Obama Says Wall Street Executives Should Forgo Holiday Bonuses

Obama Says Wall Street Executives Should Forgo Holiday Bonuses

President-elect Barack Obama said executives at Wall Street banks should forgo their Christmas bonuses.

By Kim Chipman

Nov. 26 (Bloomberg) — President-elect Barack Obama said executives at Wall Street banks should forgo their Christmas bonuses.

“That’s an example of taking responsibility,” Obama told Barbara Walters in an interview to air on ABC later today, referring to executives who have already said they won’t take holiday bonuses. “If you are already worth tens of millions of dollars, and you are having to lay off workers, the least you can do is say, ‘I’m willing to make some sacrifice as well.’”

Obama also said chief executive officers at General Motors Corp., Ford Motor Co. and Chrysler LLC — who last week flew to Washington in private planes to ask lawmakers to back an aid package for the industry — are “tone-deaf” to the struggles of ordinary Americans, according to excerpts of the interview released by ABC.

Obama called for CEOs to pay attention to the well-being of their workers, communities and shareholders.

“There’s got to be a point where you say: ‘I have enough, and now I’m in this position of responsibility. Let me make sure that I’m doing right by people and acting in a way that is responsible,’” Obama said.

Obama also spoke to Walters about his concerns that he could become too isolated from everyday life once in the White House. more