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Article: Obama describes Wall Street payouts as 'shameful'.
- Article from:
- Arab News (Jeddah, Saudi Arabia)
- Article date:
- January 31, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Barbara Ferguson
WASHINGTON: With more sour economic reports this week, the government announced that the percentage of the work force receiving unemployment benefits reached a 25-year high in mid-January. Home sales plunged last month to their lowest rate since 1967. And it was the worst year for manufacturing since 2001.
With this, came news that Wall Street companies paid senior employees large bonuses as the firms took government dollars to stay solvent. Despite losing hundreds of billions of dollars on risky loans and accepting massive cash injections from taxpayers to stabilize their businesses, Wall Street firms paid out an estimated $18.4 ...