President Obama Calls $18 Billion In Wall Street Bonuses 'Outrageous'

By: Associated Press Email
By: Associated Press Email

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Thursday, January 29, 2009


That's President Barack Obama's one-word reaction to a report that Wall Street employees got more than $18 billion in bonuses last year.

President Obama will have more to say about the payments after an Oval Office meeting later Thursday with his new treasury secretary, Timothy Geithner.

The $18 billion-plus figure came from a report by the New York state comptroller about bonuses paid by the securities industry to its New York City employees last year.

White House press secretary Robert Gibbs told reporters about the president's reaction to the payments. President Obama has said financial companies that have accepted federal bailout money should limit bonus pay.

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