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Don’t Blame Obama for High Gas: Ace Greenberg

Monday, 27 Feb 2012 | 11:25 AM ET

Don’t blame President Obama for the rising price of gasoline, he has no control over it, former Bear Stearns CEO Alan “Ace” Greenberg told CNBC Monday.

President Barack Obama
President Barack Obama

“Blaming the admininistration for the price of gas, they might as well blame him for lack of rain in southwest part of the country,” said Greenberg, also vice chairman emeritus at JPMorgan Chase, which bought the collapsing Bear Stearns during the financial crisis.

“He’s got no control over (oil prices),” he said of Obama, whose energy policieshave been criticized by several of his Republican presidential opponents as gas has exceeded $4 a gallon in some U.S. cities.

“You have problems in Nigeria, you maybe have problems in Iran...people are afraid and there’s not much you can do about it,” Greenberg said. “In the industry, people say there’s no reason for this price, it’s just hysteria. Maybe they’re right. I hope it goes down.”

Ace Greenberg on Wall Street's Future
Discussing the nation's deficit, his view on taxes and a look back at his work at Bear Stearns, with Alan Greenberg, former Bear Stearns executive committee chairman.

Greenberg, who said he’s an “optimist at heart,” said the country’s “going in the right direction.”

“When our president came in three years ago, I don’t think any president faced as many problems as he had. We’ve done a remarkable job of working out many problems,” Greenberg added. “The pessimists are right for a short time in this business, but in the long run it’s the optimists who make the money.”

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