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Obama Ally to Cash In After Company's Bankruptcy?

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    Federal regulators investigating former N.J. Governor Jon Corzine's investment firm

  • Duration 5:31
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Corporate executives were given themselves million dollar golden parachutes and leaving workers high and -- that's wrong and it's an outrage.

Campaign have him back in 2008 President Obama took a tough stand against golden parachutes.

Her failed Wall Street executives back in 2009 but now former democratic governor and friend of the president Jon Corzine.

Maybe getting a sweet deal after his investment firm filed for bankruptcy this week federal regulators are now investigating what happens.

To the missing 700.

Million dollars that investors put into that company.

Now back in 09 president about -- -- -- Corzine was a great help to his recovery to his economic recovery plan back and -- that this was an ally and.

Upping the federal government my administration develop the national recovery plan and they have remained dad was -- -- basis.

Which is you know after that that's no secret.

So let's talk down costs about all of this clearly thinks he's hosted the Allen homes radio show that -- -- there will what do you think about that.

Well let's see is Corzine today to smear Obama I mean.

In -- guilt by association.

Not gonna sit here and defend Jon Corzine -- company going bankrupt and then giving a big pay out of but and you want the president to jump in and stop it then you have people calling it a dictator like they do play some right wingers do what he does executive orders.

He -- Corzine was an early supporter of President Obama Obama.

Congratulated him for that thank him for that and how is supposed to say well this is horrible they shouldn't happen and somehow it reflects badly on the president.

I guess is suggested I completely understand -- saying.

And you know say that there is that to think about look at the situation but I guess there's also this in terms of the broader picture and who gets the finger pointed at that you've also got the situation of Fannie Mae and Freddie Mac.

Which is a government a classic government -- -- you worry that -- eleven million dollars going to corporate executives at the top of that latter.

And we all know you know how much money those entities have -- -- I guess the question is you know he does tend to point the finger at folks and that cat bankers and the rest.

So is he doing that and a selective way no question whether it's in or -- or to the Fannie Mae and Freddy -- Doing is broadly as she is the bully pulpit of the presidency.

In order to make a statement -- let's get all the -- well I'm glad to see year old and -- here with Occupy Wall Street that that's what this is about that's what the demonstrations about deficit cutting part is about and what's become a global.

Movement to really focus on this but if we want to really change the way politics is done and how money is raised let's go after candidates who say things like corporations are people my friend and that's let's -- -- let's not not invited to one party one candidate -- the whole system needs to be cleaned out it's not about Corzine.

It's not about Obama it's much bigger than either of those two.

I -- -- you know we talk about cleaning up the whole system he use conveniently leaving out of Fannie Mae and Freddie Mac equation from SP I got in Iowa Clinton says let me acid you know they -- -- Wall Street issue.

Is it in -- they think that the bad guys are the bankers and there may be some bad guy -- I would argue that it you know.

That the people actually perpetuated a lot of that is a very small group of people.

And so perhaps having -- world when it kind Karzai generally similar group of people easily one guy.

He is one guy and he may be and that you know the -- -- today as we we can do among -- interview on the justice MF global deal.

And -- gonna come out as well but the question is is the president sort of selective in terms of -- we point the finger at now and -- OK so it is not.

Do you its -- that he will come out criticized the Fannie Mae and Freddie Mac.

And two million dollar bonus and.

Aren't going -- look I'm not I'm not a spokesperson read to the president of the Democratic Party.

I think a pox on all their houses that this has to be cleaned up.

Wall Street needs to be clean up we need to stop these golden parachutes.

And and I think we can all pretty much agree on that but let's not make it the politics of personal destruction and smear anyone individual because he or she may be associated with -- individuals and -- something we don't think.

-- but -- but we're we're talking about right now is that the broader concept of should the finger pointed at people in government.

Who did the same thing that is happening at Gloucester and it'll still went so -- ask again I'm not asking you to be a spokesperson for anyone except -- and that's.

So -- barely nationally -- Do you think that the president should come out and and talk about and perhaps condemn if you'd think so yes these million dollar -- and I -- Freddie Mac.

-- -- he just yes he and he did he did condemn the million dollar bonuses and and the golden parachutes -- they should do it.

As broadly as possible absolutely.

I'll bet they would like to see and do the hardware when it richer when it when and when appropriate actually I think we've actually -- that message.

Not -- of Fannie -- Freddie Mac is this -- well why not resolve about there's actually an -- left Fannie and -- to do more in terms of helping people keep their homes so.

I think he's in a very good thing there.

But he's not gonna say everything you really want to say every time the taxpayers are still paying Fannie and Freddie Mac we're still bailing them out now actually inappropriate closing that it yes we are still isn't appropriate as executive should be receiving million dollar bonuses.

It -- -- -- government entity it is not a pro.

That they receive those bonuses that I would like to see the president speak out about that as well as I just said I think he should be as broad as possible and speak at a pox on all their houses the -- should he should make that statement as well but I think he's and a very good job clearly going after all those and again he's -- -- to Wall Street you -- to have to Freddie Fannie and Freddie.

Fine I mean you know that'll make every -- I'll make you happy and make conservatives happy fine let him do that.

Not a question of what makes me happy we're talking about getting the economy back on track down -- you very -- -- Brasilia Allen go.

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