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 ...
That's actually what they did when they forced companies to take money and in return demanded stock in return and became part owners.
You didn't really mean your fine with government dictating rules to private companies after they forced them to take money, did you?
Heaven forbid that the people who OWN the companies should decide how much they want to invest in top talent to run the companies.
“The compensation committee is appointed by the board. Generally, that committee contains some or all board members. The board is elected by the shareholders.”
So if I as a shareholder cannot fire Joe on the Compensation Committe, please tell me how the Compensation Committee is accountable to me as a shareholder????
Seriously though, all this will do is give all the demodummies a chance to hug and pat each other on the backs. A look into my crystal ball.....While this may be a moral right, it will be a legal wrong. I'd say most of these people she's complaining about have contracts. I can see the lawsuits from here if she tries this. It's too late to put it in the first 700B “stimulus”, so she'll just have to wait to become Hitler for the next one. Then watch all the CEO’s, (good and bad) run for the hills.
The ones who can, will sue. Most will start their own businesses, or retire wealthy to an island somewhere down south, and take their money with them. Too late sweetie...you're much too late! You already gave them the money!!
“Heaven forbid that the people who OWN the companies should decide how much they want to invest in top talent to run the companies.”
I agree.
Place the compensation packages for those at the top to a vote by shareholders.
I would love that!
“This will cause a flight of talent from troubled firms.”
I have it on good authority that it has already started.
I am very lucky to work for one of the few genuine AAA corporations left in America. I’d feel safer loaning money to my employer than to the US government.
“It’s amazing how many socialists are here on FR these days.”
Yes, and this is the conservative website. At least the socialist army gets rebutted here.
The bailout was a very bad idea, period. The government coercing banks to lend money to people who could not repay was a bad idea. Not listening to the warnings about Freddie and Fannie was a bad idea. Having tax cheats writing tax laws and running the treasury is a bad idea. The MSM turning a blind eye to the horrendous corruption in the Democrat Party is reprehensible. How did the Executive and Legislative branch’s become the corrupt den of thieves that they are? How is it that we have some people in Congress with IQ’s below 100? I am rambling but I could write page after page after page on this insanity. I am looking back and I think we have gone over the cliff.
On Ford, yes, I am afraid that they will be punished for trying to do things the right way. Somehow the imperial government will see that they too need to be bailed out. I wonder how they plan to take over the oil companies, they obviously need no bailout money. It will be real interesting to see what their scheme is.
That's right, your the one who thinks animals are equal to humans.
http://www.freerepublic.com/focus/f-chat/2167713/posts
“So you are perfectly okay with a CEO taking $50,000,000.00 on your dime?”
No. Maybe my post was not clear.
If they accept the money, that have to accept the controls. Without question.
If you want to maintain your autonomy - REFUSE THE MONEY. If you are forced to take a “loan” from the Feds pay it back and regain your status as a private enterprise. Until then, accept the medicine no matter how bad it tastes.
I am agreeing with you.
“You want more power? Buy more shares.”
The Compensation Committee is not accountable to anyone, no matter how many shares you have.
You must have never owned individual stocks.
When you get a mortgage on your house, does the bank have a say on how you spend your household budget?
This is all political theater meant to divert and distract from what is in the stimulus bill. Who watches the watchers?
No, but they vote themselves raises. Which is kinda like a bonus, if you don’t have to go through a performance review to get it.
It matters not what party the administration belonged to - socialism is socialism.
No contract, no requirements. Send me a few million with no strings attached and watch what I do with it...
LV Ron,
Few things are certain inthis life, One is that nobody will ever mistake you for a class act.
Have a good weekend.
Her nickname is Crazy Claire
But even if they weren't, if the money was to be given at all it should have been a loan like what was given to Chryler back in the 80's with no strings attached, except to pay it back.
Certainly, the government can limit comp for bailout money.
But if it is across the board, then here is Communism!
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