Posted on 01/30/2009 11:55:19 AM PST by Red in Blue PA
WASHINGTON (CNN) -- One day after President Barack Obama ripped Wall Street executives for their "shameful" decision to hand out $18 billion in bonuses in 2008, Congress may finally have had enough.
An angry U.S. senator introduced legislation Friday to cap compensation for employees of any company that accepts federal bailout money. Under the terms of a bill introduced by Sen. Claire McCaskill, D-Missouri, no employee would be allowed to make more than the president of the United States.
Obama's current annual salary is $400,000.
(Excerpt) Read more at cnn.com ...
“So you are perfectly okay with an incompetent exec making $100 Million while on the govt dole (your money)”
So you are perfectly okay with an incompetent politician giving YOUR money to a failing company and then trying to tell them what to do. Let them run their company (within legal restraints) and if they fail, let them go out of business or declare bankruptcy and then be under the administration of someone a little more capable (hopefully) than the people we see involved now.
Precisely - the government has NO business giving away the money stolen from future taxpayers.
It's amazing how many socialists are here on FR these days.
“How about a pay cap on ALL ELECTED OFFICIALS TOO”
Last I checked they did not receive bonuses!
Political overlords don’t need their salaries when they can make a killing in so many other ways.
After Joseph Stalin died, they found decades worth of his paychecks stuffed into his desk drawer. When you own the whole country already, why bother even cashing your entirely symbolic paycheck?
I agree.
You are blind. Most of this can be laid at the feet or government meddling in the free market. The CEO's are for the most part the scapegoats. Open your eyes
You miss the bigger point- we should not have been bailing people out in the first place. Giving government the power to enact wage controls doesn't make things better.
chrisser, spot on.
I could not agree more.
“It takes a helluva good executive at the reigns of a struggling company to get it back into profitability”
If the CEO is incompetent while making $100 Million, then what?
Would love to hear you and others if we subsituted “GM” for “Wall Street”
Nobody's asking YOU to hire them.
“In the past year, there have been big changes, in case you didnt see them. These companies will need to respond accordingly.”
They need to change to avoid criticism from poorly-informed people? I suppose they do. But stiffing employees who turned in an outstanding performance is not the way to do it.
If we kowtow to communists, we will soon enough be living under communism.
“If we kowtow to communists, we will soon enough be living under communism.”
Nobody is forcing you to work at these companies.
Frankly, if the government wanted to attach strings to this bailout (with which I do NOT agree in the first place), they should have done so before giving the money away. You don't hand somebody millions and then 3 month later tell them how they should have spent it.
“If the CEO is incompetent while making $100 Million, then what?”
Executive compensation is determined by the Board of Directors. If he is truely incompetent shareholders should demand the CEO be ousted. There is no role for goverment in this process.
“You don’t hand somebody millions and then 3 month later tell them how they should have spent it. “
Hey, they can always return it if they do not like the terms!
That would serve everyone!
“Executive compensation is determined by the Board of Directors”
No it is not.
It is determined by the Compensation Committee, which is NOT accountable to shareholders.
Totally agree. Who in their right mind would take a job under those conditions. Competent people are EXPENSIVE folks! But I bet this sure gets the wall street wackos in an uproar. So much for scratch my back, I'll scratch yours zer0. Buyer's remorse anyone??
“Who in their right mind would take a job under those conditions. “
In this economy, they aren’t going very far.
Competent people are EXPENSIVE folks!
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