Wednesday, November 26, 2008

Obama: top bankers should forgo their bonuses this year. Why not next year too?

President-elect Barack Obama thinks bank executives should forgo their bonuses this year to show they are taking responsibility amid difficult economic times.

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According to excerpts of the interview released by ABC, Obama said bank executives should make sacrifices because so many other people are struggling as the nation's economy slips further. Some financial firms, including Goldman Sachs, the Swiss bank UBS and the British bank Barclays, have said they aren't handing out annual bonuses to top executives, and Obama encouraged more to follow.

"I think that if you are already worth tens of millions of dollars, and you are having to lay off workers," Obama said, "the least you can do is say, 'I'm willing to make some sacrifice as well, because I recognize that there are people who are a lot less well off, who are going through some pretty tough times.'" Full story...

See also:

  1. Switzerland: UBS executives forgo bonuses...
  2. Lehman Bros head took home $300m!!!
  3. Goldman Sachs ready to hand out £7bn salary and bonus package... after its £6bn bail-out!!!

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