"If the taxpayers are helping you, then you've got certain responsibilities to not be living high on the hog," President Barack Obama said Tuesday. [/b]
This is one of the reasons I was against bailout. Now, just like a welfare queen, the government can tell you what to do. What trips to take, who gets paid what, and a host of other control-freak things they'll dream up. Bad companies should fail. Good companies should thrive.
From where did he pull out the $500,000 number?
That moron Claire McCaskall stated they shouldn't make any more than PrezBo, I.e. 400K. I guess he just added an extra 100K with the thought that it would be better. Yeah, right. :whatever:
From where did he pull out the $500,000 number?...same place he's been squirtin' out rainbows for the last six months.
lol. Most of those guys have some experience at their jobs, however...
That moron Claire McCaskall stated they shouldn't make any more than PrezBo, I.e. 400K. I guess he just added an extra 100K with the thought that it would be better. Yeah, right. :whatever:
McCaskill is an absolute looney-tunes leftist who marches to Reid's drumbeat.
She must be replaced/voted out at the earliest opportunity. Since I'm one of her constituents, this is a project that I will work on personally.
Isn't Claire McCaskill another ACORN-appointed senator? I read somewhere awhile ago that word came down from the ACORN fairies to the little minions in her district toget out the votesteal the election for her.
The companies will face guaranteed failure. Who in the hell is going to want the job of CEO and only make 500K? Hell, my neighbor, a branch manager for Wells Fargo Mortgage Finance made about 350K last year. ...and that's just one branch.
This is America. We don't disparage wealth. We don't begrudge anybody for achieving success," Obama said. "But what gets people upset — and rightfully so — are executives being rewarded for failure. Especially when those rewards are subsidized by U.S. taxpayers."
The pay cap would apply to institutions that negotiate agreements with the Treasury Department for "exceptional assistance" in the future. The restriction would not apply to such firms as American International Group Inc., Bank of America Corp., and Citigroup Inc., that already have received such help.
"There is a deep sense across the country that those who were not ... responsible for this crisis are bearing a greater burden than those who were," Geithner said.
Firms that want to pay executives above the $500,000 threshold would have to use stock that could not be sold or liquidated until they pay back the government funds.
Generally healthy institutions would have more leeway. They also face the $500,000 limit if they're getting government help, but the cap can be waived with full public disclosure and a nonbinding shareholder vote.
Obama said that massive severance packages for executives who leave failing firms are also going to be eliminated. "We're taking the air out of golden parachutes," he said.
Other new requirements on "exceptional assistance" will include.........
Whatever President Obama comes up the banks will be able to find loop holes and I doubt much changes.
This is a major step towards socialism. The first round of bailouts baked the cake, and Obama will ice it.
Pay cuts just leads to less big ticket spending by the folks that can no longer purchase those things...that will be great for the economy. :banghead:
Dear President Barry;
You still suck.
Love,
Wall Street.
Whatever President Obama comes up the banks will be able to find loop holes and I doubt much changes.
This is a major step towards socialism. The first round of bailouts baked the cake, and Obama will ice it.
Pay cuts just leads to less big ticket spending by the folks that can no longer purchase those things...that will be great for the economy. :banghead:
Dunno. Haven't dug into it that far. She was not up for reelection this past November.
"For top executives to award themselves these kinds of compensation packages in the midst of this economic crisis is not only bad taste -- it's bad strategy -- and I will not tolerate it as president," he said.
Yup... He's out of his league.
Do you think they are all sitting there just laughing their asses off at his arrogance? I mean just because the "O" one has spoken and "will not tolerate" does he honestly think that is going to get him anywhere? Or is it all rhetoric. I'm seriously trying to figure out if he is that stupid or if he thinks we all are.
Personally I think once the company sticks it ****ing hand out and gets my tax money then we have a little say in compensation of the failing company. Once they are back on their feet and repaid the loan....then then can pay their CEO's whatever they want.
If you're one of the best CEO's out there, are you gonna work for 500K?
First off, I cannot STAND this bailout bullshit. I think many of these companies should have filed for bankruptcy. Secondly, the only sympathy I DO have for them is due to the fact that I think government is complicit in the financial situation we have today. I used to work in sub prime mortgage lending. We had no choice, the people made the grade, we had to lend to them. If we didn't, hell, we'd have all kinds of people barking down our throats because, at least in Augusta, many of these people were minorities. So, Dems caused that. That's Cause #1. Next up, gas prices rose 400 F'N PERCENT. This drove the price of EVERYTHING up. Now, couple that with the fact that the people getting sub mortgages were almost ALWAYS living paycheck to paycheck, and you have disaster on your hands. Democrats plan? Do we drill more? Do we build more nuclear facilities to relieve some of our other utilization? Do we start using more coal? Not no, but hell no. Can't have that. That's Cause #2. Both by Dems. Oh, but the Republicans don't get off easily. They controlled everything for 6 years.....and did nothing.
So, the reason we're in this mess right now is:
A) Democrat Action (prevented drilling, Nuclear, etc./CRA)
B) Republican Inaction
I don't blame the businesses NEARLY as much as I do government. If you guys think a CEO's bonus of 50 million brought down a billion dollar company, well, I have this bridge to sell ya. It's legit. I bought it from this guy named George C. Parker.
Personally I think once the company sticks it ****ing hand out and gets my tax money then we have a little say in compensation of the failing company. Once they are back on their feet and repaid the loan....then then can pay their CEO's whatever they want.
No way in hell were we prepared to see fuel prices rise 400%. ...and we had nothing to combat it.
I saw it all play out, DAT. Those "Golden Parachutes" didn't cause a world-wide financial meltdown. It started with the CRA, but that was a sleeping giant. The thing with the soldering iron that woke his ass up was the gas prices. No way in hell were we prepared to see fuel prices rise 400%. ...and we had nothing to combat it.
Hi-5. Well said. My sympathies lie with those in their 50s whose pensions are tied to the market. Because of tacit government endorsement, those guys were Enroned out of their retirements. Younger people will meke it up. The older workers prolly won't.
Can we limit the salary of state govenors, city mayors and their respective legislators that have their hands out for bailout money too?
I think Rebel's assessment is pretty accurate. Just look at what really happened with Fannie Mae and Freddie Mac that helped this whole mess get started.
For years the Republicans where complaining that tighter rules needed to be imposed, for years the Dems assured the country that nothing was wrong with them. Then BAM they suddenly fail? That didn't happen in a vacuum.
I also put some of the blame on the Republicans for failure to lead in the 6 years they were in charge.
If anyone still doubted that the Democrat party HATES free enterprise...this removes any doubt that lingers.
Who the :censored: is the Government to tell the CEO of a company what he can and can't make as a salary?
If anyone still doubted that the Democrat party HATES free enterprise...this removes any doubt that lingers.
Who the :censored: is the Government to tell the CEO of a company what he can and can't make as a salary?