Obama slams outrageous Wall Street bonuses

President Barack Obama’s  comments, made with new Treasury Secretary Timothy Geithner at his side, came in swift response to a New York Times report, which reported employees of the New York financial world garnered an estimated $18.4 billion in bonuses last year. The figure, from the New York state comptroller, drew prominent news coverage.

“Outrageous.”

That’s President Barack Obama’s one-word reaction to a report that Wall Street employees got more than $18 billion in bonuses last year.

Said Obama: “That is the height of irresponsibility. It is shameful.”

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.”

“Outrageous” is precisely the word. The same people who two months ago came to Congress with hats in hand and took a boatload of taxpayer money are now doling out billions in “bonuses”? Bonuses? Aren’t you supposed to get a bonus when you do something well?

One Reply to “Obama slams outrageous Wall Street bonuses”

  1. Mr. Obama used the fact that some banks and investment firms were highly irresponsible with their TARP money to create a negative reaction to the entire group when some didn’t take TARP money and others, who did, used the TARP money wisely.

    I currently cannot find the story, but around the beginning of February there was a story written, I believe, about Bank of New York saying that their CEO was getting about $10 Million in total compensation.

    The board, and the CEO, defended the CEOs payout saying, “None of the bonuses are generated from the Tarp money. We used the TARP money to reduce our bad debt and to purchase assets that allowed us to turn a profit. All of the money we are bonusing to our executives came from profits.”

    There is a fairly long list of who did and did not take the TARP money, and while it is easy to get angry at everyone for the stupidity of ChaseJPMOrgan for having a squash tournamet, many of the banks used to the TARP money wisely and either limited their losses or turned a profit.

    If you were a CEO of a bank, were offered money to get your bank back on the right footing, corrected all the problems, saved a boatload of jobs, turned a profit and increase the stability of your bank, should not receive a bonus for your hard work?

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