US President berates Wall Street executives
Güncelleme Tarihi:
Agerce France-Presse
Oluşturulma Tarihi: Ocak 31, 2009 00:00
WASHINGTON - U.S. President Barack Obama Thursday furiously slammed Wall Street titans who raked in billions in bonuses while taxpayers bailed out their industry as "shameful" and guilty of acute "irresponsibility."
Obama, anger flashing across his usually calm countenance, said bosses of big finance firms must sacrifice along with other Americans, as the country tries to dig itself out of a deep economic hole. The president's ire was sparked when he read a newspaper article detailing the $18.4 billion in bonuses collected by Wall Street firms last year, even as stock markets plunged and the economy slumped towards a recession.
"That is the height of irresponsibility. It is shameful, and part of what we are going to need is for the folks on Wall Street who are asking for help to show some restraint and show some discipline and show some sense of responsibility," Obama told reporters in the Oval Office.
’Now is not the time’
Obama, speaking after meeting Treasury Secretary Timothy Geithner, said he would clearly spell out to Wall Street executives they have to act in a more responsible fashion. There would be time for them to rake in profits and bonuses later in the economic cycle, he said. "But now is not that time."
"We're going to be having conversations as this process moves forward, directly with these folks on Wall Street," Obama said.
The president pledged to make clear that Wall Street fat cats must "start acting in a more responsible fashion, if we are to together get this economy rolling again."
He also brought up the case of Citigroup, which has taken funds under a separate $700 billion Wall Street bailout, and nixed plans to buy a $42 million corporate jet after the Treasury Department complained.
"Secretary Geithner already had to pull back one institution that had gone forward with a multimillion dollar jet plane purchase at the same time as they're receiving TARP money," Obama said. White House aides said the massive bonus figures, divulged in a report Wednesday by the New York state comptroller's office, undercut Obama's appeal for all Americans to share in a new spirit of responsibility. Total bonuses in the securities industry fell from $32.9 billion to $18.4 billion in 2008, the largest percentage drop in more than three decades, Wednesday's report said.
"That is the height of irresponsibility. It is shameful, and part of what we are going to need is for the folks on Wall Street who are asking for help to show some restraint and show some discipline and show some sense of responsibility," Obama told reporters in the Oval Office.
’Now is not the time’
Obama, speaking after meeting Treasury Secretary Timothy Geithner, said he would clearly spell out to Wall Street executives they have to act in a more responsible fashion. There would be time for them to rake in profits and bonuses later in the economic cycle, he said. "But now is not that time."
"We're going to be having conversations as this process moves forward, directly with these folks on Wall Street," Obama said.
The president pledged to make clear that Wall Street fat cats must "start acting in a more responsible fashion, if we are to together get this economy rolling again."
He also brought up the case of Citigroup, which has taken funds under a separate $700 billion Wall Street bailout, and nixed plans to buy a $42 million corporate jet after the Treasury Department complained.
"Secretary Geithner already had to pull back one institution that had gone forward with a multimillion dollar jet plane purchase at the same time as they're receiving TARP money," Obama said. White House aides said the massive bonus figures, divulged in a report Wednesday by the New York state comptroller's office, undercut Obama's appeal for all Americans to share in a new spirit of responsibility. Total bonuses in the securities industry fell from $32.9 billion to $18.4 billion in 2008, the largest percentage drop in more than three decades, Wednesday's report said.