January 23rd, 2009
11:25 AM ET
6 years ago

Obama slams companies for squandering bailout funds

President Barack Obama had harsh words Friday for companies that have engaged in lavish, frivolous spending.

President Barack Obama had harsh words Friday for companies that have engaged in lavish, frivolous spending.

WASHINGTON (CNN) - President Barack Obama had harsh words Friday for companies that have engaged in lavish, frivolous spending while receiving taxpayer dollars from the $700 billion federal bailout package.

Watch: Obama on the economy

During a White House meeting with the joint congressional leadership, the president said he had seen reports "over the last couple of days about companies (receiving) taxpayer assistance (and) then going out and renovating bathrooms or offices or in other ways not managing those dollars appropriately."

Moving forward, the president said, it would be necessary to pass reforms ensuring the kind of "oversight, transparency, accountability that's going to be required in order for the American people to confidence in what we're doing."

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Filed under: President Obama
soundoff (277 Responses)
  1. Idealist

    What happened to all the FBI investigations?

    Why is no one talking about GW's threats of martial law unless the bailout bill was passed? This was confirmed by Rep. Brad Sherman (go ahead & google it).

    What else is being swept under the rug in the name of bipartisanship???

    January 23, 2009 02:16 pm at 2:16 pm |
  2. Jeff

    The leadership difference between W and O is quite apparent!

    January 23, 2009 02:17 pm at 2:17 pm |
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