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The Hellenic Radio (ERA): News in English, 08-11-26
From: The Hellenic Radio (ERA) <www.ert.gr/>
CONTENTS
[01] Obama Proposes Cuts in Execs Bonuses
[01] Obama Proposes Cuts in Execs Bonuses
In an ABC News interview to be aired on Wednesday, asked whether US
companies executives should forgo their bonuses, President-elect Barack
Obama said: "I think they should. It would show they are taking
responsibility. I think that if you are already worth tens of millions
of dollars, and you are having to lay off workers, the least you can do
is say, I'm willing to make some sacrifice as well".
Executive bonuses have been strongly criticized as U.S. taxpayers,
suffering the worst financial crisis since the Great Depression,
question the U.S. Treasury Department's $700 billion bailout of the
financial industry, which played a large role in creating the crisis.
In the wide-ranging interview, Obama was asked what he thought about
the heads of the big three U.S. automakers taking private planes to
Washington last week to ask Congress for a bailout. Their actions show
that they were "a little tone deaf" to what is happening in America,
Obama said, adding that it was a chronic problem, and not just for the
auto industry. "I think it's been a problem for the captains of
industry generally," Obama said. "When people are pulling down
hundred-million-dollar bonuses on Wall Street, and taking enormous
risks with other people's money, that indicates a sense that you don't
have any perspective on what's happening to ordinary Americans."
News item: 15990
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