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 ...
No they didn’t 30 banks refused TARP money. Read the article.
http://www.badfaithinsurance.org/reference/General/0816a.htm
How old are you? We are not going to change the “global consumption based mode,” however you define that. Protectionism will not work. We don’t need another Hawley-Smoot tariff bill. We should concentrate our efforts on making the playing field level so our workers can compete fairly. We must target individual countries like China to bring their practices and currency in line with the rest of the world.
I’m actually okay with this, in a weird sort of way.
If you want the government to run your company - you get paid what the government wants to pay you.
On the other hand, it might be an added deterrent for these idiots to stop holding their hand out so quickly for government bailout monies. So either way it works for me.
By 2023, half of the children 18 and under will be minorities and by 2042, half of the country will be minorities. The out of wedlock birth rate for Hispanics is 50% and for blacks 68%. Hispanics have the highest school drop out rates, over 50%, followed by blacks.
Non-Hispanic whites will be 46% of the population in 2050 down from the 89% they were in 1965. Due to immigration, legal and illegal, the demographics of this country are rapidly changing. 87% of 1.2 million LEGAL IMMIGRANTS who enter this country annually are minorities and most of them are poor and uneducated, and about 70% are from Latin America. In 1970, we were a nation of 200 million. Today, it is 305 million, and by 2050 it will be 439 million. Most of the increase is due to immigration.
Immigrants account for one in eight U.S. residents, the highest level in 80 years. In 1970 it was one in 21; in 1980 it was one in 16; and in 1990 it was one in 13. In a decade, it will be one in 7, the highest in our history, and by 2050 it will be one in 5. This is not the same country of 50 or 60 years ago. You are living in the past.
No one is saying either one or the other is the problem. Both are but paying people to not to work is wrong and gov pensions are different then the private sector.
Our local union says he does not care about the pension envy - he got for his people by politicians he paid to put in office.
One salary could support a family because of lowers taxes - government is really the only thing that has increased.
Your post nailed it.
Nope. They aren’t getting taxpayer bailouts. Frankly, even $400k is overpayment for a manager who needs to run to the guvmint for a bailout.
Yeah, that's why we can't find anybody willing to run for President of the United States... oh, wait....
Competent people don't spend $35,000 on a toilet (what is it -- solid gold with a robot to wipe the user's ass?) while the company is the process of going down that fixture.
These are probably the same people who would have flames shooting out their ears if they saw somebody buying $10 worth of junk food with food stamps.
LOL!
You nailed it!
That is hardly a Depression ~ and unless we have another drop, there's no Recession at all.
Those people who helped cause this mess, and the companies that hired them should be “punished” by closing their doors. Our esteemed leaders decided some were too big and important to fail, and threw billions of dollars at them WITHOUT any strings attached. Lucky us!
Yet, these yahoos have contracts to protect their dumb asses. Right or wrong, the government nor any of us have the authority to void those contracts. Do I like that some greedy idiot is draining 25 million out of a business that is on the ropes bad enough to need a government bailout? Hell no! But then again, do I want some government goober to come along and tell me that I can't pay a key employee what I think he's worth long before I'd ever need a government dime, then Hell no twice! Remember, these WERE private companies when they hired these people at these mind boggling salaries/bonuses.
This is an unfortunate situation, and while I hope most of these excesses like the 35K toilet are the exception, these people are OWED these funds. All the screaming and teeth gnashing won't change that. The companies that hired them owe it. Are these companies supposed to just blow off their obligations just because the government decided they were too important to fail?
Zer0 getting everybody in an uproar over this is just another step in the “off with their heads” class war that he needs to happen to implement his new world order in this country.
Women work in many cases because they have to...most woman I know would far rather be home. Kids suffer because parents come home too tired in many cases to deal with the kids in terms of school and emotional support...I didn’t argue about better education of woman...I merely pointed out that more women are in the workforce today than in past decades. The table I provided clearly demonstrates this is the case...you position was that just as many woman worked in the past as they do today...this is not accurate.
The days of Ozzie and Harriet were better days...they are only over becomes we have pursued economic suicide with stupid trade laws and globalization. If this trend is not reversed, it will not lead to a capitalistic society where people have choices and are responsible for themselves...because it destroys good paying jobs with benefits...nope millions the unemployed are the underemployed will end up on some sort of government dole...hello European style socialism. Bank on it. The stupid Wall Street idiots not only destroyed their companies, they will destroy capitalism with the help of their good buddies the free trade fools.
Really, I was informed on this forum and by Sen. Corker that the government has the right to void union contracts... How is this different.
Where do you get your figures...GDP fell 3.8% and is in free fall at the moment...DOW will open below 8000 on Monday despite the desperate attempts to manipulate it on Friday... The Dow closed at 8776.39 on 12-31-2008, the worst year since 1931. It will open on Monday below 8000-almost a 1000 point loss in one month. Millions of people are unemployed. It sure feel like a depression is coming our way or perhaps has already arrived.
Right- these are same people who opined that auto workers should not receive any health care and should work for minimum wage because their company was insolvent...also they believed the CEO’s should work for a dollar per year in the auto companies and sell their planes. Auto execs who are flying more than four hours must fly coach now...or guess what they could go to jail. They are forbidden to enter the exec waiting rooms as well-there are so many conditions,GM had to have a special class to make sure that people know the new regulations and abide by them...the penalty if you don’t is jail as well as being fired on the spot.
However, no one minds when an auto company is forced to comply with these sort of truly over the top measures in order to obtain a loan which will be repaid, but the bankers who will never repay this money are special and must preserve their jet set lifestyle while millions and millions of Americans lose their jobs and houses because of a depression the bankers themselves caused...No way...no bonuses if you are on the government dole.
I say take the agreement between Auto’s and the gov...and make the Wall Street bankers follow the same rules. Tarp can be change at any time...in terms of compensation and other areas which is why 30 banks refused Tarp money.
Competent people don’t spend more than the net worth of their companies on compensation and bonuses.
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