By David Schoetz

Jan 29, 2009 11:58pm

Closing Arguments: Obama’s Bonus Backlash

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.

User Comments

If drawing and quartering is illegal, then shooting to death by musketry will have to do.

Posted by: John Koliha | January 30, 2009, 12:14 am 12:14 am

This bonus deal is just one notch away from the same crime as if someone breaks into your home and steals your possessions. The only difference here is that apparently this is legal. These executives are stealing money that should go to investors who have lost their savings. I propose criminal prosecution and give them a choice: pay it back or go to jail.

Posted by: CECie | January 30, 2009, 12:14 am 12:14 am

OFF WITH THEIR HEADS…………….

Posted by: enough already | January 30, 2009, 12:16 am 12:16 am

“Shameful” is a good description, but action should also be taken as such: Give the bonus money back or be put in an orange jump suit.

Posted by: Liz | January 30, 2009, 12:17 am 12:17 am

All the recipients should be required to pay back the bonuses and the heads of the companies who paid the bonuses should pay back their bonuses AND go to jail.

Posted by: S T S | January 30, 2009, 12:18 am 12:18 am

I believe that the government should take the money back from the banks that have abused the priviledge of getting bailout money. We as private taxpayers deserve to have a say in how the money is spent. If the banks don’t use the money for what it is intended, then they shouldn’t get it. CitiBank should forfeit the $50 million jet they purchased. How dare they!!!

Posted by: Sebastian Myer | January 30, 2009, 12:19 am 12:19 am

I think these bonuses should be return or taken.
Bonuses are for a JOB WELL DONE…Having a BANNER YEAR.
These GOOD OLE BOY network – have NO SHAME…and the federal gov. need to TAKE OUR TAX DOLLARS BACK. And keep a close eye on where these billions are going. As a tax payer – I am NOT HAPPY
with the bonuses and jet purchases..
They just DON’T GET IT -
THE GAME IS OVER!!!
The IRS has no problem freezing accounts and taking what is due.
TAKE IT BACK!!

Posted by: KLD | January 30, 2009, 12:19 am 12:19 am

Obviously anyone in finance and anyone in the government is a lying thieving crook. Democracy does not work or this situation would not exist. We need a good dictator like that other Hussein
to get rid of the thieves.

Posted by: jim kipp | January 30, 2009, 12:20 am 12:20 am

There must be immediate recinding of all bail out money if any of it is to go for bonuses, as well as criminal prosecution persued. How can law makers allow funds to be given for these bail outs with out a detailed plan that holds accountabilty, they may be just as much at fault

Posted by: Ken and Tina | January 30, 2009, 12:20 am 12:20 am

No company that receives taxpayer TARP/bailout funds should be giving out excessive bonuses to executives. The cancellation of bonuses should be a prerequisite for receiving any bail out money. The government needs to focus on the taxpayer and those in need of assistance. Provide the bailout money to the people who need it – the taxpayers, small business owners/start-ups that need the money to generate spending and jobs. When are we going to help the people who are having problems paying their mortgages?
The government must act now!

Posted by: Rob | January 30, 2009, 12:20 am 12:20 am

I think we need to sue the banks for false statements on their credit appplications and get our money back.

Posted by: Ivy Urquhart | January 30, 2009, 12:22 am 12:22 am

It seems like Wall Street has been infiltrated by Organized Wall Street Executive Criminals, who are hiding under the cloak of legality to rape this nation of all her finances and plunge our economy into financial ruin. How else can we explain last year bonuses of twenty billion dollars ($20B) by Wall Street top executives who have failed to perform for their organization and share holders, claiming to be entitled to continued employment, when 4.7 millions middle-class citizens are out of work and their excessive bonuses in this climate of economic crisis? These Wall Street top executives should be made to refund all last year’s bonuses (including all the failed years their organization lost money). They should be terminated from their employment by the Federal government who is now their employer by way of the infusion of taxpayer’s bailout money into their companies; just as oust governor of Illinois, Blagojevich,they should be barred from the financial industry for life, for they have done this nation grave harm. How could these Wall Street executive be considered to be the most talented individuals for the job when they have performed woefully for their financial institutions?

Posted by: Samuel Cole, MBA | January 30, 2009, 12:22 am 12:22 am

I really think that we are being fleeced. They are going to keep crying untill all the money is gone. We are being raped by these banks. People are still losing their homes and they are not lending either, but they are getting richer. They are in line complaining they are going broke so that they can get money. Once its all gone we will see better times. I hope that this president can see through the bull s..t. I should write a book on this. Fleecing America..

Posted by: Mike Fullmer | January 30, 2009, 12:25 am 12:25 am

The govt should require that any financial worker making more than $100,000/ salary, who received a bonus in 2008 or 2009, who wishes to continue to work in the financial institution accepting govt bail out money, should return those bonuses. If they choose to keep the bonuses, they choose not to work in that institution while it is accepting govt bail out money. Let them show their sense of decency, responsibility and determination to right the previous wrongs by returning the “ill gotten gains” of the bonus.

Posted by: Stretchsun | January 30, 2009, 12:25 am 12:25 am

The govt should require that any financial worker making more than $100,000/ salary, who received a bonus in 2008 or 2009, who wishes to continue to work in the financial institution accepting govt bail out money, should return those bonuses. If they choose to keep the bonuses, they choose not to work in that institution while it is accepting govt bail out money. Let them show their sense of decency, responsibility and determination to right the previous wrongs by returning the “ill gotten gains” of the bonus.

Posted by: Stretchsun | January 30, 2009, 12:25 am 12:25 am

Put a tax on the bonus giver equal to the bonus given. Penalty should be on the corporation/institution giving the bonus.

Posted by: Carolyn | January 30, 2009, 12:26 am 12:26 am

Former Sec. Paulson and the Bush administration did what they have done for the last 8 years – mislead. They handed out 1/2 of the TARP money to financial institutions w/zero accountability rather than following through with the plan they sold to the public – buying back bad mortgages. Paulson and those involved should be prosecuted. Furthermore, the executives that received TARP money who also received bonuses, should be required to return those funds and face prosecution.

Posted by: Rob | January 30, 2009, 12:27 am 12:27 am

Many American citizens who are close to retirement are not going to be able to retire because most have lost a great deal of money through the stock market. The only thing one can conclude is that the executives stole the retirement funds and pocketed the money themselves. How dare they? These thieves need to be held accountable to the American people. I hope President Obama insists on legal prosecution and once found guilty, imprisonment along with paying back the money to the investors … with interest!

Posted by: Diana Bridges | January 30, 2009, 12:27 am 12:27 am

I glad the President Obama mentioned it but talk is cheap. I want to see the FBI & the DOJ move in & Prosecute ALL of them. The people that ACCEPTED the “Bonus’s”, the ones that APPROVED tham and ESPECIALLY THE PEOPLE THAT ARE SUPPOSED TO BE OVERSEEING THE TARP PROGRAM. They should be charged with Malfeasance in office, PROSECUTED & REMOVED.

Posted by: Fritz Muffler | January 30, 2009, 12:29 am 12:29 am

There should be strict laws and regulations regarding bailouts. If a corporation is bailed out with taxpayers money, there should be legal consequences enforced if the Corp. misuses funds in anyway. This includes bonuses, luxury purchases of any kind and golden umbrellas. Every dollar should be accounted for and published for everyone to see. There ought to be checks and balances in place so as not to have greed run amuck! Taxpayers are loosing their homes, livlihoods, etc. while “fat cats” keep getting every advantage as well as no consequences for their unbelievable greed!
Fed up with Greed Mongers who have no conscience or thought of anyone outside of themselves!

Posted by: KATHY CANDLER | January 30, 2009, 12:31 am 12:31 am

They should have to pay those bonuses back. I as an american taxpayer feel like I’m being robbed. I also think, as in any other business, bonuses should be a percentage of the profit each individual produces. Anything else would be considered as theft and punished accordingly.

Posted by: Inge Fosgate | January 30, 2009, 12:32 am 12:32 am

The government should demand that the bonuses be returned. It is unthinkable that companies would ask tax payers for bail out while paying bonuses for obviously bad decisions that were made by their executives. It is a crime when individuals are losing jobs and executives are stealing money from tax payers. When the companies are about to go under how can bonuses even be considered. I thought bonuses were a reward for good productivity. Why keep executives if the company is losing money. I don’t buy the argument that one much pay bonuses to keep people. Where are they going in the current economic situation?
There should be a limit on what executives are paid and it should be a multiple of the average worker’s salary.

Posted by: Carolyn Nelson | January 30, 2009, 12:32 am 12:32 am

I think it is a disgrace that nothing can be done to these CEO’s & CFO’s. There should be some type of punishment for their common disregard to the American people who sacrificed their money to help. Lawmakers need to make a stand. Little or no regulation with their finances today and in the past helped dwindle this country to what it is in today. Government oversight was needed then and is now needed more than ever. These corporations are swindlers of our country.

Posted by: Carol L and Tyler L | January 30, 2009, 12:34 am 12:34 am

It is good that that was brought to the limelight. Take it back and give it to those retiring folks that lost life savings due to stock market.

Posted by: adelacuesta | January 30, 2009, 12:39 am 12:39 am

ongress should pass a tax of 100% on unearned bonuses, then we the taxpayers would get some of our money back to use for better purposes.

Posted by: tony donell | January 30, 2009, 12:39 am 12:39 am

I think they should all be paid back. There are many companies that held back paying bonuses to keep more employees working. As all Americans are loosing on their 401ks because of the market, the banks, wallstreet, financial companies should be the first to gave salaries frozen and no bonuses even if part of contract. In these economic times the millions and billions of dollars being passed out to executives needs to stop. Make them all pay back or go straight to jail.

Posted by: Mary Boyd | January 30, 2009, 12:39 am 12:39 am

The Navy still has keelhauling on the books and they haven’t outlawed it yet. Too severe? If we hadn’t bailed Wall Street out for making the wrong decisions, a bunch of millionaires would today be be scrounging around looking for a job, like the rest of us. Didn’t President Bush bail them out and pass the rest of the ilk on to President Obama? I think we should call in the loans given to bail these people out.
You won’t see anyone from Wall Street spending their massive bonuses on any of us in our lifetime and you probably won’t see any of them selling their Jets, Yachts and extra houses to keep their businesses in the black, as long as our government is willing to give them money nobody can account. I don’t feel we should give anymore out , until the GAO can tell us where the last 350 Billion went and what it was spent on. Anyone that got a bonus will need to give it back.
Too Harsh? I think the IRS would do well to look into some of the write offs Wall Street Execs have been taking , instead of going the little guy that isn’t working.

Posted by: E.W. Horwath | January 30, 2009, 12:40 am 12:40 am

All bailout money that went into bonuses must be returned. All CEO’s authorizing these bonuses must be fined for misuse of funds up to the amount they authorized; if this means they go bankrupt, so be it. The amounts involved here are staggering; one of those bonuses alone could bail out an entire state economy in some areas of the country.

Posted by: Hannah | January 30, 2009, 12:40 am 12:40 am

$18 billion (billion with a B!)paid out in executive bonuses is a CRIME. It’s wrong that our taxpayer money ended up in the pockets of the same crooks who made the credit mess in the first place. Prosecute! Surely there must be some way to get such swindlers into prison and get the money back where it belongs.

Posted by: John Prin | January 30, 2009, 12:41 am 12:41 am

What is it with our government that we don’t put restrictions on these “bail outs”? Has it become the policy of our government to reward bad behavior? I’m single, retired and my investments have gone to hell in a hand basket AND NOW the American taypayer is asked to carry the burden of these give aways on bonuses exceeding $18 billion!!! Let’s get our money back and take care of the many instead of the few! If the government wanted to stimulate the economy, why didn’t they divide that money between all the tax payers and let us correct the mess that has been created by Wall Street & the government?

Posted by: Linda Seamster | January 30, 2009, 12:41 am 12:41 am

I believe that the government should collect funds equal to the amount of any bonuses given at any financial institution that was given taxpayer dollars. The money can then be reinvested in financial institutions that will guarantee that the money will be spent however the government wants it to be spent.

Posted by: Diane | January 30, 2009, 12:42 am 12:42 am

I want them posted to a web site so everyone can see who is the greed mongers.
Maybe we’ll get lucky and a few nuts will decide to take them out.
Forget about giving it back, that is not the code for greed.
This country has lost the ability to instill fair play for life, it’s dog eat dog or anything else that gets in their way.

Posted by: Elaine | January 30, 2009, 12:42 am 12:42 am

The President was right today in castigating Wall Street firms for paying, and Wall Street cronies for accepting, billions in bonuses after their disastrous performances and while they have their hands out for bailouts from we taxpayers.
That behavior displays abject, despicable greed, complete disregard for responsible behavior, complete disdain for the country’s taxpayers (who are suffering because of the abject failures of these disgustingly greedy fools), and complete disdain for the just notion that we should all be teaching our children that bonuses are reserved for exemplary performance.
The bonuses already paid should be taxed at 100%, so they are rightfully returned to our government.
The payment of future bonuses to executives working for organizations that receive bailout money from the government should be criminalized, with a requirement for complete restitution and payment of fines equal to at least ten times the amounts of bonuses paid.
These greedy people are just taking all the rest of us for granted. They need to have their maniacal greed squeezed out of them.

Posted by: elaborater | January 30, 2009, 12:42 am 12:42 am

Big Deal-the CEO’s got a public scolding from Obama. They are laughing all the way to their off shore bank accounts. Obama needs to put his money where his mouth is. They need to pay the money back and file for bankruptcy and restructure, like they should have done to begin with. If the Democrats let this go they are guilty of aiding and abetting the biggest crime ever perpetrated on the public.

Posted by: mary hollenbeck | January 30, 2009, 12:48 am 12:48 am

Certainly, it was wrong! The fact is, we can’t make the CEO’s give it back. We need to deal with now, not with what was. Perhaps , instead of being critical Obama and his creative and talented cabinet can turn a negative into a positive.
Wealthy people need tax write-offs. Obama could create a special fund for those who invest a minimum of a million dollars and use that money to buy up the foreclosures. Allow those people to pay off their mortrgages at a lower rate or extend the period of payment. Those wealthy people who buy into the fund will be allowed to take lucrative tax benefits as a result of their investment in this fund.
This would involve new laws that would allow these new tax incentives. The wealthy get their needed tax deductions. This would give them additional money to stimulate the economy. The banks would be free of the mortgage debt, and the public sector would be allowed to keep their homes and have money to spend which would also boost the economy.
Now is the time to look for solutions rather than to blame improper decisions. Stop the ridiculous bonuses now and get the funds out there to work at rebuilding our economy, Sounds like the potential for a win win situation for everyone.
That’s what I call change. Obama spoke about change. Now is the time for us to think outside of the box.

Posted by: Prht | January 30, 2009, 12:49 am 12:49 am

Demand the money BACK and fine/jail those CEOs!!!!!

Posted by: sisterdearest09 | January 30, 2009, 12:49 am 12:49 am

It seems obvious to me that what these CEOs have done is embezzle the taxpayer.
I believe they should not only have to pay the bonuses back but some jail time would seem appropriate and thereafter if they hold similar positions they should be monitored closely. On the other hand, the government is the most guilty of taking the taxpayers money and letting any entity have a large cash infusion without all monies provided being identified as where and how they will be spent and any changes to those designations should have been approved by the one maintaining their oversight, e.g. the Treasury possibly until the monies are paid back to the government. No entity should have a cash infusion like those happening the need is basically just from bad management. I owned a business once no one bailed me out, after 6.5 years of hard labor 24/7 there was no one to rescue me and I am sure this is true for thousands maybe millions of others like me.

Posted by: Loretta | January 30, 2009, 12:51 am 12:51 am

Obama-The Mouth of the South or a Real Man of action? That is the question~!
A stern public scolding followed by action? Now that remains to be seen~!
You won’t find a person in this country that does not feel completely ripped off by the Wall Street Bail Out and literally screwed to death by the bonuses that were paid by and to these crooked and corrupt executives that received them. So Obama goes out on a limb to scold them. What else can he do but try and look good to the general public? So he throws a few of them in jail, what good will that do? If he really is the man he says he is to this country, he will get the money back~!
It will take a real wolf to get the money back and my guess is Obama is just another Black Sheep~! We will all just have to wait and see.

Posted by: Bill M | January 30, 2009, 12:54 am 12:54 am

How can these evil, greedy bastards really be punished? Can we have their names and home addresses please? Can we send them angry letters and post their headshots on billboards? Can we take some of the money in the stimulus bill and run ads about them during the Superbowl? Can we see an episode of Law and Order about a serial killer who targets Wall Street executives? Can we have the money back? Is there nothing we can do to make these people feel the pain many Americans are feeling right now? Probably not, because people without shame or conscience are untouchable.

Posted by: Steve L | January 30, 2009, 12:58 am 12:58 am

Obama has said before that “only government” can fix the economy. To that end, Obama’s plan for bailouts and massive spending is essentially FDR’s New Deal on a larger scale.
FDR tried to fix the economy by spending huge amounts of taxpayer money and by drastically increasing the size of government to stimulate the economy. Ironically, the New Deal actually prolonged the Great Depression by several years (http://newsroom.ucla.edu/portal/ucla/FDR-s-Policies-Prolonged-Depression-5409.aspx).
Maybe Obama won’t make the same exact mistakes that FDR did, but Obama is still operating on the Keynsian economics that has created serious economic problems in this country.
Government is not the answer. Where in the Constitution is the federal government granted the authority to prop up private companies with taxpayer money?
Obama wants to spend nearly a trillion dollars to “stimulate” the economy. If instead he cut taxes and government spending by a trillion dollars, the economy would soon rebound as people would have more discretionary income.
The lending crisis was caused by government meddling (specifically meddling by Democrats). So how should Obama respond to these large corporate bonuses? He should get the government out of the markets, cut taxes, and cut spending.

Posted by: JL | January 30, 2009, 12:59 am 12:59 am

bonuses should be returned. if they are not returned, paychecks should be garnished until the monies have been collected. ceo’s who authorized them should be terminated. any company receiving govt. funds should suspend payment of any future bonuses until said funds have been repaid, and the company has shown 4 straight quarters of profitability.

Posted by: antijake | January 30, 2009, 1:01 am 1:01 am

The U.S. taxpayers should file a class
action lawsuit against all those arrogant Wall Street ***holes who think they have the right to use other people’s money to live in luxury when people are losing their homes, cars and 401K retirement plans. Their actions are criminal and immoral. They should be sued for billions and the money distributed back to all tax-paying U.S. citizens who have been wronged by this.
A scolding by Obama will not do anything but make the Wallstreet jerks laugh at him. He has no power to do anything to them. The taxpayer’s need to rise up and revolt against Wallstreet and the idiots in Washington, D.C. just like the American patriots did at the Boston tea party. They, like us, were tired of being used by those who thought themselves to be elite; those who continued to raise taxes which caused undue hardship on the early Americans. Wake up America! It’s time for the average citizens, collectively, to take back our country from the spoiled, arrogant, elitists who think they have a right to overtax us and spend our hard earned money on wasteful and stupid things! Phone your representatives and tell them exactly what you think of the stinking policies on Wallstreet and in Washington!
Maybe we should just all refuse to send in our taxes. They can’t put us all in jail at the same time. They would have to come up with more money to build more jails and if we refuse to pay our taxes, who would they get the money from?!

Posted by: annoyed | January 30, 2009, 1:02 am 1:02 am

Just more time wasting hot air. Every one is irate about “bonuses” – no one is mentioning salaries or stock options. I’m sure that next year the executives will be sure to be paid in a manner that doesn’t fit as neatly on a bumpersticker and all the idiots after a soundbite will be ignorantly pleased with the impact their scolding had.

Posted by: jhw539 | January 30, 2009, 1:04 am 1:04 am

It’s outright incredible how we,the people of this country, sit back and continuously allow our “financial banking” fellow citizens play us for morons. They play us for morons and we behave like ones. Guess what fellow citizens? WE ARE the MORONS. Allow me to explain. They lose our hard earned monies. They are on the verge of bancruptcy begging and crying for a “bailout”. They claim that without this help, they will “go under”. We buy into their bs. I now hear that 18 billion dollars was given to them as BONUSES. WE GAVE THEM 18 BILLION DOLLARS IN BONUSES WHEN WE ARE LOSING OUR HOMES, RETIREMENT FUNDS ETC.ETC.AND mostly because of their doings? Want To Know who are the morons? WE are. Why isn’t anyone standing up trying to galvanize the masses of the hard working middle class to put a stop to this behavior. We are morons because we are silent. These bankers should be required and forced to return every single cent of all bonuses handed out. Period! President Obama! I beseech you to lead the American people and show that “talk” is cheap. Walk the walk and DEMAND a full refund of all bonus monies that were received by any and all institutions while simultaneously sitting infront of Congree “begging” for my hard earned money going to their “bailout”. Mr. President; You’ve signed a few presidential orders since coming into office. Please stand up for US, the people whom you claim you want to protect from the “dishonest”. You have the perfect opportunity staring you in your face right now. During these times, NO ONE, absolutely no one can justify or deserve a “Bonus”. It’s wrong that these banking executives took 18 billion dollars as bonuses when they themselves were on their knees begging to be saved from bancruptcy. Demand every cent back. Get every cent back. They don’t deserve BONUSES.And if they are allowed to keep this money then Mr. President; shame on us, the people. Because then we will see who are the real morons.

Posted by: Dr. Mike | January 30, 2009, 1:06 am 1:06 am

I am a small business owner and have been since 1992. I cannot believe our government is sitting by and watching(or participating) in us all being robbed. I find it hard to describe the way I feel about what is taking place. GREED. I think this is the key to most of our troubles. I am speechless about the bonuses and high salaries being paid to failures and poor performance. How can anyone in our government sleep at night knowing they did nothing about thiefs like the CEO of Merrill Lynch giving bonuses just before BAC bought them out with we, the people, financing the deal and then BAC needing more money from us because of the losses incurred. Give me a break. Lewis had to have a tighter deal than this…He should be stripped of his finances and executed with the rest of the thieves.
Can anyone do what is right? This is …… We are being robbed and the government is sitting by and watchiing it happen.

Posted by: Lewis Crow | January 30, 2009, 1:11 am 1:11 am

As a stipulation for bail out the government needs to stop all bonuses,that way no one will feel left out. Furthermore, the my idea of a bail out and solving our economy is to give every taxpayer 200,000 dollors and the will spur the economy by paying mortgages, buying houses,cars etc.,not bail out banks or wall street.

Posted by: Daina Blitte | January 30, 2009, 1:12 am 1:12 am

…in the end, greed always devours the greedy. Can’t wait to see how this all plays out. Look out Wallstreet jerks!
You will lose in the end.

Posted by: annoyed | January 30, 2009, 1:14 am 1:14 am

Take all bonus money back..those that got, those that gave, those that approved. They should all be fired without severance of any kind! And tell the others there is a zero tolerance rule for any more misbehavior of tax paper money and enforce it.

Posted by: Marna Wilcox | January 30, 2009, 1:18 am 1:18 am

I believe they should be forced to return the bonuses – NOW! The idea that their bonuses will be less for 2009 is not nearly enough. I am disgusted and outraged, and I can’t believe we are not rioting in the streets over this one.
I have been frugal and have worked very hard to live within my means and save for retirement. And yet in the past year I have lost as much from my retirement savings as the average bonus for a Wall Street employee. And still I am expected to bail them out. How is that democratic?

Posted by: Helen Gregory | January 30, 2009, 1:18 am 1:18 am

Corporations that are “too big to fail” should be temporarily nationalized so they can be stabilized and a thorough house cleaning of corrupt and incompetent corporate officers can be conducted. This would create a credible down-side to poor performance formerly provided by old-fashioned failure while forcing executives with 9-figure salaries to prove that they really have something to offer that can’t be supplied by a government employee with a 6-figure salary.

Posted by: Jeff Sandstrom | January 30, 2009, 1:30 am 1:30 am

Shame. Where is the public contract?
The ones who took bonuses after begging for mercy have it wrong. They should be required to pay it back – to the American workers who have been laid off. Let them be held accountable by facing real consequences: jail or “community service,” in the form of giving the bonus money to set up grants for workers who need training or who need new jobs.

Posted by: SM | January 30, 2009, 1:41 am 1:41 am

While I am not surprised by the bonuses, I am definitely irate! The government should step in and correct this immediately! The unscrupulous people involved should be given a choice of being heavily fined, in addition to criminal action, or return the bonuses. People have lost their life savings, homes, jobs and much more. The idea that this can happen in light of the current economic situation is unconscionable.

Posted by: Jacque | January 30, 2009, 1:57 am 1:57 am

The Attorney General of these companies’ respective states should be filing criminal charges against top managers who recommended these egregeous bonuses, the executives who accepted these bonuses, and the Boards of Directors who approved these bonuses. This has been collusion to defraud the shareholders of these companies and theft of billions of dollars. The profits from these companies should have been properly allocated to Reserve Accounts to fund operating expenses during a business downturn, Reinvestment Accounts to improve goods or services or improve operating efficiencies, or the profits should have been paid out as Dividends to shareholders. This is Management 101. This money was not discretionary income for the sole purpose of enriching the top dogs and their lackey board members. Awarding excessive bonuses and paying outrageous salaries exceeded the authority of these executives and Board Members and was a clear violation of their fiduciary responsibility. They schemed to skim money from their companies. These are liars, thieves, cheats, common crooks masquerading as corporate leaders. They are unprincipled, lacking in virtue, sick with greed, and totally lacking in interest for anything or anyone, except money, what it can buy and their own self-aggrandizement. They are morally bankrupt. They have made fools of all of us. They should pay back the money they have stolen from the companies they were hired to serve, pay restitution, be criminally charged for looting their companies and scamming their shareholders, be used as Case Studies by the prominent MBA programs from which they graduated – “How Not to Manage and Lead”. The Business schools that produced these one-dimensional, self-serving businessmen and women should be equally ashamed. Their Business Model is broken and their Ethics classes must be non-existent. Throw the book at them and let them spend their millions trying to defend their “good names”. They will fail. In the same way they failed miserably to act as good stewards to the companies they were hired to serve. In the same way they failed to give an honest days work for an honest days pay. These executives and their Board Members are empty buckets always needing to be filled; addicts always in need of a fix. And their drug of choice is Money! Someone else’s. Get them off the Street – Wall Street and any other street – before they victimize the American public again.
To the public servants and the law enforcement officials/attorney generals whose job it is to protect and defend the interests of the American people, let’s see if you are any better at your jobs than these corporate tycoons were at theirs…prove it by holding these individuals accountable.

Posted by: GMS | January 30, 2009, 2:01 am 2:01 am

As a socialist , it is obvious that Obama doesn’t understand the law of contracts. He and his marxist supporters can kiss my a*s

Posted by: Sluggo | January 30, 2009, 2:24 am 2:24 am

We should round up all these “talented” bastards, airlift them over the Afghan/Pakistan border and push them out with their golden parachutes. Then we’ll see how talented they are!

Posted by: Jim | January 30, 2009, 2:25 am 2:25 am

Obama points out how shameful these bonuses are…how clever!…and how stupid we are to allow him to deflect our attention away from the “shameless bonuses” he and his party are trying to give themselves…Can you say…’Hypocrite?’
Obama is so publically trying to get the republicans in line to support this pork laden bill….THEY DON”T NEED REPUBLICAN SUPPORT..THEY HAVE THE MAJORITY!!…It’s nothing but a PR trick…Why does’nt he try to get the democrats to stop trying to steal our money???…Americans are soooo easy to scam….A plea to Obama: Stop letting the democrats from voting their own “bonuses” in………..
Some of us see who you are Obama…you’re not fooling all of us.

Posted by: J Moore | January 30, 2009, 2:43 am 2:43 am

These CEOs should bring that money back.

Posted by: cheguevera | January 30, 2009, 3:02 am 3:02 am

I’d venture that all the bailout money be returned. Assuming that those bailouts really were aimed at defusing a problem, you could just make it so that every one of the bonuses are returned.
I know a lot of people who could use that money. I know a lot of businesses who are struggling to survive – businesses who actually have technologies and services that could make a difference to our economy. That’s where this money should be going.
I’m surprised he didn’t single out Thain or Lewis. $4 Billion in bonuses don’t just move without someone noticing. What a load of baloney.

Posted by: K Fung Koo | January 30, 2009, 3:12 am 3:12 am

pass a special tax…a bonus tax, for bonuses from any bank or company recieving government bailout money and by the way its a 100% tax. and this could even be a job for joe the plumber to go around to collect.

Posted by: William | January 30, 2009, 3:14 am 3:14 am

The obvious needs to be done. Each person needs to retutrn the money paid to them in full! It is that simple.

Posted by: Susan Miranda E | January 30, 2009, 3:15 am 3:15 am

Make them pay it back. This is ridiculous. No wonder they needed the bailout money. This is unconscionable. If the United States government is going into the banking and automaking industry, then they need to run them like their businesses, requiring transparentcy. They have to get every months expenditures and receipts submitted to them for approval, demanding accountability.

Posted by: Carole Jeter | January 30, 2009, 3:15 am 3:15 am

Let’s face it folks the bonuses are the main reason that thier companies stand gutted. The people of this country are due every single cent they have made on the backs of others. Prison is not a bad idea as is the idea that thye are required to serve the communityies of this country for free. That would be easy for them. Look at the poor Chinese corporate execs who were just sentenced to death and life in prison for thier failure to use good moral judgements. Now wouldn’t that be a pretty site from custom suits to prison jumpsuits. That would set a precedent for the future leaders of these companies, after all if they had not basically stolen that money from the companies they worked for then we would not be in this situation. The car companies are crying for money and yet GM just opened 2 palnts in China!! Where did the money go well where do you think it went?!!!

Posted by: Chuck | January 30, 2009, 3:24 am 3:24 am

ALL THE BONUS MONEY THAT WAS FUNDED AFTER RECIEVING THE TAXPAYER BAILOUT SHOULD BE PAID BACK. IN FUTURE BAILOUT FUNDING SOMEONE IN CHARGE OF THIS FROM OUR GOVERNMENT SHOULD BE MONITERING WHERE FUNDS WILL BE GOING AND BE HELD RESPONSIBLE FOR ALL ACTIVITY WITH THE BAILOUT FUNDS. WE SHOULD APPROVE THE SPENDING EVEN AS FAR AS WRITING THE CHECKS FOR THEM. THIS BAILOUT IS ON THE BACKS OF THE PEOPLE OF AMERICA FOR MANY GENERATIONS TO COME. IT IS A PRECIOUS THING AND SHOULD BE TREATED AS SUCH, WITH ALL THE FAILING COMPANIES AND MILLIONS OF LOST JOBS, AND HOMES LOST IN FORECLOSURE. THIS SHOULD BE TREATED AS A CRIMINAL OFFENSE.

Posted by: dodi | January 30, 2009, 3:26 am 3:26 am

I think they should be thrown in jail and all their assets sized and liquidated with the proceeds going back to the government. Aren’t these the same people who helped create this mess? These guys are just high-rolling shysters, purse thieves in suits.

Posted by: Christopher | January 30, 2009, 3:27 am 3:27 am

Can someone ‘splain’ to me the purpose of the Prez announcing that these bonuses are ‘shameful’?
Is that it???
How bout announcing its shameless…..AND… heres what action i’m gonna take?
Otherwise its merely a soundbite to keep you in the headlines yet another day….But then….a cult leader needs to continually indoctranate his followers by being seen and heard constantly…or….they will fall away.
[cult 101]

Posted by: J Moore | January 30, 2009, 3:27 am 3:27 am

THESE CEOS SHOULD RETURN ALL THE MONEY, AND BE EMBARAZE TO CALL THEM SELFS AMERICA WE SUPPOSED TO HELP EACH OTHER NOT STEAL FROM EACH OTHER. AND BE A GOOD EXAMPLE FOR OTHER COUNTRIES.

Posted by: ROSALIA | January 30, 2009, 3:28 am 3:28 am

Congratulations to President Obama for his scolding of these folks, let’s go a little further. I call all the folks who work for these companies and know where they live to put it out in the public forum let’s go and stand outside thier homes and shake our fingers at them. Publically scold them when we see them out in public. Bring them out of the dark of night and into the light of day, publish thier names, the amount of thier crimes.etc….

Posted by: Chuck | January 30, 2009, 3:28 am 3:28 am

make them give the money plus interest back or go to prison for a minimum of 20 years.

Posted by: jan | January 30, 2009, 3:31 am 3:31 am

THIS PREVIOUS BAILOUT WAS FUNDED AND MONITERED BY THE BUSH ADMINISTRATION.
PLEASE LET US NOT MAKE THE SAME MISTAKE AGAIN. I HOPE OBAMA HAS A DIFFERENT PLAN ON HOW TO DISBURSE FUNDS AND HOLD CERTAIN PEOPLE IN CHARGE ACCOUNTABLE.
THE PREVIOUS BAILOUT WAS NOT USED FOR WHAT IT WAS REQUESTED FOR. PEOPLE ARE STILL WAITING FOR AND HAVE RECIEVED NO FINANCIAL ASSISTANCE WITH FORECLOSURES AND SUCH BY THESE ESTABLISHMENTS WHO RECIEVED THESE FUNDS. WHERE IS THE PROMISED HELP FOR THE TAXPAYER!!!!!!!!

Posted by: dodi | January 30, 2009, 3:36 am 3:36 am

What BAILOUT? They should take back all the gov’t funding and then tax them 100% of the money they are ROBBING!!!!!Why does the avg. amreican worker have too pay into a BONUS BAILOUT!!!! Is that what it is.. The gov’t should fine them double the bonus give out!!!!!!

Posted by: jc | January 30, 2009, 3:45 am 3:45 am

Identify all recipients who received any of this money and make them pay back and then post them and how much they pay back on the Internet. Prosecute those who don’t by a presidential order or a People’s Court. Why should the people suffer and remain silent and swallow these wrong doings? We should have a country-wide strike like the size of the inauguration crowds and continuous strike/demonstration until they pay back. If they don’t have the money they can borrow since they know best where to find hidden money or rob banks. In fact, In addition to the 18 billion, we should use these white-collar criminals do their own dirty linens to find all of the other moneys that have been stolen from the public as a way to help reduce their lengthy sentence down the road. It’s ironic that today’s bailout money is the first to bail out Main-street to exchange for Common People’s sweat and blood, unlike what these criminals were able to suck up without lifting a finger. There should be NO Free Lunch – this should take a new kind of revolution to resolve if necessary.

Posted by: Mayme from Redmond WA | January 30, 2009, 3:51 am 3:51 am

Demand return of the bonuses with significant interest rate that hits them with the message that US citizens are not stupid & not being duped. Regular honest working taxpaying citizens are being ripped off again; people’s lives are being wrecked; aging people who have worked hard & saved, and trusted are having their lives torn apart in a system, in our country, that we believed in. These CEO’s still show no honor or respect for others. They are pathetic people who seem to be laughing at the “bailout” laughing at the “havenots”- us regular taxpaying hard working, responsible citizens.

Posted by: rose | January 30, 2009, 4:17 am 4:17 am

1. THEY SHOULD BE FIRED BY THEIR BANKS!
2. THEY SHOULD WALK AWAY WITH ABSOLUTELY NOTHING!
3. THEY SHOULD BE MADE TO PAY BACK EVERY DIME THEY GOT IN THE LAST YEAR OR TWO THAT THEY TOOK FROM THE VERY BANKS THEY DROVE INTO THE GROUND!
4. THAT MONEY SHOULD GO TO THE EMPLOYEES I’M SURE THEY CONSIDER “POND SCUM”, MANY OF WHICH I’M SURE LOST THEIR JOBS IN LAYOFFS!
5. THESE SOB CEO’S SHOULD NOT ONLY BE JAILED — THEY SHOULD BE BURIED UNDERNEATH THE JAILS!
6. THE SOCIALIST “JESUS CHRIST” SHOULDN’T GIVE ONE MORE CENT OF US TAXPAYERS’ HARD-EARNED MONEY TO ANYONE ELSE, EXCEPT WHEN IT IS ABSOLUTELY NECESSARY TO RELIEVE THIS RECESSION, AND THEN EVERY PENNY SHOULD BE MONITORED AND USED EXACTLY AS DICTATED BY US!
7. ANY DEVIATION FROM THE ABOVE IS ABSOLUTELY,
“SHAMEFUL!”

Posted by: Kay Humbert | January 30, 2009, 5:29 am 5:29 am

Yes it wrong. But, didn’t the congress vote on the bail-out? I mean both Dems and Repubs? Since the apparently ” no strings attached” then shouln’t the President scold the congress as well. Actually wasn’t he in congress at that time?

Posted by: jamescbuilder | January 30, 2009, 6:28 am 6:28 am

Bailouts, loans, bonuses, and stimulate programs won’t with a deceitful system where everyone wants a buck. This is taxpayers money that should go back to the taxpayer. In a debit card form of money to be spent on loans to keep the banks afloat, purchasing of vehicles to keep the automotive stable, and the chance to purchase items needed to keep the economy stable. This keeps jobs stable, money is spent to help taxpayers in a way of saving their credit, which this country revolves around. Give the taxpayers 6 months to spend money, and after this period, take remaining money to produce jobs in restoring new positions returning illegal aliens back to their country. This would help the employment rate that is effected by illegal aliens in this country. If additional funding is needed, don’t increase taxes, restore proper trading. Trading should not be free, or fair, make it competitive. Keep it simple without loops holes and give the working american people a chance to work again. All of will insure money will go where it helps the taxpayers of america, it will stimulate the economy, and will make america competitive and legal in the job market.

Posted by: david mead | January 30, 2009, 7:34 am 7:34 am

Wall Street has no business ethics whatsover. I understand, and hope, that a strict rule is put into place immediately. That is that no wall street firm can participate in any government bailout program unless it recovers any bonuses paid out in 2008 forward. The firms will use the same old tired argument that it needs to retain qualified employees. The response is for them to look out into the real world. Millions of good honest executives are now out of work. Many are ready to go to work for an employer for a lot less pay for the old employee that might leave. Besides, where would the present executive go?

Posted by: beto | January 30, 2009, 7:43 am 7:43 am

These financial institutions should be brought up on grand theft or fraud charges, for defrauding the people of the United States (via Congress, of course) on the pretense of financial need. The money should be returned to an unemployment fund, to provide extended relief to the growing number of displaced workers.
Additionally, ABC (and other media) should post the list of members of Congress who supported the bill to give the financial institutions the bailout money and who were charged with the responsibilty to monitor the disbursements prior to their re-elections. Senator Dodd called for the CEO’s of the auto industry to be fired for lack of management. He, along with other congressmen failed to manage this bailout – their time should be up.

Posted by: B Wassa | January 30, 2009, 8:53 am 8:53 am

Wow! What band of thieves!
They do deserve jail time.
But remember the bonuses were paid to not only the top-executives (who were somewhat restricted as condition forTARP ) but ALL W-Street employees who managed not to get fired.
Their pool of bonus funds was 6th highest ever in history, and because of less # of people sharing, average worker brought home as much as $120,000 in December as “bonus only”.
Pretty sure not only did they had a sigh of relief, they enjoyed a secretly gleeful holiday season while watching millions of their fellow Americans suffer without even basic needs.
And they cry and pretend the economy’s so bad, oh what should we do, this is the end of their world so they can get their greedy hands in the taxpayer moneypot?
When 10s of millions of hardworking people are without healthcare, job and homes???
Isnt enough is enough??
American people are SOOOOO patient!!

Posted by: Janice | January 30, 2009, 9:11 am 9:11 am

I’m so livid at an industry of people who after playing a major role in our homes being taken away, our retirement and saving funds wiped out, our children’s future dreams crushed can actually extend their hands for “bonuses” and justify that they are entitled to them. When is anyone going to stand up and say;No, its wrong and we will not tolerate this. Where is the outcry from our leadership that every last penny should be returned.

Posted by: Dr. Mike | January 30, 2009, 9:26 am 9:26 am

I like the notion of hanging them by their…OOPS! But punitively taxing their bonuses and earnings sounds like a great idea. How is it that these folks, from the top on down, just don’t get it?

Posted by: bluerhinofly | January 30, 2009, 9:37 am 9:37 am

The Boston Patriots took such matters into their own hands in 1774 following the Boston Tea Party…Tar & Feather the Whole Lot of them.
The only saving grace–publicly returning the full bonus to the bailout fund.

Posted by: Luci in Iowa | January 30, 2009, 10:18 am 10:18 am

I think that the government should have given the money to the home owners who have been paying there morgages so they could pay them off that way the taxpayer would see some good and the money would have gone back into the banks anyway, when are we going to see some action being taken againest these crooks instead of all talk they make excuses they have to keep there best people let them go out on the street to find another job like we have to,all we have seen is a government who has robbed there people,bush and these ceo’s should be tried for being a traitor to there country the american people are mad and on top of it all we have to pay bush’s retirement and pay this money back when millions have lost there retirement and there homes where is the justice for the people

Posted by: karen hajek | January 30, 2009, 11:13 am 11:13 am

Ok Nightline Producers. You can see by the outpouring of comments that we, the people, are outraged. My question to you ABC News Corp. As one of the most prestigious news organizations in the world can you guys do something on our behalf. Will you not merely ask for our comments regarding this subject but instead “stand-up” and rally the forces to be to ACT, now that you have seen first hand the volumes of angry feelings that we, the people, have regarding “OUR” money that is being dispersed as BONUSES. AMERICA! OPEN your eyes! WE ARE BEING RAPED and NO ONE, NO ONE who is in a position of responsibility is taking the bull by the horn.

Posted by: Dr. Mike | January 30, 2009, 11:34 am 11:34 am

take our money back from who ever gets a bonus and take our money back from any company who pays a bonus. no questions.s

Posted by: mickeymic | January 30, 2009, 11:46 am 11:46 am

Republicans:….You are being asked [read pressured] not to vote against this bill……They’re still campaigning thru the news media to ‘shame’ you into voting this bill in…..Easy solution: Don’t vote no……VOTE PRESENT!!!!!!rotfl…Obama got away with it!!!

Posted by: J Moore | January 30, 2009, 12:55 pm 12:55 pm

Everyone keeps saying this is the taxpayers’ money ~ Great!! Then give it back to the taxpayers – and I don’t mean some paltry little amount like the $500 that’s being proposed – I mean REAL money, like $100,000+ for each taxpayer. We’ll pay the tax on it to put back into the govt.,pay off our debts, such as mortgage, cars, credit cards, etc., and that will surely stimulate the economy. The banks will get their money, the taxpayers can get out of debt, kids can go to college, and the taxpayers will truly have gotten what they deserve. I’m sick to death of these clueless, greedy fatcats.
If they don’t pay us back their bonuses, then off to jail they go.

Posted by: Michelle | January 30, 2009, 5:03 pm 5:03 pm

Tell all financial Institutions they will be subjected to the applications guidelines just like their applicants…

Posted by: SCole60 | January 30, 2009, 5:11 pm 5:11 pm

Having been laid off twice by large US banks in late 2008, I am flabbergasted. For years, I was always told “If the bank isn’t doing well this year, we won’t be giving out bonuses.” It was all about the company’s performance. I think that since the $$s were either promised or paid out, then the Obama Administration should ask for a repayment of the difference between what the US taxpayers gave them in the bailout and the bonuses paid. If the banks were crying for help in the fall, what special account did they hold the bonus money in? I’m a believer in incentive compensation but I’d pass up a bonus any day to still have a job. I never expected or planned on a bonus and when I got them, I was grateful but if I was still employed today and got one, I’d probably say to my boss (in hindsight) “Instead of laying me off this month or this year or next quarter, why don’t you take back the bonus so I can work a bit longer?” Being unemployed and interviewing is very stressful. It’s not always about the money — being a productive, engaged, responsible member of society who has somewhere to go every morning beats a bonus and stock options any day. Obama should get back the TARP from these banks and help out the millions like me who can’t wait for our weekly unemployment checks!

Posted by: Maureen | January 30, 2009, 5:14 pm 5:14 pm

Thank goodness President Obama has common sense. If they are asking for money then we should be able to dictate how it’s used, simple!
Just like when we borrow money.
God Bless President Obama and common sense!

Posted by: VMM | January 30, 2009, 5:20 pm 5:20 pm

How could the government just dole out the money without any conditions on what it is used for?
Any institutions that gave out bonuses should be forced to pay the government back any money that they gave out in bonuses this year.
http://www.going-out-of-business.blogspot.com

Posted by: Christopher | January 30, 2009, 5:25 pm 5:25 pm

Each one of these greed stricken and insensitive wackos should be given a choice to either return the money to the US Treasury or face prosecution for thievery.

Posted by: Sonny Boy | January 30, 2009, 5:51 pm 5:51 pm

The all bonuses should be returned. The CEO’s and officers approving the bonuses should be fired, their assets seized, and forbidden to work in any situation where money is exchanged.

Posted by: Ted | January 30, 2009, 6:02 pm 6:02 pm

President Obama needs to pass a law NOW, that no company or corporation receiving TARP/ Bailout money may give out bonuses of any kind and all executive pay be reduced by at least 25% and frozen at that point until every penny of the bailout is paid back.

Posted by: Ted | January 30, 2009, 6:07 pm 6:07 pm

1. Post names of people/businesses so we know who to boycott
2. Prosecution
3. Prison
4. Payback
5. Penalties

Posted by: M | January 30, 2009, 6:44 pm 6:44 pm

Friday, January 30, 2009–5:43 pm CST
I think Wall Street was very stupid on giving out the bonuses. I don’t blame
Obama for scolding at at Wall Street. They need to quit giving them out. I agree with Previous person. Wall Street need to be returned.

Posted by: Terry Marvin | January 30, 2009, 6:48 pm 6:48 pm

Well I say these people should be stripped of everything they have,make them live like the people who have lost everything,and then maybe they will see how it feels to try and come up with a way just to sleep,eat.and be safe.Each day a reminder of what you had,that did not belong to you.You sow what you reap.

Posted by: kalani14 | January 30, 2009, 7:05 pm 7:05 pm

A MORE interesting question to me is what is being done about the big oil companies obscene profits that have been accumulating quarterly for the past several years? I listened to their executives try to explain how they spent the money, but did not see any true accounting of how the money was actually spent from the previous years profits, or the budget for the next year.
We must go after all these companies that are scoffing at the ineptitude of the government to enforce existing laws, or to enact tougher laws.
As for Wall Street – if no accounting was done to show who performed over expectations & really deserved a bonus, then, sorry, no bonus for you. If this includes the lower wage earner who had no control over the way money was spent it will just be a really tough year for them, too. But, there should be some way that those avaricious CEOs & higher ups in the business, who knew full well what they were doing but didn’t think they’d be caught should pay double for what they did, since they’ve been doing it for the entire time the “bubble” was rising & have made more millions in a few years than most people can hope to see in a lifetime.

Posted by: Cyd | January 30, 2009, 8:15 pm 8:15 pm

Each deserve a daily kick in their crouch until all the money is returned!
If that doesn’t work, a daily head bashing until they remember to return the money! We taxpayers have suffered way too much to put up with this crap!!

Posted by: sue | January 30, 2009, 8:19 pm 8:19 pm

It’s hard for me to believe that we just let this money go without establishing pre-requisites and line-by-line accountability procedures for justifying the loans. Personally, I think the government geniuses responsible for allowing this to happen should be included with those paying for bad judgement.
The money should be returned and everyone with a hand in issuing bonuses should be sent to prison.

Posted by: more2b | January 30, 2009, 8:25 pm 8:25 pm

For years education was chastised for what was called “social promotion”.. well these businessmen/women, these Wall Street jocks have been getting their “social promotions” for some time regardless of how well their companies were doing.(perhaps they are the results of the “social promotion” and every one gets a trophy era)…. Oh the company is failing. No problem here’s your bonus. And the principal/president says “shame on you, now run along.”(I seriously hope this is not the case)
These greedy..oinks… must be required to give every penny of the bonus $$ back
NOW.
What about the idea someone posted earlier… no one pays their taxes this year until taxpayers get the bonus $$ back and we know where every penny of bailout $$ has gone..Now that might make Washington get their act together.
Or what about giving everyone living on Main Street $100-$200,000. They would pay stuff off, put some in savings and yes SPEND what is left over and some of what we are making at the jobs they get to keep.
Also, if anybody deserves a bailout it is all those who are retired or within 10 years of retirement who have seen their nesteggs slashed in half. If these folks aren’t helped….they will be the ones, on down the road, who the government must support… and believe you me that’s gonna be a lot of people.
Someone also suggested a class action suit where the everyday tax payer gets a significant settlement… well whatever is left after the lawyers get their take.
Ya know people thought Martha Stewart had pulled a fast one. She ended up doin’time. These Wall Street oinks should be prosecuted and sent to prison.. life without the chance of parole because of they have raped Main Street and their children. Some of these victims have even chosen to end their lives and their families’ lives because of this crime of greed.
Seriously, I think Mary Hollenbeck, who posted a comment @ 12:48 has some great ideas that just might work. Thumbs up to your win, win!
Or how about prosecuting Bush and all those in Congress for the last 8 years who allowed this… oops that would include Obama.
I think we should all take our $$ out of the banks and put them in credit unions not getting bailout $$ until our demands for complete accountability are met. That’ll catch someone’s attention.
Do I sound like Andy Rooney????
God bless America and THAT’S IT (as my mom at the end of a message left on my voice mail)

Posted by: Ramblin' Rose | January 30, 2009, 9:08 pm 9:08 pm

Obama says….”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…”
Hmmmmm…I don’t recall being asked (as a taxpayer) if I wanted to help bail out anyone. Oh yea, Bush and the rest of the government made that decision for me. Thanks guys!!

Posted by: Karen T. | January 30, 2009, 9:43 pm 9:43 pm

Yes, as far as I know Pres. Obama was then Senator Obama. Now, whether or not he voted you would have to check congress.org records. He may or may not have been to busy campaigning trying to get the next job in order to do the job he probably was collecting a pay check for. Who do I blame? The CEO’s and their board of directors and their companies, Congress, and the Pres. Bush. If Congress could grill the Big 3 that ask for money did they just “give” money without strings. Solution for a failed job on all sides:
(1) FOR the CEO’s, etc Take all Bonuses, etc back plus interest.
(2) GIVE all companies 10 days to file a complete financial reporting on all moneys loaned or given to their company.
(3) CONGRESS members in their “wisdom”
of how they give the money out owns the
taxpayer, say an additional $2000 or more in taxes, payable to a special fund to be used to fund a program for the real “less fortunate” American.
(4) FORMER Pres. Bush can also contribute to this special program.
(5) Now Pres. Obama can also contribute as a pass senator that was in office at the time to the special fund.
If you are going to take down the CEO’s bbecause they did what they always do – take from the worker so they can give
to themselves, better get the rest, Congress, etc. who fail to protect our interests.
Well, that is my input in the matter.

Posted by: Pati | January 30, 2009, 10:06 pm 10:06 pm

Hope this new president can stop those Bush buddies on the Wall Street from stealing billions of tax payers’ money by using the freehand given by the Bush administration. Thanks you, Obama!
—————— (Don’t know why. The ABC News has blocked my ids from posting comments on its site. They also deleted some of my comments. And they refuse to tell me why. I can only post in this blog section now. Guess the freedom of speech is no longer in ABC News’ vocabulary.)

Posted by: cbs_bull | January 30, 2009, 10:57 pm 10:57 pm

What I find most disgusting is that while these greedy parasites reward themselves, for doing a horrendous job, with obscene bonuses and lavish lifestyles on the backs of the taxpayers our government can’t afford to properly equip our “armed” forces with adequate body armor, health care or help for their families at home. They, and every member of congress should be ashamed of themselves! Let us not forget that congress just got a raise too.

Posted by: Jim | January 31, 2009, 2:22 am 2:22 am

I think that any Bank who gave out MY TAX DOLLARS to CEO’s for Bonus’s during the last month of The Bush Administration should have to give that money back to us Taxpayers to be used to help the poor and Middle Class save their homes, be able to pay off Credit Card Usurury Debts,and buy a new car. And then the crooks should be put in Gitmo for LIFE. Rove, Cheney, Wolfowitz, Rumsfield, Bush and Paulson should all spend the rest of their lives in Gitmo…without TORTURE…but only bread and water and they can grow their own vegetables and bake their own bread too. Death for their CROOKS and WAR CRIMINALS would be too merciful for them.
Gardy

Posted by: Gardy | January 31, 2009, 2:27 am 2:27 am

It borders on incompetence that our government can dole out Billions of dollars to bail out banks that act so irresponsive!! Our government seems to think that no strings were allowed to be tied to what amounts to welfare dollars. Certainly one of the strings should have been that the top executives of these companies should have been made to forfeit their salaries, let alone not permit the huge bonuses that ABC reported. After such criminal behavior, they should be ordered to give the money back, or face criminal prosecution!! The whole idea of “WE have to pay the salary in order to keep the best people” is SO bogus. Let’s face it, if they had the best people, they would never have gotten even close to this situation. What we really have hers is a bunch of thieves, whose greed is unmatched in human history.

Posted by: Joe | January 31, 2009, 10:54 am 10:54 am

Well if this isn’t the ‘Pot calling the kettle black’.
What a hypocrite we have elected to the WH now. Rescinds his decision to take public funds so he can buy a WH and then calls the boys on WS “shameful”.
Who is kidding who here. He is as shameful as anyone.

Posted by: JB | January 31, 2009, 4:27 pm 4:27 pm

TAKE BACK BAIL-OUT , JUST LIKE THE $50M. JET . IF THEY NEEDED THE MONEY . SO BAD WHY SHOULD TAX-PAYERS . SURROUND THEM IN LUXURY .

Posted by: LEO BYRD | January 31, 2009, 8:37 pm 8:37 pm

The money MUST be paid back. No society can survive if such unjust thievery is left unpunished!
Do not get me wrong i am 100% for well deserved bonuses. If a corporation makes lots of Legal Money for its shareholders than yes give huge bonuses no rpblem that is what Capitalism is all about.
But if thos pilaging and thevery is not stoped I am aftaid that our whole system will colapse just like Comunism did,
Greed and Lies create hate and resentment.
the role of Government is to STOP this and rebuild the trust people once had in the SYSTEM.

Posted by: George | February 1, 2009, 1:28 pm 1:28 pm

It should have been in the writtings of the bail out that there will be no bonuses while tax payers money is being used to save their butts. Now that it is done, halt the money to these selfish clowns. Obama should stop this from continuing.

Posted by: buffnaynmol | February 3, 2009, 12:03 am 12:03 am

well what they need to do is give help on how to get this right with how fill the tax forms out. I’m thinkin’ that american’s don’t NO How to make money the right way so they cheat the america
system with there tax. I think these doom workers on the hill need to work better and we need less law makers on the hill.

Posted by: justin wilcox | February 4, 2009, 12:13 am 12:13 am

It is unlikely that the bonuses could be confiscated like stolen money… which the FBI would do if it was considered stolen money.
But the tax code could be amended so that the bonuses could not be used as an expense, then the income for that period would at least be taxed – this would also reduce the payout to stockholders.

Posted by: Irish | February 4, 2009, 1:03 am 1:03 am

There is no ethic/moral value in these CEOs who accepted bailout money for their incompletent work. Also, Republicn leaders are responsible for this mess. How they could not expect responsibility and accountibility of these hard earned money? Tax money should be open book to taxpayers. President Chaney (Yes, I am not confused!) and Bush handled tax money without respect such as in cases of Hariburton and Blackwater. So, it is easy to see how this bailout failure happened. CEOs must pay back the bailout money to taxpayers!

Posted by: Michiko Otaya | February 4, 2009, 10:16 am 10:16 am

If Tom would pay TEN TIMES the amount of back taxes owed and then join the administration, I think we’d all be grateful. But only if he freely agreed to do this. see http://www.cnvc.org

Posted by: Harlan Johnson | February 4, 2009, 10:49 am 10:49 am

SENATE DEBATE ON THE ECONOMIC STIMULUS PACKAGE
The Republican Party with its serving members in both the house and senate is in complete disarray right now. They have no clue whatsoever of what a successful economic stimulus package should look like. After all they have all been voted out of office for plunging the nation’s economy into the worse condition ever under former President George W. Bush. Had they any bright ideas to rescue the economy from its abysmal condition, they would have provided them to George W. Bush.
It is therefore implausible for the Democrats who have recently gain majority power in both the legislative and executive branch to expect the Republican to support them in the nation’s agenda to re-build the GOP-crumbled economy. It is not in the GOP DNA to enrich the middle-class of America. It is a futile exercise to expect them to. They have already taken credit for taking tax-payer’s money under former Secretary Paulson to provide bonus bonanzas (golden parachute) to Wall Street Executive for failed business performance. They created the economic climate for scam artist like Bernard Madoff to steal from law-abiding hardworking Americans. The GOP provided no-bid contracts for the likes of Halliburton and other Republican cronies to benefit from the exploitation and economic destruction of ordinary American citizens.
The Democrats in light of GOP misuse of power clamored for the American public votes in the last two elections and eventually wrestled majority power away from the GOP. The GOP is not happy about losing power to the Democrat and is not interested in nation building. The GOP’s only interest is building individual wealth for the top one percent of the American population and rule by crook. It is time for the Democrat to stop this bi-partisan baloney and get on the business of helping the middle-class dig themselves out the abysmal economic hole the Republicans have dug the country into and claim all the credit for doing so. The Republicans are in no mood of doing what is right for the nation after doing the opposite for the past twenty years. They are still bearing the shame of failing the country and are in an over-corrective mode that would not solve the present economic crisis. The Democrats should use their newly acquired majority power to pull the American public out of this economic recession and take credit rather than try to seek majority Republican support to move forward with passing the stimulus package in the Senate.

Posted by: Samuel Cole, MBA | February 6, 2009, 2:58 am 2:58 am

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