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Banks brace for political firestorm as big bonuses come due
Posted: Jan 12, 2010
Monday, January 11th, 2010 -- 11:06 pm
Major US banks are gearing up to announce annual bonuses for top executives while bracing for a political firestorm over compensation practices that critics say fueled the global financial crisis.
A number of multimillion-dollar bonus payments are likely, even though most of the payouts are likely to be in the form of stock, with restrictions aimed at discouraging excessive risk-taking at many banks.
With announcements expected in the coming days and weeks, the administration of President Barack Obama has warned that hefty payouts could lead to a political backlash.
"This big-bonus season of course is going to offend the American people. It offends me," said Christina Romer, chair of the president's Council of Economic Advisors, in a television interview.
White House spokesman Robert Gibbs told reporters Monday that many bank executives "just continue not to get it," referring to public displeasure on bonuses.
The remainder of the article can be found at:
http://rawstory.com/2010/01/banks-brace-political-firestorm-big-bonuses-due/
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