Did Obama Gaffe On Bonuses? No.

By Justin Gardner | Related entries in Barack, Liberalism, Obama

Just so we’re clear…

Here’s the original quote that Bloomberg clearly didn’t get right:

“I, like most of the American people, don’t begrudge people success or wealth. That’s part of the free market system. I do think that the compensation packages that we’ve seen over the last decade at least have not matched up always to performance. I think that shareholders oftentimes have not had any significant say in the pay structures for CEOs.”

And here’s another:

“Listen, $17 million is an extraordinary amount of money. Of course, there are some baseball players who are making more than that who don’t get to the World Series either. So I’m shocked by that as well. I guess the main principle we want to promote is a simple principle of “say on pay,” that shareholders have a chance to actually scrutinize what CEOs are getting paid. And I think that serves as a restraint and helps align performance with pay. The other thing we do think is the more that pay comes in the form of stock that requires proven performance over a certain period of time as opposed to quarterly earnings is a fairer way of measuring CEOs’ success and ultimately will make the performance of American businesses better.”

And yet even folks from the left are crying foul.

Here’s Krugman calling Obama clueless…

Oh. My. God.

First of all, to my knowledge, irresponsible behavior by baseball players hasn’t brought the world economy to the brink of collapse and cost millions of innocent Americans their jobs and/or houses.

Did Obama say that? As evidenced by the quotes above, not at all. The Bloomberg reporters clearly cherry picked quotes and mischaracterized his statements. Because Obama clearly DOES begrudge undeserved bonuses.

Paul, please, go back to just being an economist. Because with friends like these…

Moving on…

This entry was posted on Wednesday, February 10th, 2010 and is filed under Barack, Liberalism, Obama. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Did Obama Gaffe On Bonuses? No.”

  1. Alistair Says:

    Thank you Justin at times I wish you could rebut Mr. Krugman on Huffingtonpost.

  2. Frank Hagan Says:

    I am shocked – SHOCKED – that President Obama is dredging up the “free market”. I never considered him a conservative nut job before!

    I viewed these exchanges as “clarification” from the President, who engaged in some strong words about the banking industry before this. This administration has pretty much continued the policies our government has had toward Wall Street for the last 16 years, albeit with some more pointed rhetoric about “obscene bonuses” that he had to clarify.

    I’m not sure why the government would want to decry bonus income anyway; my bonus this year had 52% withholding just in taxes alone. Because of the bracket I’m in, I won’t pay nearly that much at the end of the year, but the Wall Street folks are paying the top rate on cash bonuses. With unemployment still high, its probably good that someone is earning enough to pay something!

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