Obama: Big Wall Street Bonuses 'Shameful'

President Obama directly delivered his message on executive bonuses to Wall Street moments ago from the White House: Stop them now.

"I saw an article today that indicated Wall Street bankers had given themselves $20 billion worth of bonuses ($18.4 billion, actually, according to New York comptroller)," Obama said. "That is the height of irresponsibility. It is shameful."

Obama said the bonus figure was the same Wall Street bankers gave themselves in 2004, when times were going well.

"Part of what we're going to need is for the folks on Wall Street who are asking for help to show some restraint, some discipline and some sense of responsibility," Obama said. "The American people understand we've got a big hole we've got to dig ourselves out of. They don't like people digging a bigger hole even as they're being asked to fill it up," he said, working both ends of the metaphor.

"There will be a time for them to make profits and a time for them to get bonuses," Obama said. "This is not that time."

Even as Obama spoke, financial institutions trading on Wall Street lost share price.

He added a stern warning: "That is the message I intend to send directly to them and expect Secretary [Tim] Geithner to send to them. He already had to pull back one institution that had gone forward with a multi-million dollar jet plane purchase while receiving [bailout] funds," confirming earlier reports that Geithner had told CItigroup -- which has received government bailout money -- to pull the plug on a $50 million jet purchase.

"They should know better," Obama said. "We shouldn't have to make them do that."

This is far-reaching ground Obama and Geithner are treading on -- telling private companies where they may set their bonuses and other compensation.