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01/30/2009 02:49 AM ID: 76648 Permalink   

President Obama: Wall Street Bailout-to-Bonuses 'Shameful'


President Obama said that Wall Street employees who received some $18 billion in bonuses as their company received last year's taxpayer-funded bailout displayed "the height of irresponsibility. It is shameful."

"And part of what we're 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 said. He had the day prior met with many business leaders.

Obama said that the public doesn't like trying to dig the financial sector out of a hole only to see the money spent lavishly. Vice President Joe Biden said the level of bonuses "offends the sensibilities."

    WebReporter: Ben_Reilly Show Calling Card      
ASSESS this news: BLOCK this news. Reason:
  @ Obomo  
Mr. Obomo, dont you think the BAILOUTS are shameful?
Do you NOT see how giving someone money for being irrisponsible will only encourage them to be more irrisponsible?
  by: kark   01/30/2009 03:03 AM     
What, you thought they were going to do something productive. Every idiot who voted for the bailout should be impeached.
  by: jOnO_oRiGiNaL     01/30/2009 03:06 AM     
  He is right  
$18 billion in bonuses as their company received last year's taxpayer-funded bailout displayed "the height of irresponsibility. It is shameful."

And letting them keep it and distributing more is outright stupidity.
  by: hellblazer     01/30/2009 03:23 AM     
Snap out of your fantasy land; 2008 bonuses were taken out of Bush's no-strings-attached bailout of all his Ivy League buddies. That was then, this is now.
  by: Ben_Reilly     01/30/2009 03:27 AM     
Please dont blame this on Bush. Bush, Obama, McCain - all the same.
  by: jOnO_oRiGiNaL     01/30/2009 03:32 AM     
If a company fails, who gets blamed? The CEO. If a baseball team has a losing season, who gets blamed? The manager and ownership. You see where this is going. It's about leadership and responsibility -- or, in Bush's case, the lack thereof.
  by: Ben_Reilly     01/30/2009 03:38 AM     
as much as I hate to defend bush, Jono's right they were all the same on this one they all love to give big corporations money for nothing. when it come to this sort of thing both political parties work as a dualopoly do deny the possibility of sensible options (those that dont line their pockets)
  by: veya_victaous     01/30/2009 04:46 AM     
  to be fair  
to be fair at this point i think any company that recieved a bailout and then paid bonuses to executives should be fined out of existance and those executives that voted themselves bonuses should be executed for treason.

it will be so much better once USA is not able to dominate the worlds economy at least China executes these corrupt peices of crap who cause more death and suffering to the world then any dictator, all to satisfy there insatiable greed.
  by: veya_victaous     01/30/2009 04:52 AM     
  I'm a fan of Obama.  
I like the guy - I think he has the potential to do this country some real good after eight years under a democratically elected tyrant.

That said, the bailouts should have NEVER happened.

Capitalism, as rough as it is at times, is designed to function in such a way that the weak and stagnant perish while the strong and innovative survive. Companies that can't keep up with what the public demands SHOULD perish, replaced naturally by new companies who bring new ideas to the table.

As it stands now, the bailouts serve to do one thing: cause harm to the consumer.

Every last participant in capitalism will be ultimately affected in a negative manor thanks to Bush's bailouts, bailouts that were supported by Obama. These bailouts take away the fundamental purpose of capitalism. They become the ultimate safety net for businesses.

These bailouts are doing to businesses what modern conveniences have done for the human race in general: they are taking away the need for innovation and improvement and make all of us simply settle for inferiority.
  by: vash_the_stampede     01/30/2009 05:01 AM     
Bush did not wave a magic wand and create bailouts. The senate passed them. The pub's and dems. And your boy Obama voted FOR them. In fact, Obama, Bush, McCain all where our promoting them.
  by: jOnO_oRiGiNaL     01/30/2009 05:06 AM     
The lawyers should have inserted a clause that, in order to recieve financial aid, executive bonuses must be suspended, et cetera.
  by: H. W. Hutchins   01/30/2009 05:53 AM     
Whoever spelled out the terms of the bailout packages forgot to take into account they were destined to companies that went down the drain because of their limitless greed. They trusted CEO to act morally and limit themselves when they had failed to do so in the past.
  by: Ryuken   01/30/2009 07:40 AM     
If they dont sell thier Mercedes for a rundown Ford Tarus, sell thier property, cancel thier vacation to Tahiti and live like someone on minimum wage. We should live in a soceity where there is no individualality with the same belongings and education
  by: ohioankev   01/30/2009 08:01 AM     
  Boy thats telling them.  
"Its Shameful" what a weak pissy word to describe something that is downright criminal. The people who okayed the bonus, should be charged with some kind of crime against the Government and never be allowed to hold an executive position again. I think this actually treason.
Also the people who received the bonuse should be made to pay it back.
I think its about time you Americans start to do something, these people are stealing your money.
  by: Blackwidow   01/30/2009 08:47 AM     
2008 bonuses were taken out of Bush's no-strings-attached bailout of all his Ivy League buddies.

Ben you never cease to surprise me. Don't you remember this was Obama and McCains big day. They had to stop the campain and go to Washington. Don't you recall Obama saying," if you need me Just call I will be there."

Anyway, in response to your No Strings attached comment.
I heard on the news today there were a growing number of banks that refused to take the money because of to many strings attached. I believe they said the government would have a 25% hold on them.

Here is part of the article. A small but growing number of community banks are backing out of the government's bailout, which they see as fraught with hidden strings and government interference.

Ben did anyone ever give a hint or maybe suggest in any way shape or form that you are one bitter closed minded person?
  by: Hotwired   01/30/2009 09:04 AM     
I think its about time you Americans start to do something, these people are stealing your money.

Couldn't have said it better myself. Thank You.
  by: Hotwired   01/30/2009 09:12 AM     
  Unbelievably shortsighted  
Do you people seriously think the bailouts are unnecessary?

It's not a few bad eggs that we just allow to rot. It's the stability and viability of the entire financial system in America and worldwide that is at stake.

If we allow these institutions to collapse it will be YOU that suffers most, not the scum working at the top of them.

Without the bailouts, ordinary Americans would lose everything. Their savings, their jobs and their homes. Is that scenario more appealing to you? Do ordinary people deserve to lose everything because you disagree with the bailouts in general?

Bonuses for the corporate elite shameful and disgusting. Absolutely true.

Are the bailouts necessary to minimize impact on ordinary citizens everywhere? Unfortunately, yes.
  by: wildstoo   01/30/2009 01:58 PM     
what about obamas 1 tillion in new spending?

is that shameful? when the bill passed the house yesterday obama celebrated with having 100 dollars a pound waygu steak on the tax payer dime, is that shameful??

i do not think the government should be telling what companys should be paying there employees, the only time i think the government has a say is when they got a bailout, remember the government was giving and offering a bailout to companyes who didnt even want it.

its so shameful, waa waa, get over it, your doing the exact same thing with your 1 trillion in new pork spending and welfare.

its suppose to trickle down right??
  by: cray0la     01/30/2009 02:10 PM     
It he thinks it is so shameful, why does he encourage feeding it? Why does he reward the very people who CAUSED this debacle?

This is going to have the long term effect of impoverishing everyone in the country, except the fat cats who caused hte problem in the first place.

If the really wanted to fix this, they would bail out the people who were ROBBED (see what happened at ENRON; everyone lost their retirement except the fat cats), but OH NO - they bail out BIG BUSINESS.

Big Business deserves to fail, go bankrupt, die. If they do, and there has to be a bailout, bail out the innocent ones!

That CEO of Lehman Bros. should be made to work at Jack-In-The-Box for the rest of his life as a cashier, and all his remaining assets used to bolster the bailout. Him, and all the executives in charge of the corporation, along with the entire board of directors. F**K thos a$$holes.

What a bunch of PELOSI, with SCHUMER sauce.
  by: LeePIII   01/30/2009 05:20 PM     
unfortunately such a thing is quite necessary. Once people can't eat, THEN AND ONLY THEN will they have the motivation to HANG these greedy bastards!

Americans apparently have to be set on fire before we learn touching the stove is hot.
  by: Trevelyan   01/30/2009 06:11 PM     
I still don't understand how our government gave the finaicially irresponsible people on Wall St. more money with which they could be financially irresponsible.

Ron Paul had a good point on his "morning coffee" interview. These bills are rushed through so fast that things get missed... in the case of the bailout: regulation of funds.
  by: barryman9001   01/30/2009 07:16 PM     
Bush was democratically elected? Since when?
  by: mcink2   01/31/2009 07:36 AM     
Since 2004.. =\ The controversies aside, he still won the popular vote by several million votes. For whatever reason, people voted for the tyrant en masse.
  by: vash_the_stampede     01/31/2009 07:56 AM     
  Bush's Treasury Secretary Paulson  
Went to congress with a 3 page paper requesting 700 Billion dollars.
That is a fact.
He handed out the 350 Billion that was authorized without exorcising the oversight that was his to use.

That is a fact.

Don't hand that to Obama. I understand that many of the recipiants of major bonuses have been asked by this administration to return the money. They can not be forced to but the present president can use his offices to eliminate their companies from any future help. Pressure can be brought on them just like the pressure that forced the canceling of the 50 million dollar executive jet.
  by: ichi     02/03/2009 07:02 AM     
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