Obama vows end to corporate greed culture

March 19th, 2009 - 1:35 am ICT by IANS  

Barack Obama Washington, March 18 (DPA) US President Barack Obama, under fire over the payment of huge bonuses to traders at the floundering insurance giant AIG, Wednesday vowed to end the culture of corporate greed in America.
He made his remarks on the White House lawn as he headed to California for two days away from the capital, where the crescendo of public ire over the payments is rising.

Obama insisted he and his administration were not responsible for creating the “mess” at American International Group (AIG), whose insurance of questionable financial instruments has contributed to the global meltdown.

But he added: “Ultimately, I’m responsible. The buck stops with me. And my goal is to make sure that we never put ourselves in this kind of position again.”

He said that the “culture” of “excess greed, excess compensation, excess risk” has to change and pledged regulatory reform to put more controls on the finance industry.

He said the government was working to set up a “resolution authority” similar to the Federal Deposit Insurance Corporation, which regulates banks and insures bank deposits.

Answering a reporter’s question, Obama said it was not his intention to “quell anger” of the public.

“I think people are right to be angry. I’m angry,” he said. “What I want us to do, though, is channel our anger in a constructive way.”

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