Obama Calls Wall Street Bonuses 'Shameful'

As the global economic downturn continues, Wall Street Bankers are accused of giving themselves nearly $20 billion in bonuses. President Obama criticized the bankers "shameful" for such immoral behaviours of the bankers, to whom the government granted billions of bail-out money to save the nation's most prominent financial institutions.

President Obama pointed out to Treasury Secretary Timothy F. Geithner, "There will be time for them to make profits, and there will be time for them to get bonuses". He expects Secretary Geithner to send his message directly to the bankers.

Public anger over the economic crisis and high unemployment rate is rising and the government is trying to help prominent bankers ride out of the crisis and have the economy back on track. However, all the bail-out money seems to be used for the executive's good, rather than to rescue the economy. Such immoral activities demonstrate the necessity of imposing stricter restriction on pay for executives of institutions that receive government assistance.

As it seems it will take far more than $700 billion bailout fund, that has already been authorized, to stabilize banking system, President Obama and his administration will have to assure Congress that they will guide the right use of bailout fund. Mr. Geithner has already expressed his opinion to impose stricter compensation limits. President Obama's anger and criticism today shows that he will step up the pressure on bankers before granting them any additional fund.

Vice President Joseph R. Biden was also outraged by the large bonuses, "They're thinking the same old thing that got us here, greed. They're thinking 'take care of me.' " He pleged that the government will spend the remaining $350 billion of the troubled assets money "wisely and prudently and transparently."

Opinion: It was shocking to learn that the bailout funds granted by the government is being used in the ways that they are not supposed to. The money is being used to satisfy executive's greed when many people are struggling with unemployment rate caused by this economic downturn. Bonuses should be granted for those who have worked hard to help the company ride out of the economic crisis. They are the true people who deserve bonuses, not those executives who are busy filling up their greed. As Vice President Joseph Biden said, it is their limitless greed that got us here. I believe the government should not let this happen anymore. A stricter compensation limit should be imposed and if the law is not followed by certain financial institutions, they should not be granted any additional money. In addition to this, it is most important for the bankers to realize what they are supposed to do and what is a right thing to do. When they decided to be wise, prudent and transparent themselves, all the immoral activities caused by greed would disappear from this world and we all can truly see the hope of onset of new economy.