"There will be time for them to make profits and time for them to make bonuses. Now is not that time." President Barack Obama
When is the right time to make a profit? Did he really say that? Listen to it up to the very end.
Yep! He said it. Now is not the time to make profits. I thought that profits were a good thing in a capitalist society. I thought that a positive profit and even a lesser loss than previous periods were a good thing! Hmmmm. Am I over thinking this? Maybe government issues legislation to tell all companies when the time will be right again to make a profit and pay bonuses.
I think it would have been a responsible thing for the President to contact those Wall Street executives by phone to find out what is really going on. These bonuses were probably part of a legal contract with the executives that received them. Whenever I have received a bonus from my job I always had to meet certain levers to activate them to get paid. Bonuses are not always paid because you made a profit. They can be paid to an executive to limit the losses otherwise the company may be in worst condition than when it started. In order for these bonuses to be "shameful" as Mr. Obama has stated then we definitely need to know what the parameters were to trigger their payout. Pick up the phone Mr. President. I am sure that Mr. Lewis (Bank of America) or Mr. Prince (Citi Group)or any of the other financial institution leaders will take your call. You are not campaigning anymore. You are the President. Remember: "I won!" They will take your call. No need for the soundbites.
Never mind that not all of these companies asked for nor wanted any government bailout. Mr. Bush's Treasury Secretary, Henry Paulson, pulled them into a room and basically told them that they could not leave until they signed away part ownership of their company to the Federal Government in exchange they were forced to take bailout money.
C'mon Mr. Obama. Make a call. Pick up the phone!
That's my word. What's yours. Post your comment.