Thursday, February 5, 2009

‘Shameful,’ Obama says of big Wall St. bonuses

Christopher Wills

The Philadelphia Inquirer

January 30, 2009


President Barack Obama said last week that he is ashamed at Wall Street companies that paid bonuses to employees last year. Employees from the New York financial world garnered an estimate of $18.4 billion in bonuse in 2008. Obama calls it irresponsible and shameful to be giving bonuses when the financial sector is falling apart. Calling the bonuses ridiculous, Obama said he is scheduled to meet with Wall Street leaders. The House has just passed a stimulus plan, the Senate is considering its own version, and Congress passed a plan last year; and all these plans are costing money. So in order to help financially, Obama has to fix things like lavish spending and create new plans to regulate Wall Street. Obama is working with Vice President Joe Biden to get the system “kick-started” and the credit system flowing.

I picked this article because of its importance. Now that Barack Obama is president, he has to prove to us how he is going to be better. This article talks of some of the things he is addressing to better our economy which is big to the United States. This article is really to get the people to favor what Obama is doing. It appeals to the reader in a favorable way, to show us what Obama can do to help. I do think it is newsworthy because everyone who lives in the United States should know what the President is doing.


By Omar L.

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