Obama says big bank bonuses prove that new financial regulation law was needed
By APFriday, July 23, 2010
Obama says bank bonuses prove need for finance law
WASHINGTON — President Barack Obama says new revelations of big bank bonuses underscore the need for the financial regulation bill he signed into law this week.
Obama on Friday noted that the Treasury Department’s pay czar reported 17 banks gave their top executives $1.6 billion in bonuses while receiving billions of dollars in taxpayer-funded bailouts.
The president said the new regulatory law will end taxpayer bailouts of Wall Street firms and will protect consumers who receive mortgage loans and credit cards.
Obama is hoping to extend a series of financial-related victories. Earlier this week he also signed a bill to extend unemployment benefits.
Tags: Barack Obama, Government Regulations, Industry Regulation, North America, Personnel, United States, Us-obama, Washington
|
August 1, 2010: 1:51 pm
By adding bank bonus payments to bank taxable profits, the banks will be appropriately taxed for excessive bonus payments. |
Peter L. Griffiths