But is there bite behind the bark? http://online.wsj.com/article/SB123326820233830623.html -------------------------------------------snip "When I saw an article today that indicates that Wall Street bankers had given themselves $20 billion worth of bonuses, the same amount of bonuses as they gave themselves in 2004, at a time when most of these institutions are 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 then the entire system could come down on top of our heads, that is the height of irresponsibility," President Obama told reporters.
"It is shameful." As the administration prepares the next phase of the TARP, banks that have received rescue funds from the government are under heightened scrutiny. This week, New York Attorney General Andrew Cuomo subpoenaed former Merrill Lynch Chief Executive John Thain in a probe of bonuses paid by the investment bank on the eve of its merger with Bank of America Corp. Mr. Cuomo called President Obama's critique of Wall Street a "breath of fresh air." "Over the course of our investigation it has become apparent that while Wall Street melted down, top executives believed that, unlike the rest of the country, they still deserved huge bonuses," Mr. Cuomo said in a statement. Also this week, Citigroup Inc. canceled its multimillion order of a new corporate jet after the administration suggested it wasn't a good idea. "We shouldn't have to do that, because they should know better," President Obama said. -raghu. -- Did you hear about the dyslexic Satanist? He sold his soul to Santa. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
