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| White House, NY AG attack Wall Street bonuses |
| 12 Jan 2010 |
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The White House and New York's top prosecutor have simultaneously attacked excessive Wall Street bonuses.
The censure came as the nation's biggest banks prepare to hand out payouts that critics say were made possible by taxpayer bailouts.
A senior US official also confirmed that US President Barack Obama is considering a fee on financial services firms.
The fee on banks is part of the fiscal 2011 budget that Mr Obama will unveil in February.
The proposal reflects a tougher approach that the White House is taking toward Wall Street as it faces rising political heat.
There’s been more public criticism about bank bonuses amid reports that some payouts could average hundreds of thousands of dollars each.
White House spokesman Robert Gibbs says some Wall Street executives still don’t "get it" when it comes to big bonuses at bailed-out companies.
Meanwhile, New York Attorney General Andrew Cuomo asked the first 8 banks to receive bailout money to turn over data on expected bonus payouts.
The lenders include: Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley.
Huge profits and bonuses on Wall Street have outraged many Americans at a time when ordinary workers are struggling with double-digit unemployment. |