fineleg Posted January 30, 2009 Posted January 30, 2009 President Barack Obama says it is irresponsible and shameful for Wall Street bankers to be paid huge bonuses at a time when the American public is dealing with economic hardship. The president reacted harshly Thursday to reports that corporate employees got paid more than $18 billion in bonuses last year. Obama said, "That is the height of irresponsibility. It is shameful. It's outrageous." CNBC.com Barack Obama -------------------------------------------------------------------------------- The president said he and new Treasury Secretary Timothy Geithner will have direct conversations with corporate leaders to make the point. Obama said there is a time for corporate leaders to make profits and get paid bonuses but now is "not that time." "You're never going to get any support for the continued tough decisions we have to make if this kind of behavior continues. White House press secretary Robert Gibbs said the president told his staff of his reaction to the report by the New York state comptroller about bonuses paid by the securities industry to its New York City employees last year. Obama has said in the past that financial companies that have accepted federal bailout money should limit bonus pay, and Gibbs said Thursday said the administration is studying what it can legally do on the topic. "I think it was the sixth-largest year of bonuses, and I don't think anybody that's opened their 401(k) statement has found out that this was the sixth best year for Wall Street." Obama met on Wednesday with several corporate chief executives, many of whom have received generous pay packages. On Capitol Hill, Sen. Chris Dodd, chairman of the Senate Banking, Housing and Urban Affairs Committee, said he was demanding that the Treasury Department figure out a way to get the money back. Meanwhile, the Senate is ready to take up a roughly $900 billion stimulus package, after the House of Representatives passed a version of the measure. Obama has said the fiscal plan is essential to shoring up the economy. But he said it was not the only step that would be needed. He is considering a plan to fix the worsening crisis in the system in which firms have been unable to lend because of an overhang of bad mortgage debt. The Obama administration is mulling a range of ideas, including the possibility of a "bad bank" run by the government that would buy up the toxic assets. Obama, who has blamed the financial crisis on lax Wall Street regulation, has promised to revamp financial rules. "We expect that even as the reinvestment and recovery package moves forward ... these other legs of the stool will be rolled out systematically in the coming weeks so that the American people will have a clear sense of a comprehensive strategy designed to put people back to work, reopen businesses, get credit flowing again," Obama said.
fineleg Posted January 30, 2009 Author Posted January 30, 2009 And your point is ? It is indeed outrageous and irresponsible, and it is a good thing that the govt with support from the President is going strict on this. More power to Obama and I hope he follows through with what the administration is signaling.
Guest whineleg Posted January 30, 2009 Posted January 30, 2009 And your point is ? Obama also whinez about some thingz like me and finey, but why do people only pick on US???
kumble_rocks Posted January 30, 2009 Posted January 30, 2009 Obama also whinez about some thingz like me and finey' date=' but why do people only pick on US???[/quote'] :hysterical::hysterical::hysterical: Allow me to indulge in your identification - My guess is you are the trio of Gambit/ Predator/Salil taking turns to post as Whineleg.
veer Posted January 30, 2009 Posted January 30, 2009 its freaking scary the way Obama is throwing executive orders...
cybervickey Posted January 30, 2009 Posted January 30, 2009 its freaking scary the way Obama is throwing executive orders... dems have traditionally been for "more" govt , and repubs for "less" ....its just the bush administration that went the other way around withe the patriot bill and all !
kumble_rocks Posted January 30, 2009 Posted January 30, 2009 its freaking scary the way Obama is throwing executive orders... After the executive order for the fake Iraq war by Bush , Obamas order's are walk in the park....
veer Posted January 30, 2009 Posted January 30, 2009 IRAQ war wasnt an executive order.. it was through congress..
kumble_rocks Posted January 30, 2009 Posted January 30, 2009 IRAQ war wasnt an executive order.. it was through congress.. Congress never declared the war which btw, happens to be the prerequisite as per US constitution . It was Bush government which passed the order !
Guest dada_rocks Posted January 30, 2009 Posted January 30, 2009 Totally support him on this..... on sidenote I thought this time oversight wud be in place with bail-out fund, yet this happens.. tells you about the garbage popliticians spew and the actual follow-up work they do..
Ram Posted January 30, 2009 Posted January 30, 2009 After 8 years of Bush's pro-rich, anti-abortion, anti-stem cell research right-wing Neo-Conservatism, America get Obama.... probably one of THE most left-wing presidents ever in the history of the united states.
Guest dada_rocks Posted January 30, 2009 Posted January 30, 2009 Obama admin. denied the charge that hewas most left-wing though during campaign. tsk tsk
Ram Posted January 30, 2009 Posted January 30, 2009 Obama admin. denied the charge that hewas most left-wing though during campaign. tsk tsk What do you expect them to do? To openly come out and flout their left-wing credentials and have Stalin's photo stuck on the Oval office? Doh!
Desi Cartman Posted January 30, 2009 Posted January 30, 2009 he didnt say that "all CEOs" he said the ones who have taken money from the Govt .. whats unfair about it ?
Guest dada_rocks Posted January 30, 2009 Posted January 30, 2009 What do you expect them to do? To openly come out and flout their left-wing credentials and have Stalin's photo stuck on the Oval office? Doh! I wud expect them not to lie.. that's fair expectation from people who claim to be messiha..
Ram Posted January 30, 2009 Posted January 30, 2009 I wud expect them not to lie.. that's fair expectation from people who claim to be messiha.. Lol, no one's going to explicitly state anything.. But one look at his policies makes things crystal clear.
cochise Posted January 30, 2009 Posted January 30, 2009 Anybody seen this site...it's a classic: http://www.bushorchimp.com/ Clicky on Pics 1 and 2 Links for the real classics.
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