If there was any doubt about who were going to be the fall guys for the global financial and economic crisis, then it became very clear Thursday, when US President Barack Obama took the extraordinary step of coming out publicly and blasting the banks for paying 'shameful' bonuses to their employees. The 'War On Bankers' is on, as market professionals have now officially become public enemy number one.

Clearly playing to Main Street, Obama called the $18.4bn that was paid out in bonuses to Wall Street firms in 2008 as 'the height of irresponsibility', and expressed the view that bank executives 'should have known better' than to have paid them.

And as the debate about bonus payouts hots up, US Senator Christopher Dodd, chairman of the Senate Banking Committee, said that he would look at 'every possible legal means to get that money back'. He continued: 'I'm going to be urging - in fact not urging, demanding - that the Treasury Department figures out some way to get the money back'. US Vice President Joe Biden also came out on attack, saying during a CNBC TV interview Thursday: 'They (bankers) are thinking of the same old thing that got us here: Greed. They are thinking 'Take care of me'.'.

In the meantime, Bloomberg is reporting that, according to an unnamed person familiar with the matter, New York State Attorney General Andrew Cuomo is considering asking for the $4bn paid out in bonuses to Merrill Lynch staff for their work in 2008 to be returned. Cuomo said in a statement: 'No longer will this country stand for wasteful spending of tax dollars on bonuses for executives whose companies have taken huge losses and required taxpayer bailouts'.

It is difficult to see how US lawmakers can reclaim the bonuses paid by US firms last year, and many feel that this merely is a classic case of political posturing. One banker told Here Is The City: 'Instead of wasting time playing the blame game, these guys need to roll up their sleeves and do the jobs they were elected to do - fix this mess. To paraphrase Obama: 'There will be a time for them to point the finger of blame, and they will hold people to account. Now is not that time''.

READER COMMENT

1. 'How can Obama, of all people, comment on financial irresponsibility after the multi-million dollar sums spent on his nomination and election campaigns. If he's really that concerned about the flagrant use of money for personal gain, perhaps he should look closer to home - rather than just jumping on the media bankwagon'.

2. 'But, surely, donors gave voluntarily. Taxpayers didn't - that's the difference!'

3. 'Where do you think most of the donors, and those who organised fundraisers got their money  ?  Mostly from the very bankers and corporate titans (and, in some cases, the actual firms) Obama is now slagging off!. Perhaps he should be reimbursing the taxpayer these donations too!'

4. We must also remember, too, that several banks got bailed out even though they didn't ask for funds. They were 'asked' to take the money in the national interest in order to reassure the public'.

Please use the 'E-Mail' button immediately under the article title to send this item to a friend.

Please use the 'E-Mail' button immediately under the article title to send this item to a friend.

Latest from The Market Makers: FSA Fines Societe Generale £1.575 Million For Failures In Transaction Reporting >>

TODAY

• 'I Have No Choice But To Report Myself To HR'
• The E-Mail That Should Have Saved Lehman Brothers
• More Job Loss & Bonus News

THIS WEEK

• Top Firm Said To Be Paying Mid-Year Bonuses
• More Job Loss & Bonus News
• 'I Have No Choice But To Report Myself To HR'