Obama Adds Citigroup's Dick Parsons To Jeff Immelt's Jobs Panel

Tyler Durden's picture

And there was a time when people thought Obama was out to get the bankers...

From Citi:

Richard Parsons, chairman of the board of directors of Citigroup, has been named
to President Barack Obama's advisory panel on jobs and the economy. The
President's Council on Jobs and Competitiveness, to be chaired by
General Electric CEO Jeffrey Immelt, will focus on ways to promote
growth and hiring in American businesses.

We expect someone to tell us that between the two, their respective companies have seen headcuts well into the tens of thousands. As a reminder, under Immelt alone, GE's track record of employment of US workers has been an utter and complete disaster.

[Immelt] runs a big company, but Immelt has shown more skill at cutting jobs, frankly, than creating. GE
finished 2009 with 18,000 fewer US workers than it had at the end of
2008, and US headcount is down 31,000 since Immelt's first full year in
2002. During his tenure, GE workers based in the US as a percentage of
total employees has fallen to 44% from 52%.

Perhaps if the members of the Immelt panel had more time to focus on fixing their companies so they did not rely 100% on the generosity of the US taxpayer, this country would actually generate some (non part-time) jobs...

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apeakunderthehood's picture

Is Bernanke The Gangsta Rapper of the Financial World?


Hope you enjoy the post

TruthInSunshine's picture

Mr. Hope & Change, Barack Obama, aka 'Wall Street's Favorite Bitch.'

Who's your daddy when you want to raise a billion dollars for your 2012 election run, huh?

Who's your daddy, Hope&Change?


*Subjects of the Wall Street Royalty, please know that after Obama is finished serving his term, you'll be lucky to have any change left in your sofa cushions.

Herd Redirection Committee's picture

Did anyone see Austin Gooslbee on Jon Stewart?  Oh my... Pure rhetoric combined with buzz words: innovate and build.  How about this, Austin, how about we reverse the de-industrialization of North America that we have been witnessing for the last 30 years?

How about we close some factories in China and start manufacturing the goods we need right here in North America again!

TiS, you have got it spot on, Wall St thinks they are royalty, and it is high time to end the  Fed.  Check out the latest from the Capital Research Institute "The Elephant in the Room":


"We have all heard the expression at one time or another. An uncomfortable fact that every one is (at least dimly) aware of, yet is not spoken of. When discussing the global economy, the turmoil and the unrest the world is experiencing the elephant in the room is undoubtedly the Federal Reserve. The Fed (and other central banks) have unleashed the most recent spate of food inflation on the world through their ZIRP (zero interest rate policy) and use of ‘quantitative easing’ (which simply put, is money printing).

Money that would have been kept in savings accounts has been withdrawn (because it earns no interest) and invested largely in stocks, and commodities. On top of that, more money has been conjured into existence, without an increase in real economic activity to accompany it, leaving a larger amount of money chasing the same pile of goods and services. The result, obviously, is a loss of purchasing power, as each newly conjured dollar buys less than the one before it.

Ben Bernanke has come out and attempted to justify his actions, but what has been lost in all his posturing? That the criticism of his policies are legitimate!"

Michael's picture

 Lots of people ask what they can do to help solve the problem.  This is just a suggestion;

The most powerful social networking web site never mentioned in the main stream media is Meetup.


During the Ron Paul 2008 campaign, there were Meetup groups promoting his campaign all over the world.

If you are interested in starting a Meetup group in your neighborhood to organize on the ground action against the Fed, go for it.

You could call it; Audit Fort Knox-End the Fed.

Here is a screen shot of the Ron Paul Meetup groups all over the world.


Fuck "Show me the money",

Show Me the Gold!

lynnybee's picture

Amen, Michael ........ the gold in FT. KNOX was gone a long time ago.   This country has been systematically looted & gutted & when the time is right to "pull it" , the people at the top are long gone & the average (uneducated) citizen's head will be spinning & asking,  "duh ....... what happened ! "



Michael's picture

Perhaps gone, but we are not 100% certain of that.

I want to see pictures and videos of the inside of Fort Knox as it looks today. Even if it is empty.

rocker's picture

O'Bambi said we want our money back. Show me the money. Show me the Jail sentencings and I will then believe.

Has to be the Bambi's biggest disappointment to date.  Lloyd Blankfein is still on the outside laughing with Paulson.

Great Stuff Michael  

Michael's picture

Is Ross Perot still alive? He might be a better choice.

bankonzhongguo's picture

I used to read the papers everyday to miserly watch and worry about what these wicked people (Are they people or Beasts?) were capable of and how to stop them.

I don't read anymore.  A la Timothy Leary, I have 'dropped out.'

These 'things" that populate our conscious do nothing but hurt others.

If I picked up a "prestigious" newspaper tomorrow and it had a full page photo and story of Obama sodomizing a child, I have to say that I have already been emotionally and morally tortured enough to no longer be phased by such evil acts.

What other lying injustices could these creep-fuck money worshipers do to this Republic?

If you exist in a prison and your whole day is spent waiting to be raped, there comes a time when without a fight you simply bend over without a struggle to get over with it.

America is there.



truont's picture

Fascism is "the bureaucratisation of the economic activities of the nation".

--Benito Mussolini


t0mmyBerg's picture

truont, it is good to see someone who gets to the nub of the thing.  This presidential council on jobs and competitiveness is just a political veneer to make Obama appear like he is not antibusiness.  The problem is it is not the giants represented here that are the problem.  The government has proven only too happy to shuttle taxpayer cash by the server-full to these companies.  GE is the worst.  I cant stand watching their idiotic commercials about how awesome the green america is going to be when it is taxpayer dollars paying for these boondoggles AND paying for the god damned ads to tell us about them.  And Parsons joins Steve Case on the Council.  Parsons negotiated the single biggest abortion in dealmaking history on behalf of Time Warner, a company he helped to neuter, so I am sure they will get along famously.

Truth is this whole thing is indicative of the crony BS that passes for a good idea in Washington.  As business is putatively the real religion of America, I would propose that what we need is a constitutional amendment mandating the separation of business and state, patterned on the first amendment.  The sad thing is that this does nothing to address the real problem which is that small businesses are getting crushed.  It isnt the big businesses that need help, it is the small ones and the nascent ones that are not going to be born because of the smothering political-legal landscape which just keeps getting worse and worse.  The administration is tone deaf and its philosophy is bankrupt.  This goes for pretty much anyone in congress also.  We are screwed until nonsense like this is recognized as symptomatic of the problem rather than embraced as part of the solution.

buzzsaw99's picture

they are choosing the dudes with the biggest, ahem, bailouts, for the orgy.

Translational Lift's picture

No orgy just another useless meaningless circle-jerk in blue suits..........like the Finance Commitee.

Freebird's picture

There`s always a consulting job at GS or JPM after office to consider... hope changed

Michael's picture

Obama is doing opposite game plan of the kings of the middle east who are about to fall. I think he does this for spite. Is he not aware how the people feel about these banksters?

newworldorder's picture

He does not give a s--- about what you or I think as long as we pull the lever for him and his, every 2 years.

Snidley Whipsnae's picture

"Richard Parsons, chairman of the board of directors of Citigroup, has been named to President Barack Obama's advisory panel on jobs and the economy"

Nowhere does it say that Parsons is tasked with creating jobs or attempting to create jobs.

Perhaps Parson's job description includes a mandate to have all working age Americans work for some gov organization?... While the Fed's new mandate might include printing enough dough to employ the work force.

jus_lite_reading's picture

I love ZH and everything that TD represents but I am a bit surprised when anyone here thinks that anything will change, that justice will prevail. After 30+ years on the very street that has become ground zero to corruption, crime, fraud, deception etc etc etc, I can honestly say 1) nothing will change without force/action by the people 2) they laugh in your face right now as they read "fringe blogs" such as ZH and 3) I have never seen anything like this sort of level of fraud even going back to S&L crisis or Watergate!

The criminals have won. Can we all admit that for now?

tom a taxpayer's picture

Yes, jus_lite_reading, the criminals have won for now. And yes the chance for balls-to-the-wall prosecutions is slim.

But It takes only one prosecutor to investigate just one crime, and follow the money and the connected crimes, and bring down the overlapping criminal enterprises using Racketeer Influenced and Corrupt Organizations Act (RICO) prosecutions. If one prosecutor will take off the kid gloves, and hit these criminals with the iron fist of justice, the public will rally to support the prosecutor. 

Yes, it is a David against Goliath fight for the prosecutor. But if one prosecutor will lead, the public will support the prosecutor. It takes only one prosecutor...any one of the 50 state AGs, any federal prosecutor, any prosecutor with the guts to stand up to the system. 

We need coast-to-coast arrests, from Countrywide to ratings agencies to Goldman Sachs and every one in between. We need Shock and Awe RICO prosecutions and mass trials in style of the Maxiprocesso (Maxi Trial) of the Mafia in Sicily during the mid-1980s that resulted in hundreds of defendants convicted.

This is a target rich environment, and the criminal activities (fraud, Ponzi schemes, extortion, looting of treasury, cover-ups, etc.) are continuing today. So the investigation and prosecution can begin anywhere and follow the trail: Countrywide, the mortgage industry and the appraisers or Freddie and Fannie or Citi and the big banksters or with Goldman Sachs and other Wall Street banks or the rating agencies or AIG or with the federal co-conspirators at U.S. Treasury, SEC, OTS, and the Federal Reserve, especially FRBNY, and any members of Congress who aided and abetted.

We need RICO confiscations of the hundreds of billions in illegal "profits" from the criminal enterprises of the banks, mortgage industry, and Wall Street Mafia. We need prosecutions, RICO convictions, RICO confiscations of mega-billions of dollars of ill-gotten gains, repayment of taxpayers, and 20 years-to-life hard time prison sentences. 

And the prosecutor who leads the charge will become a national hero.

docj's picture


Well, not at all actually.

Oh regional Indian's picture

Obama is out to get the banksters... of course he is. He is out to get them in... to his administration. Giving them all a taste of working with Big Gov before they will get appointed to the 10 Financial districts...in the 10 FEMA districts, under the regional feds...

like that, I think.



Commander Cody's picture

Keep your enemies close?  Meanwhile, there was much rejoicing in Chindia as Parsons was added by the POTUS to the US "jobs" panel.

Oh regional Indian's picture

CC, th eline between friend and enemy is extremely blurred in their world. it's just revolving doors.

And Parsons outsourciing hawk or the Pandit Connection? Why will Chindia celebrate?


Duuude's picture

Comedy is unusual people in real situations; farce is real people in unusual situations.
Chuck Jones

Gimp's picture

No more democracy or republic, it is now a "corpocracy".....

Hope and Change indeed, elites always believe the masses are idiots..


Traianus Augustus's picture

One of the biggest crooks on Wall Street hands down!!!!

citizens divided's picture

 -golden-handcuffs- snapping shut all over the WE's former government ensuring Stevie Wonder Bankster government--"signed, sealed, delivered, I'm yours" and Sam and Dave blues for real jobs- "hold on, I'm comin"

surfwon's picture

great another DICK on the payroll

Snidley Whipsnae's picture

Off topic... yet another after the close raid in progress in PMs...


Way beyond blatant... Time is past for Benny Boy to let the PMs tell the real story of the ever decreasing value of fiat bs...

buzzsaw99's picture

The market is up, I don't see the problem.

Shameful's picture

Job are overrated right?  After all JPM gets good money from the food stamps gig.  So why not expand that out to say 280 million on food stamps?  Bonuses for JPM, and I'm sure Bennie and the Ink Jets can provide that kind of liquidity.

Ayn Rand's picture

Obama is trolling for campaign contributions by throwing bones to the crony capitalists.

shushup's picture

There was also a time when people thought obama was smart and the country's savior.

PeterSchump's picture

He still is! I have free healthcare now!  He is saving the planet by sticking it to the evil corporations, especially the polluting oil companies! He ended the wars!


Even our children are singing his praises!



He is the One!


You simpletons just do not see the good he has given us!

AldoHux_IV's picture

Obama is such a puppet for the imbalances within this country it's a joke.  The biggest fraud of his administration is how he promised change.

Cruel Aid's picture

That is not fraud, he is fulfilling his contract 100%. Half of the country is ok with this?


Johnny Lawrence's picture

Yet, Obama continues to publicly speak about how the income gap in this country is unfair.

I am a Man I am Forty's picture

Ole Dick Parsons, from Time Warner to Citigroup, what a small world at the top, a stooge for the Rockefellers

AccreditedEYE's picture

He isn't even any good at adding value... Both TWX & C suffered tremendously under his watch. Good thing he's "helping" the country now... :/  

ChanceIs's picture


What was the slogan????

"Change you can believe in?"

Pissant.  There is an optimum for everything, including how much you can steal from the populace through what Bill Black characterized as "control fraud."  Why overdo it?  They were making a nice little living.  Too many parasites always kills the host.  You would think that they would know that.  You would think that optimum looting would have been the level set in 2004 or thereabouts when the mortgage fraud was just getting going.  One wonders if the thing is salvageable and they are bringing in the "big guns" to discuss a controlled implosion.  Or how and where to move the Ft Knox gold.  Apparently Switzerland is not viable.  At least not for the Lybians, Egyptians and Sudanese.  It is probably triply unviable for the Swiss since we let the IRS get so far into their knickers and ruin what had been a peaceful 500 years of totally private banking.

Shameful's picture

This is not a single parasite.  There are many parasites and they all want to maximize their looting performance.  Now looking at game theory they all have the maximum incentive to loot as much and as fast as possible because the Nash equilibrium says their fellow looters will be doing the same. everyone will loot at max speed.  After all if Looter A doesn't steal Item X then Looter B will, so Looter A has no incentive to not steal Item X.

After all the longer the looting goes on the greater the incentive to loot more brazenly as less is left to loot, meaning the time is short.  Also in an atmosphere of raw looting and no chance of getting prosecuted it's the perfect environment to let slip the hounds of theft.  After all it's not like any of the looters will be tired for their crimes, as everyone is currently engaged in looting and they all nominally have dirt on each other.

Snidley Whipsnae's picture

"Too many parasites always kills the host."

Tragedy of the commons ... All of us with no dog in the hunt (or sheep grazing on the commons) are screwed. All those with sheep grazing on the commons are also screwed... but their screwing will take a bit longer.

'The tragedy of the commons is a dilemma arising from the situation in which multiple individuals, acting independently and rationally consulting their own self-interest, will ultimately deplete a shared limited resource even when it is clear that it is not in anyone's long-term interest for this to happen. This dilemma was first described in an influential article titled "The Tragedy of the Commons," written by Garrett Hardin and first published in the journal Science in 1968.'

AnAnonymous's picture

The resource being shared is not a requirement.

XRAYD's picture

What kind of jobs will this Panel create - other than the type that might send government dollars their way in the name of job creation?



 * Steve Case, co-founder of AOL Inc (AOL.N)


* Kenneth Chenault, CEO of American Express Co (AXP.N)


* John Doerr, partner at venture capital firm Kleiner Perkins Caufield & Byers


* Roger Ferguson, CEO of asset manager TIAA-CREF and former Federal Reserve Board vice chairman


* Mark Gallogly, co-founder and managing principal of Centerbridge Partners


* Joseph Hansen, president of the United Food and Commercial Workers Union


* Lew Hay, CEO of NextEra Energy Inc (NEE.N)


* Gary Kelly, chairman, CEO of Southwest Airlines Co(LUV.N)


* Ellen Kullman, CEO of DuPont Co (DD.N)


* A.G. Lafley, special partner at private equity company Clayton, Dubilier & Rice


* Monica Lozano, CEO of impreMedia and publisher and CEO of its Spanish language newspaper La Opinion


Darlene Miller, CEO of Permac Industries


* Paul Otellini, CEO of Intel Corp (INTC.O)


* Richard Parsons, senior adviser at Providence Equity Partners and board chairman of Citigroup (C.N)


* Antonio Perez, CEO of Eastman Kodak Co (EK.N)



Cruel Aid's picture

* Gary Kelly, chairman, CEO of Southwest Airlines Co(LUV.N)

They need a transportation guy for the shiny new trains xcrossing the country, instead of the highway system. Which will be chunked up for train track base.