Obama, Katrina and the Banksters

By Ethan Brown, Section Economy
Posted on Sat Apr 04, 2009 at 01:22:48 PM EST
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Over at the Big Picture, Barry Ritholtz links to the much discussed WSJ piece on Larry Summers receiving mountains of hedge fund cash and writes that Obama may go down in history as "the smart guy who decided to continue the 'dumb guy's' policies."

Exactly right. But there's more to be frustrated about in the WSJ piece than just the revelations about Summers. For example, the WSJ writes that New Orleanian and White House Social Secretary Desiree Rogers "collected a $350,000 salary from Allstate Financial as president of the social networking division..."

Allstate has a richly deserved horrible reputation down here in New Orleans. Check out this account of one New Orleanian's battle with Allstate over Katrina-related claims: [More...]

Back in September 2005 we filed a claim with Allstate that Hurricane Katrina racked our house. Eight months later, they denied that part of the claim based on a fraudulent engineer's report by Haag Engineering Co. that both ignored the most obvious evidence and even claimed that the hurricane wasn't windy enough to cause structural damage.

And one of the most devastating moments in Spike Lee's great Katrina documentary When the Levees Broke came when The Wire star and New Orleanian Wendell Pierce recounted how Allstate denied claims on his elderly father's home in Pontchartrain Park.

Shame on Desiree Rogers for cozying up to the corrupt insurance industry, particularly when that industry so deeply failed her hometown. And shame on Obama for continuing the failed policies that got us into this mess in the first place.

< Bank Holding Companies Are Not a Legal Impediment To Regulatory Receivership | Why Ward Churchill Only Got $1.00 in Damages >

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Obama, Katrina and the Banksters | 7 comments (7 topical)

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I thought I read (5.00 / 1) (#1)
by Cream City on Sat Apr 04, 2009 at 03:33:16 PM EST

your headline as Obama's Katrina: the Banksters.

I hope that doesn't come true. Btw, I owe you a kudo for your previous posts on New Orleans -- I really appreciate your posts as well as your willingness to return to your wonderful city. Please continue posts on your city as you can.

: It's Obama's Waterloo. (none / 0) (#4)
by Salo on Sat Apr 04, 2009 at 08:39:59 PM EST

Or if he's lucky it could be his Barbarossa.

I knew about the Allstate horrors down here (5.00 / 1) (#6)
by Militarytracy on Sun Apr 05, 2009 at 12:45:02 AM EST

Just can't believe that she took that job and worked for them. I did not she had previously held that position. It is nauseating, and I just couldn't ever help anyone destroy the place of my birth for wages.

"The Social Networking Division"? (5.00 / 2) (#7)
by Donald from Hawaii on Sun Apr 05, 2009 at 02:43:28 AM EST

(Sigh!) Where's my Mao cap?

Clearly, the difference between productive work and self-indulgent frivolity is oblivious to some people in the upper income strata. It's time to shake up the social order, and allow them the experience of waiting tables and cleaning the streets for a living, for a change.

How about? (4.00 / 1) (#5)
by CMike on Sat Apr 04, 2009 at 10:48:12 PM EST

Obama may go down in history as "the desperate to be accepted as a bona fide member of the ruling class guy who decided to continue the 'born to the manner prince's' policies."

Gee, I thought the insurance companies... (none / 0) (#2)
by lambert on Sat Apr 04, 2009 at 04:11:47 PM EST

... were anxious to distance themselves from the "health" "insuranc" companies because they really are different. How naive.

Teh O-B'z (none / 0) (#3)
by Salo on Sat Apr 04, 2009 at 08:38:10 PM EST

Original Bankster. Love it. Finanshizzle my Portfolionizza.