Axelrod Warns Bankers Should 'Think' About Latest Bonuses. That's It?

[media id=10378] (h/t Heather at VideoCafe) Is there really nothing more the White House can do about this? Seems like pretty weak tea to tell them t

up
(h/t Heather at VideoCafe)

Is there really nothing more the White House can do about this? Seems like pretty weak tea to tell them to "think about it." Here's hoping there's some arm-twisting going on behind the scenes:

In the wake of reports that Goldman Sachs is set to pay a record 23 billion in bonuses this year, the President’s Senior Adviser David Axelrod told me this morning that he thinks big banks dishing out bonuses to their employees is “offensive” and advises banks to “think through what they are doing.”

“The bonuses are offensive and to the firms that still have federal TARP money there’s some jurisdiction, the pay master of Treasury is working on trying to limit that,” Axelrod said. “You’ve seen a lot of firms go to stock rather than cash, so at least people have a stake in the success of their company and they’re not just walking away with cash-making short-term decisions.”

“They ought to think through what they are doing and they ought to understand that a year ago a lot of these institutions were teetering on the brink and the United States government and taxpayers came to their defense. They have responsibilities and they ought to meet those responsibilities.”

About Susie Madrak

Comments

We welcome relevant, respectful comments. Please refer to our Terms of Service for information on our posting policy.