Wednesday, March 18, 2009

Obama: Profitable Bank OK Not Greed $30 million bonuses

Here it comes. Under the guise of saving the economy, and mouthing support of the free-market, capitalistic system in U.S. President Obama presents a proposal for 'regulatory reform.' Something modeled on the FDIC.

What will such include? Details aren't yet available from President Obama's press conference, today, but he made a telling remark when he said it's bad when a non-profitable company that's been given taxpayers' help gives out the bonuses. We support the free-market, capitalism, and a profitable bank is great, he said, but not even with the profit, $30 million in bonuses.

See following for part of the President's remarks. Video available.

Obama seeks greater rein on financial institutions

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