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Obama vows end to “shameful” trader bonuses
Friday 30th January 2009, 1:10PM GMT.
Barack Obama has condemned ‘irresponsible’ traders who collected almost $19 billion worth of bonuses as their industry was bailed out by the taxpayer.
A new report has revealed that the average Wall Street worker received a bonus of $112,000 in 2008, despite the global economic slowdown that saw Congress approve a $700 billion bailout.
President Obama said the “shameful” behaviour could and would not continue under his administration.
Flanked by treasury secretary Timothy Geithner, he told journalists at the White House that the bonuses marked the “height of irresponsibility”.
“It is shameful, and part of what we’re going to need is for folks on Wall Street who are asking for help to show some restraint and show some discipline and show some sense of responsibility,” he said.
“There will be time for them to make profits, and there will be time for them to make bonuses.
“Now is not that time.”
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