Statement by President Obama on AIG

March 20th, 2009 - 9:53 am ICT by admin  

Washington, D.C. (BNO NEWS) — President Obama released the following statement on AIG bonuses on Thursday.

“Today’s vote rightly reflects the outrage that so many feel over the lavish bonuses that AIG provided its employees at the expense of the taxpayers who have kept this failed company afloat. Now this legislation moves to the Senate, and I look forward to receiving a final product that will serve as a strong signal to the executives who run these firms that such compensation will not be tolerated.

In the end, this is a symptom of a larger problem – a bubble and bust economy that valued reckless speculation over responsibility and hard work. That is what we must ultimately repair to build a lasting and widespread prosperity.”

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