Obama Calls Wall Street Bonuses ‘Shameful’

[bemildred]

Source: NYT

WASHINGTON — President Obama fired a warning shot at Wall Street on Thursday, branding bankers “shameful” for giving themselves $18.4 billion in bonuses as the economy was spinning out of control and the government was spending billions to bail out many of the nation’s most prominent financial firms.

Speaking from the Oval Office with Treasury Secretary Timothy F. Geithner by his side, Mr. Obama lashed out at the industry over a report, compiled by the New York State comptroller, Thomas P. DiNapoli, which found that over all, financial executives received the same level of bonuses as they had in 2004, when times were more flush.

It was a pointed and unusual flash of anger — if a premeditated one — from the president, and it suggested that he intended to use his platform to take a hard line against excesses in executive compensation.

“That is the height of irresponsibility,” Mr. Obama said angrily. “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.

Read more: http://www.nytimes.com/2009/01/30/business/30obama.html...

[aquamarina]

1. If the money went for bonuses they should be made to pay it back.

[FKA MNChimpH8R]

2. If there were justice

these pigs would be in chains awaiting their appointment with the firing squad.

[BuelahWitch]

3. I'd vote for that

Hang them in the town square.

[salguine]

4. If it's shameful (and it is), take the money back.

[theHandpuppet]

5. Like those Wall Street parasites care that Obama called them names?

What good does it do to cry "Shame!" to folks who obviously have no conscience or moral compass to begin with? Back up the "naughty naughty" admonitions with some real legislation requiring that these bonuses be forfeited. More action, less rhetoric. When the fox already has a mouthful of feathers, it's a little late to ask him to play nice with the chickens.

[OhioChick]

6. If Obama feels these bonuses were "shameful"

He should do something about it.....take the $$$$ back.

Actions speak louder than words.

[ChromeFoundry]

7. I agree 100%!

Talk is cheap... I can do it all day

[pacalo]

8. More good news...

Bonuses paid by one troubled Wall Street firm, Merrill Lynch, have come under particular scrutiny during the last week.

Andrew M. Cuomo, the New York attorney general, has issued subpoenas to John A. Thain, Merrill’s former chief executive, and to an executive at Bank of America, which recently acquired Merrill, asking for information about Merrill’s decision to pay $4 billion to $5 billion in bonuses despite new, gaping losses that forced Bank of America to seek a second financial lifeline from Washington.

http://www.nytimes.com/2009/01/29/business/29bonus.html...

[Capt. America]

9. Frankly, businesses can pay whatever size bonus they want to their employees..its called capitalism.

[closeupready]

12. It's called entitlement mentality when they need welfare in order to survive and pay those bonuses

n/t

[bemildred]

13. It's called fucking the shareholders.

Capitalism would dictate that the profits stay in the company or go to the shareholders, not for big bonuses to the hired help. It is corruption writ large.

[wickerwoman]

15. Not when the money for those bonuses come from a taxpayer funded bailout

that's called corporate socialism.

They can do what they want with their own money but if they're showing up on Washington's doorstep with their hands out, there had better be some goddamn accountability for how they spend the money.

[Romulox]

19. Are you just waking from a coma? Those bonuses are being drawn from taxpayer money.

[No Elephants]

21. It is NOT called capitalism when taxpayers are footing the company's bills.

[Terry in Austin]

35. Oooh, "Capitalism." All bow down!

We invoke the name of the Almighty in hushed and reverent tones.

Tell us, pray, just what is this "capitalism" that you worship?

[SlowDownFast]

36. Not when they're being bailed with taxpayer money, Capt. Capitalist.

Are you really that dense?

[Lorien]

39. Ah, so it's called "capitalism" when they take our tax dollars? I thought you

all were calling that "socialism".


Oh, wait, that's only when the taxpayer money goes to non multi-millionaires.

[Azlady]

10. "Shameful"

Then do something about it. It is time to take the money back, put into the hands of US & let US fix this economy and put these shameless asses behind bars in the middle of Time Square. Say YES to Small businesses across America and say FUCK YOU to the big Corporations!

[OhioChick]

11. You go, girl!

[Betty]

14. make them give the $$ back

what the fuck is this???? Where's MY bonus and where's MY fucking bailout??? Yeah, I thought so.

[No Elephants]

16. It's just as shameful, if not more so, that Congress passed a bail out bill that failed to prevent

bonuses, $1400 wastebaskets,new jets, luxury corporate retreats and the like. I never expected or elected AIG to watch out for my tax money, but I expected Congress to do that. Obama was very much part of that failure on the part of Congress.

[OhioChick]

17. True. n/t

[Romulox]

18. The TARP bill that President Obama helped shove down our throats was shameful. nt

[Loge23]

20. Or should we look it this way?

The money that WS stole in "bonuses" would create 500,000 jobs that pay $36,800 a year.
I know that $36.8 may not be much to some, but over the last year I know at least a dozen folks that were laid off that made around that much.
I'm sure they would take it.
What productivity could 500,000 hard-working people generate?
What productivity did the thieves who made $18.4B in bonuses generate?

[dipsydoodle]

22. Wall Street perks 'irresponsible'

Source: Yahoo News

US President Barack Obama has called Wall Street bonuses "the height of irresponsibility" and "shameful".

CEOs are receiving extravagant perks while they are firing staff and pleading for taxpayer bail-outs.

Mr Obama said he is outraged by a New York State report that $18.4 billion (£12.8bn) in Wall Street bonuses were paid in 2008 as taxpayers rescued the crumbling financial system.

"That is the height of irresponsibility. It is shameful," Mr Obama said.



Read more: http://uk.news.yahoo.com/4/20090130/twl-wall-street-per...

[Name removed]

23. Deleted message

Message removed by moderator. Click here to review the message board rules.

[underpants]

24. Byrd "is getting" $4.6 BILLLION???

annually?

He gets $4.6 BILLION from the coal companies? That is your contention?

Do you have any source for that?

[onehandle]

25. Shouldn't you be getting ready for pre-school? nt

[HughBeaumont]

26. Pick up your crayons and get to stepping, dumbshit.

Your fuckbag party is responsible for 70% of the national debt.

Not that you're going to be around to be educated about any of this.

[SpiralHawk]

27. Republicon Homelanders raped the economy over the last 8 years

But just now the tremendous grief the republicons caused with their greed, corruption, and incompetence is coming to light, as they planned -- so they could blame someone else. As usual.

America don't need no steenkin republicon 'we are innocent (smirk)' propaganda. Americans know the Homelanders flushed our economy, our environment, and our moral honor down their own peculiar & deviant wide-stance, diaper-clad crapper long ago.

Get thee to a Freepery, where propaganda is welcome. We prefer facts and truth around here.

[Demeter]

28. Call It What It Is: Looting

and throw the pirates out.

[SlowDownFast]

38. Exactly. n/t

[Wizard777]

29. It's a CEO's job to figure out how to screw everyone out of their money and put it in his pocket.

They brag about not being able to get out of bed for less than 10 million. They need to be fired and replaced with someone that can haul their sorry ass out of bed for free.

[salguine]

30. The solution to this is simple:

[Historic NY]

31. The cake eating crowd parties, while the commoner looks for crumbs.

[Gin]

32. I hope he does more than say it is shameful.....claw back those bonuses

that would teach a lesson...actions speak louder than words.

[SlowDownFast]

40. My sentiments, precisely. n/t

[Alcibiades]

33. Take back the whole thing

Get it back, spend it on kids and healthcare, or just about anything would be better than what these thieves are doing with it.

[ooglymoogly]

34. Levy 95%+ windfall taxes on bonuses, parachutes, etc, from corps. receiving taxpayer

bailout money or government subsidy; Ex facto. Put the money, that is in the hundreds of bullion's, toward buying up mortgages, direct lending, paying down the deficit or into the bailout funds or all of the fore. Then watch these pigs squeal.

[Lorien]

41. Now THAT'S a plan!

[Lorien]

37. "... and if they don't, we'll tax the sh*t out of them" should have been the

rest of that thought. 100% "bailout tax" on executive bonuses; that would be a nice start.