Closing Arguments: Obama’s Bonus Backlash

By David Schoetz

Jan 29, 2009 11:58pm

Earlier today, New York officials revealed that more than $18 billion in bonuses were handed out on Wall Street last year — despite a dismal economy and billions of dollars in taxpayer bailouts to help many of the same banks that are paying out those bonuses. President Obama delivered a swift and stern public scolding, one that he said would be followed by action. "And when taxpayers find themselves in the difficult position that, if they don’t provide help, that the entire system could come down on top of our heads that is the height of irresponsibility," Obama said, with his Treasury Secretary Tim Geithner sitting be his side. "It is shameful." So tonight, we ask: Exactly what should the government do to respond to these bonuses? Tell us what you think.

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