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 President Barack Obama said Thursday it was "shameful" for Wall Street to walk away with $18.4 billion in bonuses last year.Obama lashed out at the executives who were found by the New York state comptroller to have earned, less than they had for the previous several years but the same level of bonuses as they received in 2004, when times were flush. "That is the height of irresponsibility," Obama said before a meeting with Treasury Secretary Timothy Geithner. "It is shameful. And part of what we're going to need is for folks on Wall Street who are asking for help to show some restraint, and show some discipline and show some sense of responsibility."
It was the second time this week that Obama found that financial firms getting government assistance acting irresponsibly. The administration reached out to Citigroup Inc. on Monday to scuttle its plans to buy a new $50 million corporate jet.
"There will be time for them to get bonuses. Now's not that time," he said. Obama will probably have to go back to Congress to seek more money for the bailout fund to avert the failure of more banks, and it's likely he'll encounter opposition within both parties and demands for tighter restrictions on pay for executives of institutions that receive government assistance. Geithner has already signaled a willingness to impose stricter compensation limits as part of a revamped approach to dealing with the banking crisis, but with his strong words on Thursday, Obama seemed intent on reassuring Congress and the public that he would step up the pressure on bankers before granting them additional assistance. - Donna Block See YouTube video See press release from NY state comptroller Tom DiNapoli CategoriesComments Deal Video
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