Obama slams companies for squandering bailout funds

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/images/01/23/art.obama.gi.jpg caption="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.

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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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