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Obama Vows to End 'Fat' Exec Bonuses

Summers sees 'death panel' tactics from reform foes

By John Johnson, Newser Staff

Posted Sep 19, 2009 9:44 AM CDT

(Newser) – President Obama used his weekly radio address today to promise a continued crackdown on risky investment schemes that result in "fat executive bonuses" on Wall Street, reports Reuters. Obama pledged to use next week's G20 summit in Pittsburgh to push for sweeping reform of the world's financial markets. "Stopping the bleeding isn't enough," he said. "As the world's largest economy, we must lead, not just by word, but by example."

Obama spoke a day after news surfaced that the Federal Reserve is working on a plan to to review how banks pay their executives, a development that has bankers seething about further government intrusion, notes the Wall Street Journal. The rhetoric is heating up: Yesterday, Larry Summers said those opposed to greater financial regulation are using "death panel" type scare tactics to try to sway public opinion, adds the Financial Times.

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President Obama delivers remarks earlier this week. (Getty Images)

President Obama speaks at a rally on health care reform Thursday. (AP Photo/Charles Dharapak)

President Obama speaks about the U.S. missile defense shield Thursday. (AP Photo/Charles Dharapak)

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COMMENTS

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Showing 3 of 33 comments

brawne

Sep 19, 2009 11:45 AM CDT

Duh, jib, if I've not gotten tossed on my ass yet, there's more tolerance than we think. Please, this isn't a hebe blog. It's a hebe country. And, I'm a liberal saying that. I said Joe Wilson is a racist and I say that the Jews have way too much influence in our world policy. I wish we'd stop talking about race or ethnicity and focus on the people themselves. The minute you say a racial or ethnic slur you lose the sensibilities of the people who'd be willing to discuss individuals.

brawne

Sep 19, 2009 11:25 AM CDT

Please, blindguy, tell me that you're over fifty. I mean a bunch of old farts here dishing is one thing, but if you're under thirty and feel that then the planet is doomed. Not because of the government, but the fact that such black and white thinking in the minds of the young will lead only to destruction. The world is gray. We are all alive today because people like Kennedy and Krushchev recognized that there is no 'always'.

brawne

Sep 19, 2009 11:12 AM CDT

I have to disagree doing the right thing. Democrats have less of a tendency to shield their money from the IRS. That is the part that makes them more open to change and less fearful of the government than conservatives. While they of course take all the deductions offered by our ridiculous tax code, I've never met a Democrat who traded property rather than sell and get hit with sales tax. I've never met a Democrat knowingly engaging in off-shore practices which hide their true income and more importantly, I've never met a Democrat who didn't think that taxation as a form of representation wasn't a viable issue. Course, I didn't meet Marc Rich, so I'm just talking about folks.

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Politics • Money • US

Wall Street • Larry Summers • G20 • President Obama • executive bonuses • financial reform

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Obama Vows to End 'Fat' Exec Bonuses