President Barack Obama to Set Guidelines for Banks Receiving Stimulus Money

President Barack Obama will be setting strict guidelines to monitor the spending of banks that are receiving money from the stimulus package designed to curb the economic slowdown in the United States.

In an interview on NBC the President noted, “If a bank or a financial institution is getting relief then they've got to abide by certain conditions.” Part of those conditions would almost certainly deal with bonus payouts as Obama expressed disgust with recent news of executives at financial institutions being rewarded for a disastrous 2008.

Many of those bonuses were given to executives of banks that were receiving money from a bailout package approved by the government and funded by taxpayers.

Obama was blunt when addressing the banking crisis, saying “some banks won’t make it” and if those institutions were poorly managed then they won’t be receiving government money.

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