President Barack Obama says it is irresponsible and shameful for Wall Street bankers to be paid huge bonuses at a time when the American public is dealing with economic hardship.

The president reacted harshly Thursday to reports that corporate employees got paid more than $18 billion in bonuses last year.

Said Obama: "That is the height of irresponsibility. It is shameful."

The president said he and new Treasury Secretary Timothy Geithner will have direct conversations with corporate leaders to make the point.

Obama said there is a time for corporate leaders to make profits and get paid bonuses but now is "not that time."