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Post date: January 29 2009

Statement From Attorney General Andrew Cuomo Regarding President Obama's Comments On Wall Street Bonuses

"My Office began reviewing Wall Street bonuses last September.  Over the course of our investigation it has become apparent that while Wall Street melted down, top executives believed that, unlike the rest of the country, they still deserved huge bonuses. That's why President Obama's remarks today are a welcome breath of fresh air and a healthy dose of reality for Wall Street.  President Obama is exactly right when he calls these bonuses shameful and the height of irresponsibility.  I look forward to working with the new Administration to ensure that Wall Street wakes up to its new responsibilities and abides by a new code of corporate responsibility.  American taxpayers deserve nothing less.  No longer will this country stand for wasteful spending of tax dollars on bonuses for executives whose companies have taken huge losses and required taxpayer bailouts.  In a time when Americans are seeing their investments dwindle while simultaneously having to fund the Wall Street bailout with billions of their tax dollars, it is only fair that top executives, who benefit the most when firms do well, should also bear the burden of the difficult economic consequences their firms now face."