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In 2008, Wall Street executives got US$18.4 billion (Bt643 billion) in perks, and although the amount was much lower than those given the year before, it still did not make much sense given the state of the US banking industry. The Bush administration sought to spend $600 billion to bail out the banking institutions, and now Obama has inherited the problem. It would take about $1.5 trillion to recapitalise the banks and nobody knows where this money would come from.

Obama is correct in believing that this is not the time for huge bonuses. He was quoted as saying: "That is the height of irresponsibility. It is shameful, and part of what we're going to need is for folks on Wall Street who are asking for help to show some restraint and show some discipline and show some sense of responsibility."

We hope that some Thai executives learn a thing or two from this. Questions have been raised about whether executives of some corporations should continue receiving perks while their enterprises suffer. Now, nobody would mind the bonuses if these executives made profits for their firms. But, as it turns out, some loss-making state enterprises are asking for public funding while their executives refuse to cut down their perks and incentives. In fact, it is these executives who should be making sacrifices. But as things turn out, that's not always the case. For instance, in the United States, Obama opted for the most effective tool - public shame. Hopefully this will deter enterprises from seeking public aid. After all, its not as if they will get any sympathy from taxpayers if they find that the executives at these enterprises are still enjoying their massive perks.