Video: Wall Street bonuses this year “shameful,” says Obama
posted at 8:43 pm on January 29, 2009 by Allahpundit
Can we get bipartisan consensus on this one, or is there some obvious argument I’m missing for why the worst Dow performance since 1931 merits some sort of “bonus”?
Actually, here’s the argument: You don’t want these poor lovelies to have to date beta males, do you? Click the image to watch.
Blowback
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LBJ and FDR did do some good things, however.
Summer on January 30, 2009 at 2:15 AM
Geithner just got a severance package of $434,668 from the NY Federal reserve.
Disgusting or not disgusting?
MayBee on January 30, 2009 at 2:15 AM
Yeah, it could be two trillion bucks.
Jim Treacher on January 30, 2009 at 2:16 AM
As long as he doesn’t “forget” to pay taxes on it…
Jim Treacher on January 30, 2009 at 2:17 AM
If he’s got 100 million in the bank, I think he should forgo the downpayment on yet another Maserati. =) But I’m not gonna tell him he should be forced to do that. I just wish people thought of that themselves once in a while.
Summer on January 30, 2009 at 2:17 AM
No problem, it was probably tax free.
Johan Klaus on January 30, 2009 at 2:17 AM
‘Cause I’m just saying I don’t think it was a record good year for the NY Fed either.
MayBee on January 30, 2009 at 2:17 AM
Summer-
I’m sorry. I don’t really understand what you are saying.
MayBee on January 30, 2009 at 2:19 AM
As long as he wasn’t a lobbyist.
Johan Klaus on January 30, 2009 at 2:20 AM
Or we could have been pulling troops out for the last ten days, and Gitmo could have been closed 10 days ago, and we could have pulled our troops out of Afghanistan 10 days ago as well, and Obama could have already told the Israelis that they’re no longer allies and could already be telling Hamas that they can have a state with American support. He could already have told Iran that they’ll negotiate and sell out Israel in public. And Obama could have said that he wants to talk openly to Bin Laden.
Everything the Left wants him to do. He hasn’t done it yet. So yes, it could be a hell of a lot worse. Maybe you should wait and see and use a little patience.
That’s all I’m saying.
Summer on January 30, 2009 at 2:20 AM
Are you sure that you didn’t vote for Obama?
Johan Klaus on January 30, 2009 at 2:22 AM
Disgusting enough to stand my fur on end and he will probably cheat on his taxes with that too.
Cheshire Cat on January 30, 2009 at 2:23 AM
Maybe I’ll do as I please.
Jim Treacher on January 30, 2009 at 2:23 AM
I’m positive. =)
Look, even Tony Blankley last week was furious at the CEOs and even quipped that they should be boiled in oil for this display.
And he’s a die-hard Reagan Conservative.
I happen to like Tony a lot. =)
Summer on January 30, 2009 at 2:27 AM
That sounds more like Libertarianism than Conservatism. =)
Maybe you voted for Ron Paul?
Summer on January 30, 2009 at 2:29 AM
What he’s not is the President of the United States. That’s who we’re talking about. The point isn’t whether conservatives should be shocked and dismayed at corporate bonuses. The point is whether a U.S. president who’s following the Alinsky playbook is going to use this for his own ends.
Jim Treacher on January 30, 2009 at 2:30 AM
I think someone should ask Obama if it was disgusting for Geithner to get a severance package like that. Surely many of the people that got Wall Street bonuses didn’t come anywhere near that payout.
ps. I don’t think it’s disgusting. What I find disgusting is the double standard. Obama took a lot of money from Wall Street, both for his campaign and for his inauguration. Who does he think has $50,000 to contribute to his big day?
MayBee on January 30, 2009 at 2:31 AM
Okay, so it’s not just me.
Jim Treacher on January 30, 2009 at 2:31 AM
Again, I didn’t say I’m excusing Obama on his own personal display with finances… I just happen to think that I can agree with him about the CEOs and also agree that he himself should be an example as well. I don’t see how this is problematic.
Again, I agree that he isn’t a very good example. But since the subject was originally the CEO’s, I just tried to point out that Obama is right on that subject. If somebody criticized Obama’s own display as well, I would agree with that as well. The two are not mutually exclusive.
Summer on January 30, 2009 at 2:35 AM
What?
Jim Treacher on January 30, 2009 at 2:37 AM
What word didn’t you understand?
1) I think Obama was right to point out the egregious display of greed by some CEO’s.
2) I don’t have a problem with people pointing out that Obama is guilty of this kind of conduct as well.
Do I have to make it more clear for you?
Summer on January 30, 2009 at 2:38 AM
Even I understood what she said.
Cheshire Cat on January 30, 2009 at 2:38 AM
I wish you wouldn’t.
Jim Treacher on January 30, 2009 at 2:39 AM
2) I don’t have a problem with people pointing out that Obama is guilty of this kind of conduct as well.
I guess if we could get someone at the level of the President of the United States to point this out, I would think all is equal.
MayBee on January 30, 2009 at 2:40 AM
Maybe you need to put down the bong. =)
Summer on January 30, 2009 at 2:41 AM
=)
Jim Treacher on January 30, 2009 at 2:41 AM
Well I can’t help it. It’s all in English after all.
Cheshire Cat on January 30, 2009 at 2:41 AM
Why does it have to be somebody at that level?
Summer on January 30, 2009 at 2:42 AM
Yep.
Jim Treacher on January 30, 2009 at 2:43 AM
Because Obama is at that level, complaining about Wall Street. He’s kind of a big deal.
MayBee on January 30, 2009 at 2:46 AM
Okay, I’m off.
I just, once again, don’t think that what Obama said in this case is necessarily wrong. And I don’t think it’s un-Conservative to agree with what Obama said in this particular instance.
Again, even a broken clock…
Later.
Summer on January 30, 2009 at 2:46 AM
Well alright then, I am at least at his level and I am hereby pointing it out.
PootyPoot on January 30, 2009 at 2:46 AM
Thanks Pooty!
MayBee on January 30, 2009 at 2:47 AM
Nancy Pelosi has the same attidude.
Cheshire Cat on January 30, 2009 at 2:48 AM
But see, just because he’s on record talking about redistribution of wealth, and all his mentors are socialists, and now he’s playing class-warfare games to scare people into giving him even more power, ehhhhhhh, it don’t mean nothin’. Give him a chance.
Jim Treacher on January 30, 2009 at 2:52 AM
Dude, give up. These people have no ability to put two and two together.
baldilocks on January 30, 2009 at 2:54 AM
True dat.
Jim Treacher on January 30, 2009 at 3:04 AM
Night.
baldilocks on January 30, 2009 at 3:05 AM
Obama again using his blaming and shaming spiel. Tiresome.
misslizzi on January 30, 2009 at 3:39 AM
The bonuses shouldn’t be the outrage … the irresponsibility of our government with the sham stimulus should be. How do you spell hypocrisy?
rockmycar on January 30, 2009 at 5:51 AM
For some reason, when he went for the digging and filling up holes methaphor, I had flashbacks to Cool Hand Luke.
Barrack on January 30, 2009 at 6:01 AM
Corporate bonuses are the business of the corporations and their boards of directors, if they exist. They are not my concern or yours or Mr. Obama’s. The very instant you suggest that you should have some say about who earns what, you allow others to decide the same for you. Is that really what you want? Ogabe is calling for state control of individual income, starting with the easy targets first; corporate “fat cats”. Just wait a bit. Your turn is coming.
SKYFOX on January 30, 2009 at 6:05 AM
All you people who are agreeing with Obama about the evil greed of CEOs need to read Atlas Shrugged. Until then, you don’t know what you’re talking about.
fossten on January 30, 2009 at 6:30 AM
So basically you’re saying “Whatever”?
Itchee Dryback on January 30, 2009 at 6:31 AM
How much illegal money did Obama raise in his campaign?
Puhleaze.
I think a lot of people make an outrageous amount of money. I think loud mouth lefty movie stars who live like royalty while they opine on the evil greedy corporations make too much money.
I think there are thugs in sports who make too much money. I like sports myself, but some of these contracts are just obscene.
I think Buffet is obscenely wealthy. I think Soros is a crook.
I think rappers and aging rock stars make way more money than they probably deserve.
But what does deserve have to do with it? I mean really. It is classless, tacky and greedy and people like Obama have been going to cocktail parties with these same people for years. Look at who gives him money.
Terrye on January 30, 2009 at 6:40 AM
This is an interesting poll. Not only does it say that most people do not support the current stimulus plan, it notes just how many people actually do support socialism. Surprising in a way.
Terrye on January 30, 2009 at 6:43 AM
Obama again misses the point of how free market business works.
Bonuses are earnedby employees based upon their performance. Many of these guys receive a lower base salary, then win big if they have a productive year. Obviously that number this year would have been smaller…but there must be people who accomplished their goals.
To cancel their bonus would be to breech their contract.
Hypocracy Alert:
Contrast this to Obama’s PORKulous bill, where RANDOM, UN-Useful projects are receiving billions of dollars….just dropping out of the sky.
Dpet on January 30, 2009 at 6:45 AM
The Most High Most Glorious One, Barack Obama (May He Live Forever) has spoken…
sabbott on January 30, 2009 at 6:46 AM
He is using his “Bully Pulpit” to say that ONLY big Daddy Obamby can hand out money to those that DON’T earn it!!!
Bonuses are NOT Welfare Mr. Messiah, but “tax breaks” to lazy people that DO NOT EVEN PAY INCOME TAX… ARE & IS!!!
Mark Garnett on January 30, 2009 at 7:10 AM
FIFMS = Fixed it for myself
Mark Garnett on January 30, 2009 at 7:11 AM
The tragedy of the 93 year old freezing to death should not have happened, but putting the blame on the evil old power company is not accurate.
Apparently his home was fitted with a “limiter” which cuts off power after a certain amount was used. I think the idea is a way of having a home owner prioritize usage.
The limiter can be reset by the home owner by simply pushing a button. This devise was installed on his home, and rather than having it explained to the home owner face to face, the company left a note on his door. He never read it.
This is a vastly different situation than “The evil corporate demons just turned off the power in the middle of winter..cuz thats just how heartless capitalism works”.
Not sure how the regs work in the rest of the frozen north states, but in Wisconsin, I believe your power can’t be turned off in winter.
Itchee Dryback on January 30, 2009 at 7:20 AM
Maybe someone has…but someone should add up all the bonuses the past 3 years Obama’s staff has received from private enterprise…then add up the bonuses his staff received for working on his “non-profit” campaign him.
right2bright on January 30, 2009 at 7:42 AM
Once you accept Obama into your heart, you can never truly die.
Jim Treacher on January 30, 2009 at 7:47 AM
We’ll never know, because the MSM won’t investigate, and neither will the Dims. It’s an outrage when Republicans cheat to gain an electoral advantage, just business as usual when Dims do it.
AZCoyote on January 30, 2009 at 7:57 AM
For the President of the United States to throw a taxpayer funded cocktail party, serving his favorite Wagyu steak,($100 per steak) to celebrate Congress voting for his so-called “Stimulus Bill” is truly obscene.
This community organizing president is no better than his fellow “Chicagoian”, the impeached Blagovitch. Shame on him.
sinsing on January 30, 2009 at 8:02 AM
A private enterprise should be able to pay whomever and whatever it wants. The stupidity of the salary, bonus, or wage isn’t our business and it certainly isn’t under the purview of the President of the United States.
Stop asking for “fairness” people. Geeez!
pugwriter on January 30, 2009 at 8:05 AM
Remember when HotAir had someone (sorry I have forgotten who) breaking down the Koran? I think it might be time to so that with Saul Alinsky. It would be more than helpful if we were all reading from the same playbook.
Cindy Munford on January 30, 2009 at 8:08 AM
Once again it’s sitcom time. We loaned someone money but are upset how they spend it.
We didn’t have to bail them out and we shouldn’t have bailed them out. This is such a stupid argument. Besides, all of Wall Street didn’t receieve baliout money. This is just adding more fuel to the class warfare fire.
Why doesn’t he call out trial lawyers earnings? Surely those are just as shameful, if not more.
What about all the actors and actresses who supported him. What about professional athletes?
reaganaut on January 30, 2009 at 8:15 AM
When I wrote to my senators about voting against the “stimulus” bill, he wrote back to brag the other “stimulus” bill to the tune of 600 billion he had voted for. Good grief. I cut and pasted his own email back to him and told him to stop digging.
Cindy Munford on January 30, 2009 at 8:27 AM
Meanwhile, we have a president who has turned the Whiten House into a sauna, while preaching to us to put a sweater on and turn down the heat…and of course I am sure he has cut back on his “dinners”.
I don’t have a problem with him doing these things, I have a problem with him telling others not to, but he can…
right2bright on January 30, 2009 at 8:37 AM
The dems and the reps both wallowed like whores in Wall St’s bed. What will it take to flush the whole damn lot of them down the crapper?
dhimwit on January 30, 2009 at 9:05 AM
And pissing away a TRILLION dollars is what? Peachy Keen?
You want to give these bastards MORE!!!!!!!
LET THEM FAIL AND THERE WILL BE NO BONUS MONEY TO HAND OUT YOU MORON!!!!!
roninacreage on January 30, 2009 at 9:12 AM
All well and good that he points out the obvious, but I prefer he do something rather than a “tisk tisk” and a click of the tongue. How about making these companies return the money to the government?
jman on January 30, 2009 at 9:15 AM
Hope and ChangeHype and Shame
Disturb the Universe on January 30, 2009 at 9:17 AM
I know of something even more shameful…..
Vashta.Nerada on January 30, 2009 at 9:25 AM
Obama, Dodd et al are making an argument which ignores the fact that corp bonuses are a function of contract. They exist as a portion of compensation and it’s not just at a CEO level – normally it’s manager level and above. Using the total 2008 numbers is misleading because companies need time to modify the bonus structure they are/were contractually obligated to pay.
MajorKong on January 30, 2009 at 9:27 AM
Not that I’m standing up for those on Wall Street who might be truly deserving of criticism, but the way many Wall Streeters’ pay is configured, they get a relatively modest salary, while the majority of their compensation is in the form of a “bonus”–which in many cases is the accumulation of commissions they’ve accrued throughout the year (or quarter, or however often they get recognized).
So the word “bonus” has to be used carefully; many times these are rightfully earned commissions. And the reality is that some functions, departments and individuals DID make tremendous amounts of money for their financial institutions–and do deserve to be so compensated–even as other functions may have lost money.
In the end, this is all more complicated than the sound bitey stuff going around. It’s not all that different than the charade of making the auto CEOs drive halfway across the country to meet with Congress instead of taking the more efficient and responsible transportation (yes, private jets).
And where there is real, provable malfeasance on Wall Street with respect to compensation–absolutely the Feds should take those folks down.
redfoxbluestate on January 30, 2009 at 9:32 AM
Since the right is okay with bank socialism, Obama should go ahead and give them another 2 trillion.
Nevermind they gambled and lost huge to lose American jobs, strikes in France, Iceland collapsed, Russia and China blaming our country, suicides, more homeless, etc….
But that stimulus package to create jobs has to be stopped.
Is your leader rush okay with more bank socialism too?
getalife on January 30, 2009 at 9:51 AM
When your inept policies are spinning down the drain, create a distraction and trash somebody else.
Obviously, Obama’s “porkapaluzza” isn’t generating a lot of confidence. Maybe a few more dollars to ACORN will inspire the markets.
rplat on January 30, 2009 at 9:52 AM
Nobody is happy with socialism and the government involvement in our free market economy must stop . . . including the banks. Don’t try to use an error in judgement to justify this administration’s march to Marxism and socialism.
rplat on January 30, 2009 at 9:56 AM
rplat on January 30, 2009 at 9:56 AM
Ah, but it was w that created this monster.
It was w that started socialism so your argument is not intellectually honest.
getalife on January 30, 2009 at 9:59 AM
Oh, and the overwhelmingly liberal congress that had a third of W’s approval rating had nothing to do with it. Nor the fact that one of the centerpieces of the mess, CRA, was passed by Clinton.
MadisonConservative on January 30, 2009 at 10:01 AM
MadisonConservative
I know, w can nothing wrong but in the real world, it happened on his watch.
getalife on January 30, 2009 at 10:03 AM
Does this mean Obama is also shameful for voting for the stimulus package that allowed those CEO’s to collect their bonuses? Hmmnn….reminds me of the pot calling the kettle black….ooopps…maybe I shouldn’t have said that….somebody might think I’m racisssst.
Cpoy2 on January 30, 2009 at 10:05 AM
Poor getalife. Still suffering from unrequited BDS. Get him a hankie.
That 93 year old that froze to death was suffering from dementia. He had the money to pay the light bill sitting on his kitchen table. He had no family and nobody checked on him.
A little hypocritical to be criticizing CEOs when your puppet master, George Soros, is one of the richest men in the world.
kingsjester on January 30, 2009 at 10:06 AM
More horrible GDP numbers came out today. Depression like numbers but lets give Wall Street more bonuses. Hell, lets give them another 2 trillion.
Got to stop that stimulus package though.
getalife on January 30, 2009 at 10:09 AM
…and on Congress’ watch. Amazing how you act as if they have no power over the economy, when the truth is they have as much, if not more. You are aware that the President rarely has a role in writing legislation, right? He just puts in the final vote. Over 500 others vote on it before it even gets to his desk.
MadisonConservative on January 30, 2009 at 10:15 AM
Comrade Allah, welcome to the Revolution.
We will take over all businesses on behalf of the state.
faraway on January 30, 2009 at 10:16 AM
$100 celebratory steaks in the white house are deplorable too, mister obama!
ErinF on January 30, 2009 at 10:21 AM
At the core of this problem is a complete lack of leadership in this country. As Nero fiddled while Rome burned, Obama babbles while the United States collapses. There is absolutely no one with a compass or the knowledge to use one if they had it. All of you farm boys or girls that have ever chopped off a chicken’s head and watched the headless body run around aimlessly can completely understand our plight. How does “doomed” sound?
rplat on January 30, 2009 at 10:30 AM
At worst that comment is insane . . . at best it is typical liberal thinking and logic.
rplat on January 30, 2009 at 10:32 AM
It is awesome that Obama is taking this head on for this is a classic example of redistributing the wealth – taking money from some tax payers and it getting into the hands of people who haven’t earned it. I wonder if the smartest President we’ve ever had realizes the irony in his position.
Also, is it me or is he also not the most patronizing President we’ve ever had.
EyesOpen on January 30, 2009 at 10:33 AM
There is only one entity that can catapult us out of these economic doldrums and that is the free market economy. However, there is little hope for that until these inept, dumb-ass politicos stop trying to kill it.
rplat on January 30, 2009 at 10:40 AM
rplat on January 30, 2009 at 10:32 AM
That is the right’s logic silly.
Now call your Senators and tell them you support Wall Street socialism but don’t vote for that stinky stimulus bill you crazy kids.
getalife on January 30, 2009 at 10:41 AM
getalife: If you had read the stimulus bill, even in a cursory way, you would see that proportionately very little of the package creates jobs. The bulk is a payback to Democrat partisan supporters. You have been hoodwinked.
onlineanalyst on January 30, 2009 at 10:46 AM
onlineanalyst
I am glad to see you know how many jobs it will create but it is the President’s main agenda.
Jobs, jobs, jobs.
getalife on January 30, 2009 at 10:53 AM
I’ll tell you what’s disgusting Big O! It’s this stinking pork-laden stimulus bill. What a freaking joke! It’s just a spending bill.
You, Barack Hussein Obama, are a disaster of epic proportions.
Oink on January 30, 2009 at 11:19 AM
Impeachment: First Blago, Next Obama?
faraway on January 30, 2009 at 11:23 AM
OK, so I have to admit that I agree with Obama on this one. It shouldn’t be something that the President has to say, though. Just on principle, if the company isn’t making money, the bosses shouldn’t be giving themselves any yachting around money. If anything, they should be giving up their own paychecks. Giving bonuses that can’t be based on any positive performance is really crappy PR, and I’d want my money out of any such company whose leadership can’t see the forest for those trees.
Newsflash to Obama, though: that stimulus bill isn’t going to create a climate more favorable for such bonuses. Stopped clocks are right only twice daily, and you’ve already used up one go-around.
flutejpl on January 30, 2009 at 11:24 AM
Good Morning America & Stephanolopous did all they could today to incite the viewers into a toddler tantrum by pointing out the old news (it’s as story from Oct of last year) of the wall street bonuses.
How many folks will call their Senators & say “It’s UNFAIR,they got a bonus – now pass the stimulus bill and give me mine!!1!!”
This move to cry about the wall street bonuses is an act of desperation by the Obama handlers, they realize the word is getting out that the stimulus bill is a sham, time for a diversion.
batterup on January 30, 2009 at 11:24 AM
Proof that conservatism never sleeps.
Terrie on January 30, 2009 at 11:31 AM
The one exception is that if the business comes begging for money, then the business needs to cut back and not spend it on obscene bonuses…I don’t want my money going to “bonuses” of companies that are feeding at the gov. trough.
right2bright on January 30, 2009 at 11:49 AM
If he completes the transition of over half the economy to direct government control, and manages to outright nationalize a couple of major industries, it won’t much matter if he doesn’t complete the next two hundred items on the liberal wish list. If the mirror image of these events had occurred, and President McCain had instituted a federal flat tax, would we complain that he didn’t also get around to privatizing PBS?
I’ve seen enough of Obama so far to know that absolute opposition is necessary, and the sooner he’s marginalized or gotten out of office, the better. This isn’t just an important political debate, it’s an existential one. A few hundred billion dollars more “stimulus” and we won’t be the opposition any more, we’ll be the resistance.
As to the comment of Obama’s that prompted this thread: it’s true that he hasn’t tried enforcing laws on executive compensation yet, but his party has a long history of supporting such laws, and rhetoric like this is likely to be the first step in moving to such an exercise of government power – the man is a disciple of Saul Alinsky, after all. Has there ever been an industry or group the Democrat’s didn’t trash as a prelude to introducing some new imposition on the private sector?
Even if this never becomes anything more than grousing on Obama’s part, it’s wholly inappropriate for the President to make such comments, especially an activist President who has already seized control of billions of dollars worth of the economy. Remember how Alan Greenspan could make the markets drop four hundred points by remarking that he thought investors were being unreasonably exuberant? What economic aftershocks come from an activist, socialist president, backed by a servile media, who muses aloud that he thinks corporate pay structures offend his sensibilities?
Americans accept far too much government meddling in their lives. I don’t think it’s unwarranted to demand a little more humility from a president who’s already running a staggering humility deficit.
Doctor Zero on January 30, 2009 at 11:58 AM
Doctor Zero on January 30, 2009 at 11:58 AM
Excellent post, Doc. Absolutely right. As long as Mr. President has himself, he will never be alone.
kingsjester on January 30, 2009 at 12:07 PM
Not only that, but given the fact that 0bama keeps repeating the mantra everyday that the economy’s in trouble and that it can’t be “saved” without giganormous government bailouts and pretty soon, it becomes a self-fulfilling prophecy.
Dr. Zero, I must add that your comments here are most often than not SUPERB!
Jenfidel on January 30, 2009 at 12:26 PM
No the height of irresponsibility:
Campaigning as a moderate and governing like a socialist.
Hiding all this pork in the “Stimulus” bill
Giving cover and bonuses to Fannie Mae and Fredie Mac execs!
Allowing Barney Frank and Chris Dodd to avoid prosecution.
Blaming Democrat policies and results on Republicans
Bringing our Country to the brink of Socialism and failure.
Strapping trillions of dollars of debt unto the backs of our children. (That’s not an exaggeration — this pork will not be cut in the future. When did we last see real cuts in government?)
Funding ACORN and Planned Parenthood from this “Stimulus” bill
Taking taxpayer money and funding the Endowment for the Arts so they can urinate on images of our REAL Savior even more.
Using this bill as an excuse to foster cap & trade for global warming, so we can run to socialism even faster!
Now THAT is the height of irresponsibility!
Christian Conservative on January 30, 2009 at 12:29 PM
The taxpayer is the biggest shareholder in some of these banks. Usually, the biggest shareholder gets a board seat and input on the compensation plan. Obama is going to give the banks a 2nd sweetheart deal. Beating them up a little bit on compensation is mostly political cover.
dedalus on January 30, 2009 at 12:30 PM
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