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President Obama certainly has had a “change” of heart regarding Wall Street bonuses. He has gone from referring to the payouts as “shameful,” “the height of irresponsibility,” and “obscene” to saying he doesn’t “begrudge” Chase CEO Jamie Dimon and Goldman CEO Lloyd Blankfein their bonuses because, “I know both those guys; they are very savvy businessmen.”

What happened in between the time the president said, “I did not run for office to be helping out a bunch of fat cat bankers on Wall Street,” and “I, like most of the American people, don’t begrudge people success or wealth. That is part of the free- market system.”

This happened:

“Just two years after Mr. Obama helped his party pull in record Wall Street contributions — $89 million from the securities and investment business, according to the nonpartisan Center for Responsive Politics — some of his biggest supporters, like Mr. Dimon, have become the industry’s chief lobbyists against his regulatory agenda…And industry executives and lobbyists are warning Democrats that if Mr. Obama keeps attacking Wall Street “fat cats,” they may fight back by withholding their cash.”

Warning duly noted and appropriate corrective measures taken.

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