Bloomberg today reports President Obama as commenting on the $17 million bonus for Jamie Dimon of JP Morgan Chase and the $9 million bonus for Lloyd Blankfein of Goldman Sachs,
I know both those guys; they are very savvy businessmen,
I, like most of the American people, don't begrudge people success or wealth. That is part of the free- market system.
Taken separately, these statements are undeniably true. But put them together in the context of the Bloomberg story - we have to wait until Friday for the full text of the interview - and the White House has a major public relations disaster on its hands. [UPDATE: See the complete exchange below.]
Does the president truly not understand that Dimon and Blankfein run banks that are regarded by policymakers and hence by credit markets as "too big to fail"?...
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