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The Hellenic Radio (ERA): News in English, 08-11-26

The Hellenic Radio (ERA): News in English Directory - Previous Article - Next Article

From: The Hellenic Radio (ERA) <>


  • [01] Obama Proposes Cuts in Execs Bonuses

  • [01] Obama Proposes Cuts in Execs Bonuses

    In an ABC News interview to be aired on Wednesday, asked whether US companies executives should forgo their bonuses, President-elect Barack Obama said: "I think they should. It would show they are taking responsibility. I think that if you are already worth tens of millions of dollars, and you are having to lay off workers, the least you can do is say, I'm willing to make some sacrifice as well".

    Executive bonuses have been strongly criticized as U.S. taxpayers, suffering the worst financial crisis since the Great Depression, question the U.S. Treasury Department's $700 billion bailout of the financial industry, which played a large role in creating the crisis.

    In the wide-ranging interview, Obama was asked what he thought about the heads of the big three U.S. automakers taking private planes to Washington last week to ask Congress for a bailout. Their actions show that they were "a little tone deaf" to what is happening in America, Obama said, adding that it was a chronic problem, and not just for the auto industry. "I think it's been a problem for the captains of industry generally," Obama said. "When people are pulling down hundred-million-dollar bonuses on Wall Street, and taking enormous risks with other people's money, that indicates a sense that you don't have any perspective on what's happening to ordinary Americans."

    News item: 15990

    The Hellenic Radio (ERA): News in English Directory - Previous Article - Next Article
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