Posted on 10/28/2008 5:44:55 PM PDT by markomalley
The nine largest U.S. banks receiving $125 billion from the government were asked on Tuesday to hand over information about their compensation and bonus plans to a Congressional panel. Rep. Henry Waxman, chairman of the U.S. House oversight committee, sent letters on Tuesday to the banks' chief executives asking them to provide information about the total compensation paid or projected to be paid to the 10 highest paid employees for the last three years. Waxman, who has publicly blasted other executives for their lavish pay packages, wants the information broken down by salaries, bonuses and benefits and a description of the reasons for the year-to-year changes in the amounts. Nine major banks, including Citigroup, Goldman Sachs, and Bank of America, soon will be receiving cash from the Treasury Department's $700 billion financial services rescue package. "While I understand the need to pay the salaries of employees, I question the appropriateness of depleting the capital that taxpayers just injected into the banks through the payment of billions of dollars in bonuses...," Waxman, a Democrat from California, said in the letter. Waxman's committee also wants information on the number of employees who were paid, or projected to be paid, more than $500,000 in total compensation for each year from 2006 to 2008. The deadline to hand over information is November 10. |
(Excerpt) Read more at reuters.com ...
Typically, I would make a snide comment about how slimy Waxman is (and he is a slimy piece of work, by the way). But, as a shareholder in those banks, he has every right to ask that question.
The LOT of the socialists in this country should be ... (redacted)
I question Waxmans compensation.
Waxman is a socialist pig from the go.
we should be shareholders, not waxman or other politicians
Completely agree with you Mark!
Here is something I can not seem to understand. If you run a company and it fails, how the hell could you expect a bonus at all?
I hope they only send him an Annual Report. That’s what all the other stock holders receive.
waxman on oversight commitee,,wow,,thats a laffer,,he should be behind bars
Waxman need not venture out during a hard rain. He’d drown.
Exactly right. Waxman’s slimy, but the banks are now government owned. I do wish someone would look into Waxman & Co.’s salaries though.
Appears Henry’s mamma would pick him up by his ears to show the neighbors the result of Henry chasing parked cars during his young years.
and a Homer Simpson mouth
Who was it that said, "He was so ugly, when he was born, the doctor slapped his mother!"
Oh, relax. Everyone’s pay will be limited ... except Congress.
Man that is one sick Halloween costume.
I love the slow steps into socialism we are taking. Give the government control of companies, then give this same government control over employees pay and their compensation.
Once upon a time all this was controlled by the stock holders … alas, a thing of the past.
I’m a firm believer that this whole “bailout” mess would have righted itself if the government had stayed out of it. Now! No chance … the downhill spiral has started. Bye, bye American economy. :-(
we need an organization that takes
u.s. congress people and holds them responsible.
barney frank and chris dodd should be investigated.
If the CEOs are able to negotiate something in their compensation packages, they should be able to get whatever they negotiate. The question I have is: are CEOs that scarce a resource where they are able to negotiate these obscene compensation packages??? If not, the Boards of Directors are not doing their jobs and should be fired at the next annual meeting!
although I agree that the government getting involved sucks, I do believe that the top executives at the ‘failed’ banks should be held accountable in some manner. First off, no bonuses and no raises for them until the institution turns the corner. No golden parachute.
btw, this ‘war on recession’, shouldn’t the politicians have put together an exit strategy.........
oh, that’s right, the government is going to ‘make money’ off of this. silly me
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