this is the real, real outrage of what has happened, and all of this other stuff is simply a distraction.
RUSH: Meaning the bonuses. Everybody was all upset about the bonuses, the AIG retention bonuses that the workers were getting for hanging on and not fleeing a sinking ship. ACORN was up there leading protests against AIG executives and everybody was going batty about this. And Goldman Sachs ends up getting some bailout money and now Goldman Sachs… A lot of people… Now, we were talking about this over the weekend in Hawaii. I thought it would be a big deal. Somebody said, ‘Rush, what’s your reaction to this?’ I said, ‘I have mixed emotions about it because in the normal ebb and flow I’m all for companies doing well. I’m all for big profits. I’m all for people making a lot of money. I want everybody in America to succeed. But at the same time, we’re looking at an industry that this administration targeted and blamed and pointed fingers at and tried to create as much disgust among the general population for as possible and people ended up supporting Obama thinking he was for them for the little guy, for the common guy, and gonna really punish these Wall Street people.
‘And now all of a sudden, because of bailouts or what have you, these firms are doing approximately when nobody else is? I don’t know how this is going to play,’ and now we get the Citibank news today. And, folks, I’m telling you, I watched, and the State-Run Media did not make a big deal out of this. The Goldman Sachs thing, they didn’t. Now, the New York Times is livid over this Citibank thing and they’re trying to make a big deal out of it. Fox News has covered it a little bit today, but it hasn’t got anywhere near the play you would expect it to get. As such there could be — and there will be, I’m going to see to this — outrage among Obama voters for this. This is not how they thought this was going to play out. They were the ones who were gonna get bailed out by the stimulus bill, the Porkulus bill, the foreclosure bill, the save-your-house mortgage bill. People who voted for Obama were supposed to be in fat city by now, and we learn that it’s Goldman Sachs and Citibank that are in fat city? Ha.
RUSH: By the way, this New York Times story where they are just outraged over the raises that Citibank is gonna give to its employees. They actually say in this story that they hope that Obama’s pay czar will put an end to this kind of thing. They actually hope… So the Times is outraged. But, see, ABC doesn’t have time to report on this because they’re involved in the ABC Obama health care infomercial, which actually started this morning on Good Morning America and will conclude tonight from the White House. CBS, Bob Schieffer, he doesn’t care about anything except the question he asked Cheney. He’s still out there. He says the biggest moment of his career was when he asked Cheney who’s a better Republican, Limbaugh or Colin Powell, and Cheney said ‘Limbaugh.’
‘That’s the best… I’ve never gotten a reaction to any question and answer I’ve ever asked.’ See, he’s still running around talking about that. CBS is focused on nobody watching them, so even if they did talk about the outrage at Goldman Sachs and Citibank nobody would hear about it. So as usual it’s up to us to take this news to the Obama voters. I guarantee you, folks, this is not what they thought they were getting. It’s Republicans — don’t forget, now, stereotypically it’s Republicans — that bail out their Wall Street buddies. It’s Republicans that make sure the big money people stay big money people. And look what Obama just did? Goldman Sachs, how in the world do they have a record 2009 first half?