30 January,2009 08:35 AM IST | | PTI
US President Barack Obama has lashed out at the Wall Street companies for dolling out billions as bonuses to their top executives at a time when they are seeking bailout packages from the federal government.
An outrageous Obama termed it as "shameful" and "height of irresponsibility", referring to a report which revealed that Wall Street gave out an estimated USD 18.4 billion in bonuses to its top CEOs.
Last year's bonuses were the sixth-largest ever in a year, it said.
"When I saw an article today indicating that Wall Street bankers had given themselves USD 20 billion worth of bonuses, the same amount of bonuses as they gave themselves in 2004, at a time when most of these institutions were teetering on collapse and they are asking for taxpayers to help sustain them and when taxpayers find themselves in the difficult position that if they don't provide help that the entire system could come down on top of our heads, that is the height of irresponsibility," Obama said.
Speaking to White House reporters with the Treasury Secretary, Timothy F Geithner, Obama said: "It is shameful."
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The US President asked the Wall Street, who are asking for help, to show some restraint, show some discipline, and show some sense of responsibility.
"The American people understand that we've got a big hole that we've got to dig ourselves out of, but they don't like the idea that people are digging a bigger hole even as they're being asked to fill it up," he said.
"We're going to be having conversations as this process moves forward directly with these folks on Wall Street to underscore that they have to start acting in a more responsible fashion if we are to, together, get this economy rolling again," Obama said.
There will be time for them to make profits, and there will be time for them to get bonuses, he said, adding that this is not the time now.
"That's a message that I intend to send directly to them, I expect Secretary Geithner to send to them," Obama said. Such a strong statement from Obama comes a day after he met top CEOs of the country at the White House, during which he urged the corporate leadership for their responsibilities.
Earlier, the White House spokesperson Robert Gibbs said Obama shares the frustration of the American people when they read about reports of such massive bonuses to Wall Street CEOs.
