Angry senator wants pay cap on Wall Street 'idiots'

CNN ^ | 1/30/2009 | CNN

[CPT Clay]

Give back your pay raise too, sweet heart.

[Snappy1MarineMom]

Absolutely. I run a very successful corporation and seem to be doing quite well in this downturn. I have never spent a penny of someone else’s money to run my business. I take my profits at the end of the year and pay my taxes, which are pretty steep. The government has no right to dip into a private businesses affairs! They have already stifled motivation to work more. I feel as though why am I working so hard? So,0bama and Pelosi can dole it out and waste it as they please? They need to get the hell out of my way and lower the tax rates so that I have some incentive to create more jobs!

[matt1234]

Why would anyone be opposed to limiting compensation to incompetent, fatcat executives receiving MY taxpayer dollars?

I am opposed to bailouts AND salary caps.

[FMBass]

“THIS ONLY APPLIES TO COMPANIES TAKING BAILOUT MONEY FROM TAXPAYERS!”

Yes indeed, for companies that take bail out money, but please read further FRiend (is your caps key stuck??) it states: “to cap compensation for employees of any company…”

I’m sure you are not in favor of the government telling you how much you can earn. I’m sure your not.

[Peter Horry]

“Will there be pay caps for Congress idiots as well”

I had rather see a SPENDING cap (some percent of the GDP that can only be exceeded by a supermajority that has to be renewed for each budget) for them, and have them take care of THEIR business, instead of everybody else’s.

[ArmedConservative]

“I would demand the resignation of every executive who was responsible for the poor decisions leading to the need for a bailout in the first place.”

Why would anyone take a the job of replacing the ousted management knowing their compensation was capped at $400k?

[Red in Blue PA]

So you are perfectly okay with an incompetent exec making $100 Million while on the govt dole (your money)?

Amazing if true.

[kidd]

If there is any more doubt that we are on the brink of being a socialist nation, then read this legislation.

For a small fraction of a corporation’s value, in the form of a “stimulus loan” from the federal government, the government will now be able to set salary caps.

I guarantee that green rules will be next.
Then union-friendly rules.
Then gay-friendly rules.

And conservatives seem to be accepting this first step...which will only result in mid-level managers running corporations that were formerly ran by experienced presidents and CEOs.

[Las Vegas Ron]

I am for this. You take bailout money, no more million dollar payouts.

Did it occur to you that the whole reason for the bail out was so the gubmint could control free enterprise?

And you're all for it.....that was the plan all along

[Red in Blue PA]

Most of these execs aren’t worth $400, let alone $400,000.

[Red in Blue PA]

“Did it occur to you that the whole reason for the bail out was so the gubmint could control free enterprise?”

Actually no.

Incompetent CEO’s brought us to where we are.

[I see my hands]

Enjoy your stimulus check last May, Fidel?

[kabar]

You have a choice......but not on my dime.

Pure insanity and socialism/communism. Where does this end? Do we set such restrictions/limitations on any entity or individual who receives taxpayer money? Do we have the USG decide how someone can use food stamps? Do we have the USG decide that anyone receiving food stamps would not be allowed to buy $200 sneakers for their kids? Or foods with transfats?

Your dime? Do you have the same proprietary feelings about how the $850 trillion stimulus bill that provides hundreds of millions of dollars for digital converter boxes, WWII Filipino vets, condoms, ACORN, etc. Who sets limits on the USG salaries? And since when does Obama's salary become the benchmark as to what is fair and just payment? What happened to the marketplace?

You are no conservative.

[ArmedConservative]

Exactly, but it surely is going to cost more than $400k to find a competent executive to replace the ousted ones.

[coon2000]

I agree with you on this one. If you take the bail out money, you get no bonus. As a taxpayer, that means I am a stockholder now in these companies and I vote that NO bonuses get paid until we get paid back first. Ford is not taking any bailout money, if those execs turn Ford around and make them profitable then they deserve huge bonuses. Same as any other successful business.

[Red in Blue PA]

“I’m sure you are not in favor of the government telling you how much you can earn. I’m sure your not.”

Anyone who runs their company into the ground, and then takes govt money, all the while complaining it is not enough, can take a hike!

That would include me!

[Loud Mime]

The first thing I thought of was the reverse financing theme: Can a small business that pays taxes demand that congressmen get no more pay than the business owner?

[starlifter]

Where in the hell were the boards of directors? These mutton-heads on Wall Street played fast and furious with the markets and tanked them. And they get bonuses.

I always kinda thought that bonuses were meant to reward and reinforce success. But then, I'm just an idiot, I guess.

I'm hoping there is legal cause for going after the directors for breach of trust, or fiduciary responsibility or something.

Frankly, I would like to see many of them made paupers for the way they sat drooling in the board room instead of exercising leadership.

Unfortunately I sure they are well insured through the companies they are responsible for corrupting. The insurers will pay and then ask for a bailout.

Argghh.

[longtermmemmory]

This is to stop rewarding success.

the government can’t compete with real salaries so they cap merit pay.

This is Senator Jealousy.

No wonder the democrats want to protect unions. Unions are about protecting the poor workers.

BTW card check requires NO secret ballot to form a union but the unions want secret ballots to decertify a union?!

[Red in Blue PA]

“You are no conservative. “

Because I think that people should not get $50 Million pay packages on the taxpayer dime, I am not a conservative?

You are quite bizarre.