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January 30, 2009

Obama Denounces “Shameful” Wall Street Bonuses
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Meanwhile, President Obama has criticized Wall Street following news
financial executives received an estimated $18.4 billion in bonuses last
year. The average payout amounted to $112,000.

President Obama: “When I saw an article today indicating that Wall
Street bankers had given themselves $20 billion worth of bonuses, the
same amount of bonuses as they gave themselves in 2004, at a time when
most of these institutions were teetering on collapse and they are
asking for taxpayers to help sustain them, 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. It is shameful."

Although bonuses declined from 2007, the $18.4 billion equaled the same
amount paid in 2004.



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