Obama Calls Wall Street Bonuses During Recession ‘Shameful’

[tekisui]

Source: Bloomberg

Jan. 29 (Bloomberg) -- President Barack Obama said bonuses dealt out by Wall Street firms are “shameful” while the U.S. economy is in recession.

The distribution of bonuses now “is the height of irresponsibility” Obama said before holding a closed-door meeting with Treasury Secretary Timothy Geithner and Vice President Joe Biden at the White House. Firms need “show some restraint and show some discipline.”

Obama’s comments followed a call by Senate Banking Committee Chairman Christopher Dodd for the government to examine ways of forcing executives to repay the bonuses.

The New York state comptroller reported that Wall Street firms disbursed $18.4 billion in bonuses last year as the U.S. sank into a recession. While the figure represents a decline of 44 percent from the previous year amid record losses in the securities industry, the bonus pool was the sixth-largest ever, the comptroller said in a yearly report.

The report also was drawing fire in Congress. Dodd, a Connecticut Democrat, said he wants financial industry executives to repay bonuses.

“I’m going to be urging -- in fact not urging, demanding - - that the Treasury Department figures out some way to get the money back,” Dodd said. “This is unacceptable.”

News about the bonuses comes as Obama is seeking to maintain public support for his economic stimulus plan and as his economic advisers are developing a proposal to stabilize the financial system, including how to spend the second half of the $700 billion Troubled Asset Relief Program.

Obama has said the rescue plan is a key component of his administration’s efforts to pull the U.S. out of a recession. He also is calling for an overhaul of nation’s financial regulatory system.

more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aHIiSbRd09O0&refer=home

[Thrill]

1. GREED

its pathetic. These fuckers can't even show a little restraint.

[alwysdrunk]

2. Fuck "A" recession, it's "THE" recession that they fucking caused!

I am SO glad that Obama is speaking out about this. But still so disappointed that he seems to be one of the very few who are.

[global1]

3. Perhaps If The Rest Of The Dems See That Obama Has The Balls To Take These Stands.......

they will also grow a set. Obama is showing he is a leader.

[alwysdrunk]

4. I think too many of them are friends of these guys

I was thinking about that about the Republicans, but then I started really thinking that there are many dems who are the same. So they can't really say too much. Attacking your friends and supporters even when they are wrong isn't easy.

[customerserviceguy]

6. That's the essence of leadership

that's why we elected him!

[cherish44]

5. That's just digusting. I hope the names of these people are made public

nt

[InAbLuEsTaTe]

7. One of the few times Obama understates a situation . . .

Shameful? More like disgusting criminal behavior. What's the difference between what the Wall Streeters are doing and bank robbery? Frankly, I don't see one.

[Bluenorthwest]

8. Yeah that's going to work.

These people don't give a rip if they get called shameful. They are proud of being shameless.

Is that what we now call the rule of law? Steal us blind and the President says 'tisk tisk'?