Amidst the economic slowdown Goldman Sachs and J P Morgan are paying out lavish bonus to the Sr. level of employees, to which President Obama termed it as very savvy.
Upon the hefty pay packets deal amidst the economic turmoil, Obama reacted with affirmative tone enquiring about the $9m (£5.8m) bonus awarded to Goldman’s Lloyd Blankfein and a $17m (£11m) payday granted to JP Morgan’s Jamie Dimon.
To Obama the 2 executives are pretty savvy of a kind businessmen continuing with his tone in a interview, Obama further commented that most of the American people, don’t begrudge others success or wealth which is part of the free-market system.
Comparing the bank executives with top sports stars, Obama nodded on Dimon’s $17m pay packet to which he termed as an extraordinary amount of money and added: “There are some baseball players who are making more than that and don’t get to the World Series either, so I’m shocked by that as well.”
To Obama the pay packages have not met the expected level of performance terming the gesture as “heights of irresponsibility”, to which the bank’s argues that the bonus has not even half of the size of what they used to get.