Barack Obama continued his hard line stance towards Wall Street today in his latest weekly address.
The President’s opinion on executive bonuses is well documented. Earlier this week he described the amount of money being handed out in bonuses as the “height of irresponsibility”. Now the Obama administration is doing something about it.
President Obama says that he and his team are currently preparing a new strategy for reviving the American financial system, and promised to make sure that corporate executives don't drain public money intended to spur the economy.
"We'll ensure that CEOs are not draining funds that should be advancing our recovery," Obama said in his weekly radio address this morning. "And we will insist on unprecedented transparency, rigorous oversight and clear accountability, so taxpayers know how their money is being spent and whether it is achieving results."
The president did not provide specifics as to the details of the plan itself. Though the plan will purportedly focus on unlocking credit markets, lowering mortgage rates, and preventing company executives from siphoning money intended for economic recovery.
Despite the hard line rhetoric the Washington Post indicates that the administration has finished drafting the central elements of the plan, and that it is not likely to impose tougher restrictions on executive pay.
By: Alberto Ramos Cordero
Sources:
Washington Post, Bloomberg, Chicago Tribune, Huffington Post
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