Posted on 01/29/2009 1:17:19 PM PST by Leonardo DiCrapio
WASHINGTON – 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.
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."
(Excerpt) Read more at news.yahoo.com ...
But hundreds of billions in government hand outs are fine?
Meanwhile, Zero’s “stimulus” package contains a $4 billion “bonus” to his group of election fraudsters at ACORN. That, is an outrage.
Assuming that the shareholders of these companies do not object to these bonuses, what business is it of the government if companies on Wall Street want to reward their employees?
This is just the usual class-warfare that Democracts love. Who is better qualified to determine the right time to pay bonuses than the actual companies doing the paying?
I agree with Obama, for different reasons.
I think lack of performance should be rewarded with lack of bonuses.
Obama thinks that only those in the American politburo should get such bonuses.
It’s shameful to hand out bonuses when the companies are going into the tank. They are looting the companies.
I can’t seem to find out, are these ALL the bonuses, including those at the bottom of the food chain, or simply the higher execs?
>> But hundreds of billions in government hand outs are fine?
I suggest you not try to wrap your logical brain around that.
You’re sure to sprain something.
If midget brain thinks it’s so shameful, read below from Boortz.com
The state of New York is going to lose $1 billion in tax revenue this year. Any guess as to why?? That’s right .. cash bonuses to Wall Street employees decreased by 44% in 2008.
When it comes to the city of New York, employees brought home $18.4 billion in bonuses last year. Sounds like a lot .. until you realize that the year before, they brought home $33 billion. That is going to cost New York City $275 million in tax revenue.
An analysis by the State Comptroller Thomas DiNapoli says that this is the largest tax revenue percentage decline in over 30 years. Before the financial crisis, tax revenue from those evil, greedy rich people on Wall Street accounted for 20% of the state’s tax revenues and 12% of New York City revenues.
“lack of performance should be rewarded with lack of bonuses”
And it is. Who says the people getting bonuses had bad performance?
His presidency is as shameful as those comp committees of these Boards who approve the bonuses.
I heard someone on Fox this morning talking about them “Clawing back” bonuses for some of these companies. In other words the employees might have to pay back past bonuses. I found that chilling.
Well it ain’t any more more disgusting than the Congressional pay raise they just took or the pork bill they are passing with perks for the families and friends of Democrats.
There are greedy bad people all over the place, bad is bad, whether it is Congress,Wall Street, or anyone else.
It depends upon what bonuses they’re talking about. They appear to be talking in general about ALL bonuses for these companies (makes an impressively bigger number for mass consumption). If that’s the case, it may not be quite what it seems. The division my husband works in actually MADE money this year, but they got way scaled back bonuses.
What is shameful will be if this is just window dressing and Tiny Tim gives a wink and nod to his buds on the street to keep it up.
Related topic: I thought bonuses were to reward success? Most of these clowns are abject failures.
I agree with him this time.
When you take money from the government the government feel entitled to dictate to you. It’s that simple.
What's "shameful" is spending $2.4 billion for carboncapture demonstration projects and calling it an "economic stimulus" plan. PT Barnum would be proud of 0.
“And it is. Who says the people getting bonuses had bad performance?”
What planet are you from? You haven’t seen the parachutes for CEOs that run a business in the ground? Or seen the bonuses voted for executive staff by friendly boards?
Wow....that is the Business Socialist mentality that is killing America
We just gave Wall Street the biggest single welfare check ever printed...and yes they should be held accountable. That is my money they got in the September bailout
All socialism is bad...all welfare is wrong...whether it is received by a gal with 8 different fathers for her 9 kids...or some Wall Street socialist who cannot handle his, or his businesses, money
How do you pay bonuses to people when your business loses money?
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