Obama's Salary Cap Could Seriously Hurt New York

wcbstv.com ^ | Feb. 4, 2009 | Marcia Kramer

[bray]

First, most of this meltdown was caused by congress and this is a smokescreen to take the focus off them. Second, this is America which stands for freedom. If these execs are making too much money, let their stockholders fire them or cut their pay. Third, where you going to find a CEO for 500K, most of the higher paid traders make more than that. Finally, many bonuses on Wall St are deferred comp that has already been earned.

Don’t fall for class envy.

Pray for America, Our Troops and obama’s Guidance

[reformedliberal]

Actually, they slink back to *take care of parents* with their tails between their legs and they remain pretty quiet, because their relatives and friends are usually sneering at them.

We call them *rubber bands* because they have snapped back to where they were originally. And they do bring back enough capital to keep themselves going for awhile.

As bad as it is everywhere, the cowtowns at least have milk, eggs, vegetables and meat available from the farm just down the road and firewood in the back forty.

People have been failing in the big city forever. It isn't really a new phenomena.

[reformedliberal]

We have a relative who worked for Arthur Andersen and was cast adrift when they went down. He immediately got a job with a major Chicago hedge fund. After large losses and a dramatic reduction in his vested holdings, he now works for ANOTHER major hedge fund.

He says that since he has the math skills, the IT chops, management credentials and “knows how things work”, he will always be employable, even if as a consultant. So far, he’s been correct.

[bestintxas]

Yes, but the UN is there and will not be ceasing to spend. Could be a lot more DC bureaucrat fat-cats in a mushrooming federal govt under Obama will need to go and splurge on NY theater and dinner as well.

Don’t worry, NY, all is not lost.

[wafflehouse]

First, most of this meltdown was caused by congress and this is a smokescreen to take the focus off them.

i completely agree here

Second, this is America which stands for freedom. If these execs are making too much money, let their stockholders fire them or cut their pay.

conditional agreement here.. if they are stupid enough to take government money, and make the government a partial owner, then they crapped in their own nest

Third, where you going to find a CEO for 500K, most of the higher paid traders make more than that. Finally, many bonuses on Wall St are deferred comp that has already been earned.

i dont care how much the *company* pays them. i dont have class envy. however, once the company starts taking goverment money, they deserve to be ran into the ground like every other government agency

[bray]

So you are fine with Nationalizing our economy. What other controls do you think are ok. The gummit is the last one you want making decisions about the Banking industry. They are the ones who got us in this mess in the first place.

What about the CEO that didn’t cause this meltdown and was forced to take money? Should he be punished too.

Pray for America and Our Troops

[wafflehouse]

i am not sure you are reading my posts correctly.. i realize the government has most of the responsibility for this. and i am absolutely against nationalization of anything. that is why i feel that companies that go to the government teat should get ran into the ground. no one is forcing them to take money. if a business takes government money in return for a big stake in the business, they deserve what they get.

[Ted Grant]

The loophole as I understand it is that they can get compensation over $500k in stock that they can’t sell until the company pays back its debt (which is likely ‘never’ in most cases).

I have no idea why anyone would stay at a job like this. Any person who makes over $6 million a year now suddenly makes $500k, and they already earned their 500k in January.

Stick around and work hard for the rest of 2009 for no more money and stock you can’t (and maybe won’t ever be able to) sell? If the policy holds, their employment contracts have been voided. Just walk out, get a job with a company that didn’t get a bailout - any company. If they pay you more than 500k a year, you’re ahead.

Or just quit and do nothing.

What will end up happening is that $500k talent will end up doing million dollar jobs, $3 million jobs, $6 million jobs, $12 million jobs, and on up.

Individually it may work out well sometimes. On balance it’s going to he wholesale amateur hour.

To be fair, maybe it’s been wholesale amateur hour already. Hahah!

[bray]

You are against Nationalizing of anything unless the gummit loans them money. What other exceptions are there to Nationalizing?? Tax credits? Deductions? College Loans?? Where does your line start or end??

The gummit should have never passed out the money in the first place, but using that money as a way to Nationalize the banking system will only make a bad situation much much worse. You really just want these guys punished as scapegoats for what end? You willing to turn over major parts of our economy for that? NOT ME, NEVER!

Pray for America

[wafflehouse]

you are making my brain hurt. maybe you are replying to someone else?