This article is from the source 'independent' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.independent.co.uk/news/business/news/president-obama-we-have-unfinished-business-curbing-wall-street-bonuses-9582393.html
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
President Obama: We have 'unfinished business' curbing Wall Street bonuses | President Obama: We have 'unfinished business' curbing Wall Street bonuses |
(about 17 hours later) | |
President Barack Obama has warned America has "unfinished business" curbing the excesses of bonus-driven Wall Street. | President Barack Obama has warned America has "unfinished business" curbing the excesses of bonus-driven Wall Street. |
Speaking on radio service American Public Media, Mr Obama argued that reforms are still needed because risk-taking and big bonuses remain a major incentive for traders. | Speaking on radio service American Public Media, Mr Obama argued that reforms are still needed because risk-taking and big bonuses remain a major incentive for traders. |
"If you are in one of the big banks, the profit centre is the trading desk and you can generate a huge amount of bonuses by making some big bets," he added. But, if you "make a bad bet, you might end up leaving the shop, but in the meantime everybody else is left holding the bag". | "If you are in one of the big banks, the profit centre is the trading desk and you can generate a huge amount of bonuses by making some big bets," he added. But, if you "make a bad bet, you might end up leaving the shop, but in the meantime everybody else is left holding the bag". |
The president argued recent reforms, such as the Dodd-Frank act, have helped protect taxpayers but taming Wall Street is "going to require us looking at additional steps", without going into further details. | |
The average Wall Street bonus last year was $164,000 (£95,600) — the highest since the financial crisis of 2008. The total bonus pool rose by 15 per cent $26.7 billion. | The average Wall Street bonus last year was $164,000 (£95,600) — the highest since the financial crisis of 2008. The total bonus pool rose by 15 per cent $26.7 billion. |
Mr Obama added that he had told his economic team at the White House “to continue to see how we can re-balance the economy sensibly, so that we have a banking system that is doing what it is supposed to be doing to grow the real economy”. | Mr Obama added that he had told his economic team at the White House “to continue to see how we can re-balance the economy sensibly, so that we have a banking system that is doing what it is supposed to be doing to grow the real economy”. |
Previous version
1
Next version