To Obama- “shameful” or “Criminal”

Steal food from a grocery store to feed your family- go to jail. Steal trillions from the global economy, pay yourself a bonus and the new President calls it “shameful.”

Obama told reporters he was outraged by a report of $18.4 billion paid out in Wall Street bonuses, as taxpayer money was being used to shore up the crumbling financial system.

“That is the height of irresponsibility. It is shameful,” Obama said while hosting a meeting in the Oval Office with Treasury Secretary Timothy Geithner and Vice President Joe Biden.

Obama said he and Geithner would send a message to Wall Street players that “there will be time for them to make profits and there will be time for them to get bonuses. Now is not that time.”

via Obama vows broad economic plan, scolds Wall Street | U.S. | Reuters.

From the Dayton Business Journal:

The average 2008 bonus for employees at Wall Street securities firms was $112,000, according to data from New York Comptroller Thomas DiNapoli….

On Wednesday, media reports said Charlotte-based Bank of America Corp. (NYSE:BAC) plans to defer bonus payments to some investment-banking staff this year.

The move is in sharp contrast to Merrill Lynch & Co. Inc., which is being investigated for making between $3 billion and $4 billion in bonus payments in late December, days before the securities firm was acquired by BofA. Merrill lost $15.3 billion in the fourth quarter.

New York Attorney General Andrew Cuomo’s office issued subpoenas Tuesday seeking the testimony of former Merrill Chief Executive John Thain and BofA Chief Administrative Officer J. Steele Alphin on the bonuses.

via Obama calls Wall Street bonuses “shameful” – Dayton Business Journal:.

Sorry, Barack, you are going to have to do better than that. These were bonuses on top of regular exorbitant pay. Any bonus paid to any exec on Wall Street to a company that has taken a dime from the TARP- should be demanded to be returned, or face jail time. Felony jail time.

Don’t mince words, don’t pass go, don’t collect $200, pay it back or go directly to jail.

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6 Responses

  1. Drexel Dave Sparks January 30, 2009 / 11:40 am
    Depends on how the bill is worded as to whether anyone committed a crime. Obama, the law genius that he is, is well aware of this.
  2. pizzabill January 30, 2009 / 4:20 pm
    David,

    I think Sen. Claire McCaskill, D-Missouri has been reading your blog. Here’s an excerpt and link to the CNN article:

    “An angry U.S. senator introduced legislation Friday to cap compensation for employees of any company that accepts federal bailout money. Under the terms of a bill introduced by Sen. Claire McCaskill, D-Missouri, no employee would be allowed to make more than the president of the United States.

    Obama’s current annual salary is $400,000.

    “We have a bunch of idiots on Wall Street that are kicking sand in the face of the American taxpayer,” an enraged McCaskill said on the floor of the Senate. “They don’t get it. These people are idiots. You can’t use taxpayer money to pay out $18 billion in bonuses.”

    McCaskill’s proposed compensation limit would cover salaries, bonuses and stock options.”

    http://www.cnn.com/2009/POLITICS/01/30/executive.pay/index.html

  3. David Esrati January 30, 2009 / 4:56 pm

    That still doesn’t get the $18.4 billion back.
    We need to do some collections first, then cap the pay.

  4. Greg Hunter January 30, 2009 / 5:54 pm
    Black Bush – or -Meet the new.boss, same as the old boss! Geithner OY – Fox guarding the hen house. Bring back Spitzer at least he was human.
  5. Ice Bandit January 31, 2009 / 5:56 pm
    And they haven’t paid their taxes in years either. Oh, my bad, that was the Treasury Secretary. Never mind…….
  6. Gene November 6, 2009 / 2:17 pm
    To Obama – one year and 10% plus unemployment rate. That was the change people were hoping for. People killing others bc you want to send them to a war. That is great change there  Barry. Out of a job,  guys named JayRod shoot former co-workers in Orlando. That certainly will change the lives of people.

    Way to vote for change. I just pray that we don’t get to see Obama’s “hope” side because his “change” side has caused death and a huge unemployment rate. “Change and Hope” the Great White House lie.

    Barry is a waste of time and make W look competent. Go figure.

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