President Barack Obama’s critique of trader bonuses at Wall Street banks as still risky to the economy drew objections from financial executives who said the compensation system already has been fixed.
Bloomberg News reports that in an interview aired today on American Public Media’s Marketplace radio program, Obama said bonuses encourage traders to “take big risks” that imperil the financial system’s stability. Cutting that risk remains an 'unfinished piece of business' and his administration will be 'looking at additional steps', he said.
Even as White House press secretary Josh Earnest told reporters that the president wasn’t suggesting specific action, people in the financial community said Obama’s comments were off base.
'This idea that Wall Street is this sort of great evil is at best simplistic', Marketfield Asset Management Chairman Michael Shaoul said on Bloomberg Television. 'I think Wall Street is an easy target'.
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