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Author Topic: Obama to detail further compensation limits  (Read 8661 times)

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Offline RobJohnson

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Obama to detail further compensation limits
« on: February 04, 2009, 08:49:47 AM »


WASHINGTON -- President Barack Obama wants to impose a $500,000 pay cap on executives whose firms receive government financial rescue funds, a dramatic intervention into corporate governance in the midst of financial crisis.

The new restrictions, described by an administration official familiar with the new rules, are to be announced Wednesday morning at the White House. The steps set the stage for the administration's unveiling next week of a new framework for spending the money that remains in the $700 billion financial rescue fund.

"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.

Max Wage?

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Offline JohnnyReb

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Re: Obama to detail further compensation limits
« Reply #1 on: February 04, 2009, 09:05:16 AM »
Quote from: RobJohnson on February 04, 2009, 08:49:47 AM
"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]


....uh ....dude.....that's 50% of your supporters.
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Offline Karin

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Re: Obama to detail further compensation limits
« Reply #2 on: February 04, 2009, 09:17:08 AM »
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. 
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Offline Eupher

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Re: Obama to detail further compensation limits
« Reply #3 on: February 04, 2009, 09:55:51 AM »
Quote from: Karin on February 04, 2009, 09:17:08 AM
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. 

Yup. h5
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Offline Rebel

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Re: Obama to detail further compensation limits
« Reply #4 on: February 04, 2009, 10:04:03 AM »
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.
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Offline Atomic Lib Smasher

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Re: Obama to detail further compensation limits
« Reply #5 on: February 04, 2009, 10:31:52 AM »
Pretty soon this is not going to be just for the companies that were bailed out, this is gonna be for ALL CEOs.
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Offline Splashdown

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Re: Obama to detail further compensation limits
« Reply #6 on: February 04, 2009, 10:44:11 AM »
From where did he pull out the $500,000 number?
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Offline Rebel

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Re: Obama to detail further compensation limits
« Reply #7 on: February 04, 2009, 10:58:26 AM »
Quote from: Splashdown on February 04, 2009, 10:44:11 AM
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:
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Offline Splashdown

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Re: Obama to detail further compensation limits
« Reply #8 on: February 04, 2009, 10:59:58 AM »
Quote from: Rebel on February 04, 2009, 10:58:26 AM
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:

lol. Most of those guys have some experience at their jobs, however...
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Offline Chris_

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Re: Obama to detail further compensation limits
« Reply #9 on: February 04, 2009, 11:11:49 AM »
Quote from: Splashdown on February 04, 2009, 10:44:11 AM
From where did he pull out the $500,000 number?
...same place he's been squirtin' out rainbows for the last six months.
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Offline thundley4

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Re: Obama to detail further compensation limits
« Reply #10 on: February 04, 2009, 11:35:06 AM »
Quote from: Splashdown on February 04, 2009, 10:59:58 AM
lol. Most of those guys have some experience at their jobs, however...

Most of those guys also have performance incentives written into their contracts, which accounts for a large part of their yearly earnings. I didn't hear 0bama mention anything about allowing those perks, just something about stock options that are tied to performance of the company.
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Offline Chris_

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Re: Obama to detail further compensation limits
« Reply #11 on: February 04, 2009, 11:37:02 AM »
You know...I'd give him this one.....if and only if we can tie his pay to performance.   :fuelfire:
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Offline Eupher

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Re: Obama to detail further compensation limits
« Reply #12 on: February 04, 2009, 11:58:22 AM »
Quote from: Rebel on February 04, 2009, 10:58:26 AM
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.  :-)
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Offline Traveshamockery

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Re: Obama to detail further compensation limits
« Reply #13 on: February 04, 2009, 12:03:26 PM »
Quote
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 to get out the vote steal the election for her.   
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Offline Eupher

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Re: Obama to detail further compensation limits
« Reply #14 on: February 04, 2009, 12:04:26 PM »
Quote from: Traveshamockery on February 04, 2009, 12:03:26 PM

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 to get out the vote steal the election for her.   

Dunno. Haven't dug into it that far. She was not up for reelection this past November.
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Offline RobJohnson

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Re: Obama to detail further compensation limits
« Reply #15 on: February 04, 2009, 12:38:19 PM »
Quote from: Rebel on February 04, 2009, 10:04:03 AM
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.

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:
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Offline RobJohnson

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Re: Obama to detail further compensation limits
« Reply #16 on: February 04, 2009, 12:45:23 PM »
More details....

http://news.yahoo.com/s/ap/20090204/ap_on_go_pr_wh/bailout_executive_pay

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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.........

As for the President's salary, I was taught in school that the salary of President was kept low, so people did not simply seek out that job for the money and most that become President give up huge earnings in the private sector.







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Offline thundley4

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Re: Obama to detail further compensation limits
« Reply #17 on: February 04, 2009, 12:54:56 PM »
Quote from: RobJohnson on February 04, 2009, 12:38:19 PM
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:

Pay cuts also reduce the state and local income taxes paid by those people.  We just heard recently how the reduced bonuses on Wall Street cut down the revenues of New York City and state.
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Offline Wretched Excess

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Re: Obama to detail further compensation limits
« Reply #18 on: February 04, 2009, 05:00:23 PM »
wall street certainly liked the news. :whatever:



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Offline docstew

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Re: Obama to detail further compensation limits
« Reply #19 on: February 04, 2009, 05:56:27 PM »
Quote from: RobJohnson on February 04, 2009, 12:38:19 PM
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:

well, once no one WANTS the job, there will be gov't appointed CEO's who will be FORCED to take the job and accept that pay, since "these companies are too big to fail".
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Offline Tess

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Re: Obama to detail further compensation limits
« Reply #20 on: February 04, 2009, 06:00:12 PM »
Quote from: Eupher on February 04, 2009, 12:04:26 PM
Dunno. Haven't dug into it that far. She was not up for reelection this past November.

Her election is very suspect since NO ONE in this state likes her or has anything remotely good to say about her.  She bugs the shit out of me and there are very few people that can actually get me that riled up.  She is one though.  Dumb B****
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Offline Ptarmigan

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Re: Obama to detail further compensation limits
« Reply #21 on: February 04, 2009, 08:51:10 PM »
Since Obama became President, he's been pushing the stimulus socialist programs in America.
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Offline Rebel

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Re: Obama to detail further compensation limits
« Reply #22 on: February 04, 2009, 09:29:20 PM »
My wife makes 150K managing an office and 4 agents. If this moron thinks someone will take a job of being the CEO in charge over 20K+ for 500K, he's a f'n moron. If they're THAT f'ed up, can the sumbitches. Hell, the COO, CIO, CFO, and other people in those companies make over 500K, gonna cut all of their pay? Or just the CEO? So, the CEO makes 500K, and the CFO makes 2 mil. Yeah, that'll work.

Once again, the "kid" didn't think something through. This presidency is already a f'n disaster.
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Offline rich_t

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Re: Obama to detail further compensation limits
« Reply #23 on: February 04, 2009, 10:52:32 PM »
"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.
« Last Edit: February 04, 2009, 10:55:10 PM by rich_t »
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Offline Tess

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Re: Obama to detail further compensation limits
« Reply #24 on: February 04, 2009, 11:11:07 PM »
Quote from: rich_t on February 04, 2009, 10:52:32 PM
"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.
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