The following are excerpts of President Barack Obama’s press conference held Monday:
“But before I talk about the new steps we’re taking to get credit flowing to small businesses across our country, I want to comment on the news about executive bonuses at AIG.
“This is a corporation that finds itself in financial distress due to recklessness and greed.
“Under these circumstances, it’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay. How do they justify this outrage to the taxpayers who are keeping the company afloat?
“In the last six months, AIG has received substantial sums from the US Treasury. I’ve asked Secretary Geithner to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole.
“I know he’s working to resolve this matter with the new CEO, Edward Liddy, who came on board after the contracts that led to these bonuses were agreed to last year.
“This isn’t just a matter of dollars and cents. It’s about our fundamental values.
“All across the country, there are people who work hard and meet their responsibilities every day, without the benefit of government bailouts or multi-million dollar bonuses. And all they ask is that everyone, from Main Street to Wall Street to Washington, play by the same rules.
“That is an ethic we must demand.
“What this situation also underscores is the need for overall financial regulatory reform, so we don’t find ourselves in this position again, and for some form of resolution mechanism in dealing with troubled financial institutions, so we have greater authority to protect the American taxpayer and our financial system in cases such as this. We will work with Congress to that end.”
**From the Office of The Press Secretary**
The widow of legendary entertainer Sammy Davis Jr., Altovise Davis, died Saturday at Cedar – Sinai Medical Center in L.A. after suffering a stroke on Thursday. She was 65.
Altovise Joanne Gore Davis was born on August 30, 1943 in Charlotte, North Carolina, but she was raised in Brooklyn, New York. Davis was an actress and a dancer making guest appearances on shows such as “Charlie’s Angel’s” and “CHiPS.” Film credits include: “Kingdom of Spiders” (1977), “Boardwalk” (1979), and “Can’t Stop The Music” (1980).
Altovise Davis met her future husband, Sammy Davis Jr. on the set of “Golden Boy” in 1967. A relationship began culminating with marriage May 11, 1970. It would be Altovise’s first and Sammy’s third. Together they adopted a son.
Numerous Davis biographers have noted that the marriage was a tumultuous one at best. Sammy Davis, Jr. was plagued with alcoholism coupled with bad financial handlers and managers that squandered his fortune and indebted him to the IRS. Upon his death on May 16, 1990, Sammy Davis, Jr. was flat broke, having sold off some of his most prized possessions.
After her husband’s death, Altovise was forced to sell what was left of Sammy Davis, Jr.’s estate to appease the federal government. But with a deliquent tax bill estimated by some to have been some where between $10 – $20 Mil, it was unfathomable that Altovise would be able to satisfy it in its entirety. In fact, at the time of her death, Altovise Davis still carried an inherited tax debt of $2,708,901.75.
Funeral arrangements for Altovise Davis are incomplete at this time.