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 ...
Share holders should decide what type of compensation(s) CEO’s and the like get based on performance. Not some Federal mandate.
What you do not have in the federal government are "small business" people ~ they don't allow that. In fact you start doing that stuff on the clock they'll send you to jail.
I don’t want salary caps, but any bank that took tarp money is going to have accept some sort of strings...which should include no bonuses. Bernie Madoff and all the other scandals clearly demonstrate that some form of regulation is needed.
It's a disaster zone. Any of them are lucky to have jobs of any kind.
In writing? Care to cite a source for those strings and provide some specificity. It has been very difficult to get information on who got the TARP money and in what amounts. Moreover, what strings are included in the stimulus package.
I have heard many on this thread applaud the tough rules for auto companies
Not from me. I was against the bailout. It is throwing good money after bad. GM spends more money on health care for retirees than it does on making cars. It is structurally unsound.
Citi paid out more than they are now worth in Bonuses and compensation in 2008...This is obscene...they used our money.
LOL. I am far more upset how the USG is spending $1 trillion of my money on a giant pork bill than I am how companies spend their money. How much of those bonuses do you think were returned to the USG in the form of taxes? How much was spent in the economy in the form of consumer spending? And how much was spent in investments and savings? I wish more people thought of government spending as "our money" when it came to government programs. Obama's inauguration cost $150 million. ACORN, a Dem political group, is getting $4.1 billion.
Could you please clarify something? Is the bailout money provided to Wall Street a gift or a loan, which will be payed back?
What is really obscene is a USG national debt of over $10 trillion that will be rapidly expanded over the next few years. We currently pay 17 cents out of every federal dollar in a $3 trilllion annual federal budget to service the federal debt.
What is obscene is the almost $60 trillion in unfunded liabilities for our entitlement programs that will go bust in the next decade without an increase in taxes and reduction in benefits.
You can get on your high horse about obscene spending in the private sector, but you fail to understand that this is miniscule to what is happening in terms of government spending at all levels. One in six people now work directly for the government in this country and many more depend on government spending. Government produces nothing. It depends on taxes to operate and exist. More and more of "our money" is going to be taken from us and given to someone else.
It's still the Obama Depression and the only way he can dig his way out of having his name on it is to toss Barney Frank and Chris Dodd to the wolves ~ there are some others of course ~ e.g. the old bag who's governor of Michigan, Chucky Schumer, and so on.
Be good for Comrade (the tin ear) Zero to start tossing tax cheats aside rather than giving them Cabinet level jobs. He knows who they are. People are rapidly developing Zero confidence in this guy.
LOL...good luck. Was just readin tommy boy Daschle has a "Turbo Tax" problem too.
BTW, 0's depression and his fix (to date) is about 10% of the GDP...but tomorrows another day
Haven't those folks figured out that he's not "well" these days?
LOL...if this whole thing wasn't so serious, this administration would be a real hoot...and this is just the first 10 days.....
What is being proposed is that all of Wall Street may not be allowed to make more than the POTUS .
This is govt. telling the market how much you can earn before govt. will come & STEAL the money you earn for your own good .
This is the kind of cr*p Benito Mussolini did in Italy we do not need Italian model fascism in this country .
“Outside of the USPS, most federal jobs require a college degree. The work performed is comparable to private sector work of the same type.”
O - BS
The fact is, half of every graduating class - graduates at the bottom and that is where government gets its staff.
Private industry does not interview college students at the bottom - they being at the bottom get into government and give themselves power over those that actually worked through school and achieved something.
People on welfare should also face mandatory abortions. People who receive government money should be limited to receiving checks equal to the designated poverty level. Let’s see how many people want to be on the dole.
My apologies if I wasn't clear in my post. I am not saying Wall Street is blameless in this mess.
My actual point, however, was that government had no business bailing them out. They should have been allowed to crash and burn. If government had stayed out of it, we now wouldn't be arguing about capping executive salaries.
As to the rest of your post about the world economy going down in flames, I really don't care. I'm a free-market guy and dems da breaks. Living by the sword and all that...
Did you know AIG insures the congressional pensions?
You are, as usual, totally deranged. Most federal employees (outside of USPS) arrive on the job after a decade or more in the private sector. They are usually seeking promotions, or a bit more stability.
Private employers are not recruiting anyone this year.
As far as interviewing folks at the “top” or the “bottom” of a class, they tend to interview whoever they can get who has completed a course of study in the field they need an employee.
Why would AIG “insure” Congressional pensions?
They are paid out of the Treasury, same as all other government pensions.
Their pay is "capped".
You are right. Bad information from an email. Sorry!
How ironic...you don’t care if the economy goes down in flames? Well I do...I am laid off as of April 1st-the tanking economy doesn’t just hurt Democrats you know. As for the free market, I used to believe in Santa Claus...he doesn’t exist either. Regardless of what the government should have done...the wall street banks were bailed out. Thus they are no longer free market entities until and if they repay the money.
Did you know...I heard this on Fox business that CEO money is tax deductible as are bonuses...so now I understand why they compensate people the way they do...avoid paying taxes...so we give them our tax money, and they will have a nice fat deduction coming their way....small business sure doesn’t get this sweetheart deal. I could not understand why the banks would have a compensation schedule that has nothing to do with how well their company is doing...this is not nor will ever be free market.
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