Obama slams huge Wall Street bonuses, Citigroup jet


President Obama has lashed out at Wall Street for taking huge bonuses totalling over US$18 billion last year while their firms were being bailed out by taxpayers.

That is the height of irresponsibility. It is shameful, and part of what we are 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.

he was quoted as saying by news.com.au.

Citigroup has abandoned plans to buy a luxurious US$50 million corporate jet from France using bailout money – after Obama warned them to “fix it”, reports ABC.

Meanwhile, AP reports that one of the biggest ironies is that:

the banking executives now managing billions in taxpayer money are the same ones who oversaw the industry’s near collapse. At banks receiving federal bailout money, nearly nine of every 10 of the most senior executives from 2006 are still on the job…

What, no Domestic Inquiry for them? That will be the day… But let a lowly cashier siphon funds from a cash till, and all hell will break loose! Blatant double standards.

What the AP report omitted to mention is that these are the same execs who received hefty bonuses after ruining the livelihoods of millions of workers and other citizens.

Greed has no limits for some people. But then this is unbridled capitalism we are talking about; so should we be surprised? It’s a system built on greed with lavish rewards for a select few – often at the expense of ordinary workers.

“Privatisation of profits, socialisation of losses” – and, might I add, lavish rewards for the elite, come what may.

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1 Feb 2009 3.35pm

We are talking about Wall Street and the High Flyers in the United States. It may do some good to see what the High Flyers in the newly formed Cooperatives Commission of Malaysia; ANGKASA; BANK RAKYAT and other large Co-operatives are collecting tthese days in the form of monthly allowances and other perks. These are monies of the Rakyat and the poor contributors to the Co-operatives who get measly services from these Organisations. When the Co-operatives came into being in the 1920s – they were Voluntary service movements offering services beyond the call of duty at the lowest cost. An… Read more »

1 Feb 2009 10.58am

Look at the video again! Just listen to him and look at his body language. Do you actually see an honest man who means what he is saying?

HE IS ONLY SAYING THE MINIMAL HE CAN TO GET BY PUBLIC OPINION. Where’s the passion you see during his elecion campaign? He is slamming the bankers? I say wrong, he is protecting them and saying what he is saying only to keep the stupid american masses happy. Utter disgrace!

(How different is that from) Lim Guan Eng and especially Jeff Ooi? Semua satu macam!

1 Feb 2009 10.22am


Bite the hand that feeds huh? So you’re saying that Obama shall bow to corporate once he reach the helm since they had ‘invested’ heavily on him?

The donation is donation. You can’t expect to get something back to you when you ‘donate’.

Soy Candles
1 Feb 2009 9.13am

No company who has been bailed out with our money should be giving out bonuses with our money. Good job obama

31 Jan 2009 6.50pm

If there is ‘political will’ Obama should scrap the stimulus packages and default on the un-repayable debts. No doubt it will destroy some Wall Street people who supported him, but why should he bail out greedy people? These folks have been in cahoots with the Fed and regulatory bodies. This means that there is a set of regulations for the ‘small people’ while the ‘big people’ can work in an unregulated environment, risk free (due to government guarantees). Small companies faced an uphill battle against these behemoths. As I said before, the government (Bush, Clinton, Reagan) has been the sponsor… Read more »

karupayah armstrong
karupayah armstrong
31 Jan 2009 3.48pm

Many Indians in malaysia were glad when Obama won.

Why ? Because he’s a black ?

I beleive all Indians should pick Obama as a hero, to be emulated. Law degree from prestigious university. Solid career. Forward thinking. Full of ideas.

But instead, (some of them) pick a criminal who was caught after a car chase with a stolen car as a hero. Now the indian youngsters will start to think “lets steal cars, can be hero, manikavasagam also come to my funeral. If i become policeman and die, manika won’t come”

The Guru
The Guru
31 Jan 2009 3.13pm

Obama is hypocritical.

He has not pointed out how Wall Street has been fleecing Americans far more than this amount all those past years.

Obama is also hypocritical because he speaks of Wall Streets excesses but shirks from cracking down on Wall Street shenanigans (as Ralph Nader has suggested as among his policy proposals).


telur dua
telur dua
31 Jan 2009 11.29am

Btw, any news if the GLC guys here are getting big fat bonuses?

31 Jan 2009 11.04am

Osama’s words are like thunders to these top brass of Wall Street. However, Bolehland is thousand times worst than the USA. Here,those people high-up and well-connceted in the GLCs especially, are still enjoying numerous perks. In fact, some even have the audacity to ask for more benefits. Since M privatised almost every asset and services (belong to the Rakyat) which are profitable 20 years ago and make thousands of his cronies multi-billionaires, the gap between the rich and the poor has widened tremendously. He is the main culprit who used NEP as decoy and tools to enrich his cronies.Some of… Read more »

Lochos Vestu
Lochos Vestu
31 Jan 2009 9.05am

OBAMA IS THE HEIGHT OF HYPOCRISY! He was Wall Street’s most favored candidate this past election cycle, and received the most political donations from Wall Street (Wall Street securities and investment firms gave US$9.9 million to Obama compared to US$6.9 million to McCain), US$ millions in political donations from Wall Street executives and workers. I don’t see Obama making the same noise when he was accepting their money during the election! See the facts – Wall Street invested heavily in Obama http://www.politico.com/news/stories/0109/17643.html Wall Street Bets on Obama for President http://www.opensecrets.org/news/2008/06/wall-street-bets-on-obama-for.html “In total, securities and investment firms gave $9.9 million to… Read more »

31 Jan 2009 1.13am

Some people may look approximately human on the outside… but they are in fact maggot souls feeding off the decay of industrial, so-called civilization. Can you spot the maggot souls disguised as bigwigs (belonging to a certain party here)?

30 Jan 2009 11.11pm

We also had plans to splurge on Eurocopters too in this poor economic conditions. Kuman diseberang laut nampak, gajah didepan mata tidak kelihatan.

obama supporter
obama supporter
30 Jan 2009 10.41pm

can we import president obama here and just replace the whole BN/UMNO system from the politician right down to the civil services …. ????

30 Jan 2009 9.00pm

That is political will and leadership demonstrated by Obama.
Something missing in Malaysian leaders especially in the government who will only protect their selfish agenda and ignoring the rakyats.
Time to wake up for our politicians from both side.

Speak Up Malaysia
Speak Up Malaysia
30 Jan 2009 7.58pm

Without checks and balances, corruption is sure to take root. Power corrupts and people are people. This is why we need to reestablish proper checks and balances for Malaysia’s executive, legislature, judiciary and media. This is why ISA must be abolished immediately. Look at what is happening in Zimbabwe! Total meltdown of living standards, human rights and the economy.