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Wall Street bonus payouts shameful: Obama

By Super Admin
Google Oneindia News

Washington, Jan 30: Barack Obama, the US President lashed out at the Wall Street for paying out more than $18 billion in bonuses at the time of financial meltdown. He said the Wall Street's action is so shameful, as the federal government is pouring out hundreds of billions of taxpayer dollars in the American financial system to save it from collapsing.

The President claimed payouts were 'the height of irresponsibility and shameful.' Obama was responding to the reports that Wall Street executives were paid more than $18 billion US dollars in bonuses last year. The reports were sent by the New York state comptroller.

Obama further said that this is 'not the time' for the corporate leaders to make profits and take home bonuses. The President also said that the public doesn't "like the idea that people are digging a bigger hole even as they're being asked to fill it up."

The comptroller's report shows that the Wall Street employees got paid the same amount of bonuses as they did in the boom time of 2004. President said that the new Treasury Secretary Timothy Geithner and himself will directly speak to the Wall Street leaders about the bonuses. His strong words against the Wall Street overshadowed the other part of his message, that is he want to roll out, in the coming weeks, new plans to regulate Wall Street and get more credit flowing to consumers again.

Reports suggest that the President thinks that such steps should go simultaneously with the economic stimulus measures unfolding in Congress. Sources said that the United States government is planning to develop new plans for spending $350 billion, the second half of the $700 billion bailout package US Congress agreed to at the request of the Bush administration last year. Other than this on Wednesday, Jan 28 the US House of Representatives pushed the $819 billion economic reform package request by Barack Obama to revive and boost the American economy. The Senate will take the bill for vote next week.

OneIndia News (With inputs from Agencies)

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