Glenn Beck: President Obama Is Surrounded By 'Fat Cats'

This is a rush transcript from "Glenn Beck," December 15, 2009. This copy may not be in its final form and may be updated.

GLENN BECK, HOST: Barack Obama came out this week and he scolded those responsible, in his eyes, for the current financial mess, the evil fat cats. Hang on, where is he? Here he is. George, the evil fat cats.

Here is what the president said:


PRESIDENT BARACK OBAMA: I did not run for office to be helping out a bunch of, you know, fat cat bankers on Wall Street.

The only ones that are going to be paying out these fat bonuses are the ones that have now paid back that TARP money and...


STEVE KROFT, CBS NEWS: Do you think that's why they paid it back so quickly?

OBAMA: I think, in some cases, that was a motivation. Which I think tells me that the people on Wall Street still don't get it. They don't get it.


BECK: No, but he does.

I googled "fat cats." Fat cats. Well, fat cats, who are they? I mean, I got a bunch of pictures of overweight cats first, but the fat cat is actually defined as a wealthy contributor to a political campaign fund. A wealthy contributor, gosh — wow, that sounds like George Soros, or maybe Andy Stern at SEIU.

But there's another definition — a wealthy and privileged person, or a lethargic complacent person.

When we think of fat cats, we think of this guy — he wanted control. That's all he wanted, control.

So, the president comes out and scolds these fat cats. "They still don't get it," he says. That's weird. But he does, that's why he gave himself a B-plus.

If they still don't get it, I wonder why the president continues to take advice from fat cats — you know, the ones who have destroyed the economy. Let me see, who do we have here? Fat cats, fat cats.

Here are some of the administration officials. There is Rahm Emanuel. He was a "banking scum" guy, wasn't he? Investment bank.

I don't think he's a scum but that fat cat, Valerie Jarrett, I don't know, she seems perfectly nice. But she's a fat cat. She's got — she was the chairman of the board of the Chicago Stock Exchange, so she must be like a "Wall Street thief," I guess.

And then we have — oh, this guy — Ron Bloom. He's the manufacturing czar — former investment banker. "Banking scum."

Then we have, well, TARP, Herb Allison. He's a veteran Wall Street "banking scum."

Then we have, let's see, technology "czar": He is Aneesh Chopra. He worked at Morgan Stanley — "Wall Street thief."

We have the car "czar," love him, Steve Rattner. "Wall Street thief."

Gary Gensler, 18 years at Goldman Sachs.

Mark Paterson, Geithner's chief of staff, lobbyist, Goldman Sachs.

Diana Farrell, she's great, economic — National Economic Council. Goldman Sachs! Isn't that the company that the president was saying that still didn't get it? Weird, huh?

How about the President's Economic Recovery Board? Oh, we've got some fat cats there. We have some chairman of G.E., Jeffrey Immelt. "Banking scum" — I think, liars, crooks, banking scum — I'm going to put him under "banking scum" because of G.E. Capital.

How about David Swensen? Veteran of Wall Street, Lehman Brothers — "Wall Street" thief.

We have Robert Wolf, president of UBS Investment Banking.

Do we have him? That's no him? Who is this? This is Charles Phillips. Charles Phillips, he's — Charles Phillips is with who?

'BECK' PRODUCER: Morgan Stanley.

BECK: Oh, Morgan Stanley.

And then we have John Doerr. He's a partner in a venture capital firm, just to name a few, so we could put him — let's just put him under "liars and crooks," he's in big business and, you know what I mean.

And now, how about those who are not abiding by the same rules created for the rest of us? Because that's another fat cat. A fat cat can be somebody who doesn't have to play by the same things.

We have Timothy Geithner. He's fantastic. I'm putting him under "liars and crooks."

I just want to help you out, Mr. President. I mean, we're talking about fat cats that brought it all down. Let's just see.

We also have our financial guru here, Charlie Rangel. He's great. He writes the tax laws, yes, but doesn't pay them. Did you pay your taxes? Yes, I paid mine, too. He didn't. In fact, he didn't either. It's amazing.

Oh, then we have the unapologetic convicted felon, Robert Creamer. Well, he got his — well, I mean, he got his award and his prison memoir is used as blueprint for progressive victories by top adviser for Barack Obama, David Axelrod. That's great.

OK. Tax cheat. Tax cheat.

Is this tax cheat? Tax cheat? Tax cheat. These are tax cheats, too? OK, tax cheats.

I don't — I don't mean to minimize "liars and crooks" by just calling them tax cheats, but the board is getting awfully thick here, Mr. President, but I'm glad we know who the "banking scum," Wall Street jerks and the "liars and crooks" are — you know, that caused this problem.

Wait a minute. Maybe he is so smart he's keeping his enemies even closer.

Barack Obama has the nerve to call out the bankers and Wall Street executives as the greedy fat cats who are screwing things up. Believe me, these people and all the people in the bank and everybody else, they did help. But there was some other help, in Washington. I mean, why do you have so many around you if these are all scumbags?

Oh, and, by the way, I just want to show you one other thing. There is a company that is doing really, really, really well, but the president isn't — isn't complaining about it at all. I got to — you guess the company.

Some of the clues: This company hasn't turned a profit in ages. They've been in drain on the American people living off of you for a long time.

We're calling now, of course, for Wall Street and financial executives to cap their salaries — but no, no, no. This company is easing the caps.

Four million people lost their jobs everywhere. This one is adding thousands of jobs every month, tens of thousands.

The average salary in America is $40,000 a year. This company pays $70,000 a year as the average salary. While its own workers — these people, you want to talk about liars, cheats and thieves, these people didn't pay their taxes. They owe now more than $3 billion, just the people that work in this company. They owe $3 billion in taxes. One department — one department alone — saw the number of employees above $100,000 a year jump from one to almost 1,700 employees in 18 months at this time.

Wow. And not only is it great pay, but they can retire and get guaranteed generous pension plans after working just 20 years. That's it.

What does this company make? Nothing. Nothing.

It's the federal government.

If you want to complain about the fat cats, Mr. President, if you really mean what you say, then why don't you start looking for all the greed within your own company? Or are we just playing politics, you know, politics for power?

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