Lastest Score: Obama – 1 Fat Cats – 0

At last we have someone of conscience who is willing, and able, to tackle the ‘Fat Cats’ of the Financial World!

Today it was made known that President Obama has ordered that Leaders of the Financial World in America may not earn more than $500,000 (€388,000) salary per year.

This is because, at the time when banks such as Citigroup and AIG were accepting hand-outs from the American Government of around $300billion to save them from bankruptcy, they were handing out to themselves huge bonus’s amounting to several billion dollars.

In 2008, American Banks alone gave out a total of $18billion as bonus’s to their Traders, Board Members, and in particular, C.E.O’s. It is also known that Merrill Lynch of London gave out 4billion while they were receiving money from the British Government.

All tax-payers have a right to be incensed at this level of greed and insensibility on the part of Bankers. I for one am happy to see that a man for whom the world holds great hope in this time of turmoil, i.e. President Obama, has taken the bull by the horns and wrestled it to the ground.

Now it is the turn of Prime Minister Brown of Britain, Angela Merkel of Germany, and all the other leaders, to follow the example of Obama. They too should have the courage to tackle the ‘Fat Cats’ and bring them to earth where the rest of us live. Perhaps now that he has had the nerve to show them the way, they will. I hope so, and I’m sure so do you!

May all your worries be small ones.

Roy

P.S. I think President Obama must have read my Post from Saturday 31/1/09 – Well, maybe not!

Update 5 February:

This mornings news has stated that Prime Minister Brown of the U.K. agrees wholeheartedly with the actions of President Obama yesterday, but, has fallen short of taking any direct action. After the bailout, the British Government now owns 70% of the countries leading banks, but Brown is quoted as saying he is leaving the decision up to the banks themselves. RBS Bank has indicated the paying of bonuses is under review at this time. I for one will be interested in the final outcome!