It’s Not the Bonus Money. It’s the Principle.

Well I like US President Obama now. Sure. This one man calls spade a spade. I was also appalled that not just wall street but many corporate execs were still raking in tons of money even out of the economic bailout! Even though I am not a US citizen, It does affect me in this global flat economy! [ More so, being a blogger, I have kinda right to air my opinion on anything and everything; okay okay :-) without defaming anyone ]
http://www.nytimes.com/2009/01/31/business/31nocera.html
A very written article. must read :-) Here is part of it.
And on the ninth day, the president jawboned.
How else to describe what President Obama did on Thursday, his ninth day in office? Angered by news that Wall Street was doling out $18.4 billion in bonuses for 2008 — “the sixth-largest haul on record,” according to a front-page article in The New York Times, despite billions upon billions in losses — the president called reporters in and looked sternly into the cameras. Then he unloaded on Wall Street executives, just as President John F. Kennedy once unloaded on the country’s steel barons.
That is the height of irresponsibility,” Mr. Obama said sharply, referring to the bonuses. “It is shameful.” Wall Street, he said, was coming to the government for badly needed help — which taxpayers were providing because otherwise “the entire system could come down on top of our heads” — and the government had a right to expect in return that Wall Street would “show some restraint and show some discipline and show some sense of responsibility.” After going on in this vein for a while, he slapped around Citigroup for agreeing to take that new $50 million corporate jet after agreeing to a huge bailout in November. The government’s demand that the plane be canceled should have been unnecessary “because they should know better,” he scolded.

PS: BTW, Isn't it interesting, I had decided to drop the blog for some time but New year bombarded in so many interesting and thought provoking news items that I just had to my blog and air my thoughts!! Man proposes, God disposes! :)

1 comment:

Juneli said...

I like your PS part most :-). Yes, it's true that Man proposes, God disposes!