President Barack Obama on Saturday said Americans would not tolerate their "greed" and asserted that his administration would ensure that CEOs do not drain funds.
Keeping up pressure on the Wall Street companies to behave in a responsible manner amid the economic turmoil, president Barack Obama on Saturday said Americans would not tolerate their "greed" and asserted that his administration would ensure that CEOs do not drain funds.
"We'll ensure that CEOs are not draining funds that should be advancing our recovery," Obama said in his weekly radio address -– his second as the US president.
The Treasury secretary would soon lay out a new strategy for reviving the US financial system, he said.
It will focus on getting credit flowing to businesses and families, lowering mortgage costs, ensuring that CEOs are not abusing funds meant to revive the economy, and will operate under an unprecedented standard of transparency and oversight, he said.
After the publication of a report which revealed that the Wall Street companies paid about USD 20 billion as bonuses to their CEOs, an outraged Obama had termed it as "a height of irresponsibility", and "shameful".
On Friday, White House had indicated that the administration is planning to introduce measures which will check "irresponsible" behaviour of the Wall Street CEOs, particularly at a time when these companies are queuing up before the federal government with a begging bowl.
"We learned this week that even as they petitioned for taxpayer assistance, Wall Street firms shamefully paid out nearly USD 20 billion in bonuses for 2008," Obama said in his radio address.
"While I'm committed to doing what it takes to maintain the flow of credit, the American people will not excuse or tolerate such arrogance and greed. The road to recovery demands that we all act responsibly, from Main Street to Washington to Wall Street," he said.
"Soon my Treasury secretary, Tim Geithner, will announce a new strategy for reviving our financial system that gets credit flowing to businesses and families," he said.
"We'll help lower mortgage costs and extend loans to small businesses so they can create jobs. We'll ensure that CEOs are not draining funds that should be advancing our recovery. 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," Obama said.
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