« I'm Just Posting This So... | Main | There're Ambulance Chasers, Guys Who Want the Boob Job Back And Then? »
February 05, 2009
A Change I Can Agree With
Sure it's a populist sop (but I'm a populist sap), sure it's a ploy to distract attention from all the disastrous pork in the stimulus crap sammich', sure it's a ploy to distract attention from the complete laughable/cryable mess that is his nominees and their tax issues but I don't care; in fact, it doesn't go far enough in my book
WASHINGTON (Reuters) - President Barack Obama took on bailed-out Wall Street firms on Wednesday, setting a $500,000 annual cap on pay for top executives at companies receiving taxpayer funds and tapping popular anger over financial sector excesses.Obama said more measures would be outlined next week to overhaul the crisis-hit U.S. financial sector, which has been propped up with billions of dollars in public funds.
"This is America, we don't disparage wealth. ... What gets people upset, and rightfully so, is executives being rewarded for failure. Especially when those rewards are subsidized by U.S. taxpayers," he said.
The president won support in Washington, with some Republicans who were critical of the financial sector bailout praising the move. But Wall Street critics said the compensation cap was a political gambit that could prompt a talent flight from affected firms.
Talent flight? Talent flight? You mean as in the same greedy bastards that in large part got us into this mess in the first place? That talent?
"This is pure political grandstanding. If the limit has bite, it will be counterproductive and the unintended consequences will hurt the U.S. as skilled and bright senior managers make choices," said David Kotok, chief investment officer at Cumberland Advisors.
Yeah, like all those "skilled and bright senior managers" made choices like...giving Madoff all the money that they were supposedly investing with their Mad Money Skilz. Or all those skilled and bright choices they made with credit default swaps. Or all those bright and skilled choices they made with real estate trusts. Or all those bright and skilled choices they made with...
Screw
Them.
As I've said before many times, I am completely opposed to these bailouts, but since they are happening one clear provision should have been that the entire executive boards and boards of directors of these companies should have been FIRED before they got one single dime of taxpayer money. These creatures pissed away billions; they are not "valuable talent." They are incompetent losers and in many cases outright thieves.
We must STOP privatizing profits and publicizing losses, which is all this bailout mania has done so far.
Posted by Mr. Bingley at February 5, 2009 06:19 AM
Comments
Those senior executives will have interesting lines on their resumés like:
Senior executive at Citicorp. Responsibilities included lending money on overpriced assets to people and institutions that couldn't or wouldn't repay.
Salary: $10 million to $100 million annually - Negotiable
Posted by: Rob at February 5, 2009 09:40 AM
Oh, and for what it's worth, I'll run any company into the ground for half that.
Posted by: Rob at February 5, 2009 10:39 AM
Heck, Rob, I'll run any company into the ground for $500,000 annual salary. Not only is that cheaper, it meets The Mighty O!'s dictates.
Posted by: JeffS at February 5, 2009 12:26 PM
Yeah, but it limits you to TARP companies. I'm in it for the long haul.
Posted by: Rob at February 5, 2009 12:37 PM
How about these apples? http://money.cnn.com/news/specials/storysupplement/ceopay/index.html I'm in the wrong line of work
Posted by: major dad at February 5, 2009 02:27 PM
Nice.
As Rob said above, pay me half of that and I'll do my best to lose billions, too.
Posted by: Mr. Bingley at February 5, 2009 02:30 PM
Looks like Goldman Sachs is the place to work. $600K per year with $70 million in bonuses.
Posted by: Rob at February 5, 2009 03:08 PM
I'm not big on gummint meddling, but I look at all these companies, and all these CEOs and CFOs sit on each others' Boards of Directors. They then vote each other these huge salaries and bonuses while ruining their companies, essentially defrauding the shareholders and workers. Why couldn't they be prosecuted under the RICO statutes?
Posted by: nightfly at February 5, 2009 04:05 PM
They then vote each other these huge salaries and bonuses
I voted Bingley off the island.
You can see where THAT got me...
Posted by: tree hugging sister at February 5, 2009 04:17 PM
What about the Congressional hearings a year ago with Bill Gates and the other fake humans claiming
that HB1 visas needed, on an emergency basis to be
increased to 250,000.There weren't enough Americans
to fill all those jobs in High-Tech.That order is still in effect.In Silicone Valley,where I live,they
are still pouring in.That order hasn't been rescinded.You are hard=pressed to find an American left in Silicone Valley.All Indians and Chinese,all
recent arrivals.Not that I'm not a racist, but American-
born should rule over non-English speaking with fake degrees from fake Asian schools.
PS: BILL GATES couldn't get a job at his own
company today,he never got a fake degree,he dropped
out.
Posted by: greg newson at February 6, 2009 12:56 AM
greg, i agree 100%.
Posted by: Mr. Bingley at February 6, 2009 07:43 AM
rGiSbE
Posted by: Fqbebflb at July 14, 2009 12:09 PM
rGiSbE
Posted by: Fqbebflb at July 14, 2009 12:09 PM