U.S. president calls bonuses paid to Wall Street execs 'shameful'

U.S. President Barack Obama says it is irresponsible and shameful for Wall Street bankers to be paid huge bonuses at a time when the American public is dealing with economic hardship.

The president reacted harshly Thursday to reports that corporate employees got paid more than $18 billion in bonuses last year.

"That is the height of irresponsibility. It is shameful," said Obama.

The president said he and new Treasury Secretary Timothy Geithner will have direct conversations with corporate leaders to make the point.

Obama said there is a time for corporate leaders to make profits and get paid bonuses, but now is "not that time."

He was reacting to a story in the New York Times that said while cash bonuses paid to employees of Wall Street firms declined 44 per cent last year — the bonus pool was still the sixth biggest ever.

Despite the severe financial diminishing of Wall Street, the Times reported that firms disbursed $18.4 billion in 2008, compared with $32.9 billion in 2007.