US President Barack Obama shouldered the blame for the multi-million dollar bonuses paid out by bailed out insurance giant AIG that sparked public outrage.
Obama said that the bonuses, paid to AIG executives, were a symptom of an “irresponsible” financial culture that had tipped the mighty US economy into crisis.
“I know Washington”s all in a tizzy and everybody”s pointing fingers at each other and saying it”s all their fault, the Democrats” fault, the Republicans” fault” Obama said, after flying to economically hard-hit California in a campaign-style push for his budget plans.
“Listen, I”ll take responsibility. I”m the President,” Obama said, sparking cheers and applause.
“We didn”t draft these contracts. We”ve got a lot on our plate — but it is appropriate when you”re in charge to make sure that stuff doesn”t happen like this.
“So we”re going to do everything we can to fix it.”
Earlier, before leaving Washington, Obama forcibly defended his Treasury Secretary, who is facing a barrage of criticism over his handling of the AIG furore and a forthcoming administration bid to cleanse banks of toxic assets.
“I have complete confidence in Tim Geithner and my entire economic team,” Obama said.
“Nobody”s working harder than this guy. He is making all the right moves in terms of playing a bad hand,” he said.
