Romer: Big Bank Bonuses ‘Outrageous’
EmailWith big banks poised to hand out record bonuses this year, the President’s top economist told me she is hopeful that financial institutions will show some restraint, but with a shake of her head, she indicated she’s not that hopeful. Dr. Christina Romer, Chair of the White House Council of Economic Advisers said, “We've provided extraordinary aid, and the — and the idea that, as the financial system heals, they just go back to business as usual is — is simply outrageous.”
Romer said the administration would redouble its efforts on financial regulatory reform that would give shareholders more say in setting executive compensation. “For heaven's sakes, compensation should be focused on — on long term, so that you don't have rewards for short-term risk-taking. And we just simply have to put in place rules of the road so that this system doesn't bring the economy to the edge of collapse like it did a year or so ago.”
Watch Video HERE:
- George Stephanopoulos
Santorum: Money Will Not Defeat Obama, Ideas Will 
Rick Santorum's Full Speech at CPAC 2012
Sounds good. Now it just needs to go from words to action. It should be made known that whoever takes a bonus will have their name and the amount of the bonus, as well as their salary/perks made public on the front page of every newspaper in the country! Let’s demand it!
Posted by: thinkinginkansas | January 10, 2010, 12:26 pm 12:26 pm
If you want to make banks participate in the plight most Americans are in, revert back to when any interest rate over 12% was usury and illegal. Then the people will have more spendable income and that will create more products being manufactured which will create more employment. First you will have to criminalize lobbying because right now the banks are laughing and thumbing their noses and paying billions of dollars via lobbying to thwart any changes in their current gravy train, which ride began back when banks were suddenly allowed to charge any rate they want and to invest in anything they want.
Posted by: thinkinginidaho | January 10, 2010, 12:34 pm 12:34 pm
tinkinginkansas and idaho…if you really want to do something truly constructive, contact the Republican Party (conseratives) and tell them in no uncertain terms to get off their dead “behinds” and support the effort of “financial reforms that the administration has proposed. Instead of allowing them to be negative, obstructionists. I wonder when all the “backlash mentality thinkers” out there are going to figure out who the “true elite” is, that runs this country. Or are you going to continue to vote in more conservatives who do nothing but support the rich and their powerful lobby groups?
Posted by: CND FOX | January 10, 2010, 12:44 pm 12:44 pm
Do ‘Big Banks’ include Fannie Mae and Freddie Mac? The massive fallout from bad loans underwritten by these two companies played a significant role in the housing crisis yet top executives still rake in huge bonuses approved by the ‘Pay Czar’. Former Fannie Mae CEO (and prominent Democrat) Daniel Mudd (2000-2008) just bought a $6M home in Greenwich CT. Is criticism of greed and ineptitude only reserved for the private sector?
Posted by: bct | January 10, 2010, 12:48 pm 12:48 pm
The GREEDY in charge have stolen all and more of the money that has been intrusted to them for the good of the country and our future. We put money into social security (they spent it). We put money into pension funds(they spent it). We put money into 401k plans (DITTO). All of this money was put out there to help businesses to get started, create more jobs in our country, and set aside a nest egg for our later years. They took this money that made their jobs easier and gave themselves big raises and bonuses.(40 to 1 pay with the worker in the 80′s, 400 to 1 now). And took away our pensions, moved our jobs overseas, and are still sticking our 401k’s in their pockets , and now the bailout money. They are robbing us blind, ruining our country and the world. They should all be tried for TREASON. Bring our troops back after we stop the terrorists overseas and cleanout the Greedy terrorists in out boardrooms.
Posted by: mike kamps | January 10, 2010, 1:58 pm 1:58 pm
Good intentions does not change a
damn thing. All the talk of reform
and looking out for mainstreet instead
of Wall Street is the same lie out
of new mouths.
Posted by: wis134 | January 10, 2010, 2:14 pm 2:14 pm
It serves big banks, auto companies, health care industry and all of the other “socialized” companies right. You made a deal with the devil and now you pay the price!
Posted by: tillyerkt | January 10, 2010, 4:17 pm 4:17 pm
CND: Why would anybody including yourself defend the approach of this administrations in regard to the economy. They have spent nearly 800 billion dollars in stimulus money that has not worked. Lets look at the numbers 1)cash for clunkers. Each car sold cost the american public $30,000. 2)refinance mortgage bill. Each home refinanced cost tax payers $800,000 and that was on an average of a $175,000. We will see how the caulk your house program performs but I can surely tell you it will be a disaster. With success like this I dont know how anybody can put faith in this administration. In addition you and obama now want bipartisan? I would not want my name attached to anything this president is selling. Nobody likes plantation politics except you liberals. You got the majority so we will see how you run things and by the looks of the first year you are failing miserably. And your ignorant remarks about who the real elitists are? The liberals are they are the one trying to redistribute wealth so fools like you will be just as poor as the guy in India making $20 a month.
Posted by: Stanley | January 10, 2010, 5:46 pm 5:46 pm
if you really want to do something truly constructive, contact the Republican Party (conseratives) and tell them in no uncertain terms to get off their dead “behinds” and support the effort of “financial reforms that the administration has proposed.
–posted by CND Fox
—————-
Why bother with the Republicans? The Democrats have sufficient numbers in both the Senate and House of Representatives to do whatever they want to do.
Well they can do whatever they want IF the Democrats can agree on anything. I wonder how many bribes, sweetheart deals, threats and arm-twisting it would take to whip the Democrats in line to accomplish financial-restraint legislation? I wonder how many Democrats are getting generous campaign donations from the financial industry?
Posted by: malcat | January 10, 2010, 7:03 pm 7:03 pm
The bankers claim that by not paying the bonuses thay will loose the good talent? How talented are they when they made the desicions that calsed them to fail. I know that you came to me looking for a job I would not hire you coming from a firm that had to borrow money from the tax payer. Tell them to go collect unemployment and food stamps like the ones they caused to do the same.
Posted by: rwhartman | January 13, 2010, 9:27 am 9:27 am
Dear George, I would enjoy your sunday Morning round table much more if Liz Cheney would neveer appear on it again. She’s arrogant, sone-sided on her views and insists on constant Obama Administration bashing, just like her old man. Sick, sick, sick!
Posted by: frank | January 13, 2010, 4:35 pm 4:35 pm
I will end with a question. Why is it that these big shots in these banks and on Wall Street have no mercy in repossessing the houses they financed for blue collared workers, but they expect that the blue collared workers tax dollars should bail them out of their financial failures? They believe that they should be given a chance while ordinary people must not. How come so many bigshots were bailed out but the common people were not? They continue to lose their homes, while these ‘despicable characters’ just awarded themselves big bonuses this past Christmas for failing? President Obama the public needs answers to these questions. Please rule justly as a leader. I’m sure it’s not an easy thing to bring an economy as vast as the United States back to it’s former favorability, but when things like this happen it’s cause for concern for the struggling citizen. The people, the ordinary citizens must see to it that no more of our tax paying dollars go to these people to support their grand and high society lifestyles. Citizens and shareholders of these institutions be vocal, be strong, be courageous. Stand up for your rights, don’t give up the fight and demand more accountability!
Posted by: yourartist | January 25, 2010, 2:13 pm 2:13 pm