This will end well.
Pay czars must not be getting his share of the cut gets man.
Feinberg,
STFU you self absorbed swarmey schmuck!
...this stuff plays well to the class warfare crowd.
Funny how fond of czars these bolsheviks have turned out to be.
As a result, Mr. Feinberg will merely propose that the banks voluntarily adopt a “brake provision” that would allow their boards to nullify or alter any bonus payouts or employment contracts in the event of a future financial crisis.
Nullify employment contracts!!! Really?
So, in times I deem to be of personal financial crisis, can I declare any contractual obligations void? I guess I can decide not to pay my taxes? I take it that he wants to abolish contract law?
Legislate that a corp has to pay compensation by bonus, beat them up when they do it, and propose the flexibility to throw out contracts at whim. Very sensible. /s
IMHO it is better for the money to remain in the private sector than going to the government.
and I’m thinking all 17 of those “big banks” have paid back TARP - with interest- largely thanks to the rainmaking and manipulative deal making skills of those “overpaid executives”
So Feinburg- stfu
“They weren’t illegal, they violated no statute, they violated no regulation,” he said, adding they reflected “bad judgment” but could not be termed “contrary to the public interest.”
Repeat as necessary.
FOAD, fascist pig.
I’m not sure where these comments are coming from or where they lean politically, but I need to vent. I am SICK and TIRED of the greedy b@#$#!s that are in charge of Corporate America. I founded a manufacturing company over 25 years ago and I am still in business. SHOCK!!! It has not been easy ($250K Line of credit not renewed, mandating a 15% cut in either hours or salary for 25 employees, taking a 50% paycut myself), but we are going to make it. AND without a BAILOUT from Uncle Sam or even any of the frigging banks that are getting money (taxpayer backed) at a discount to invest for their own ‘proprietary trading’. I am sooooo f’ing tired of every one of these “executives” that have set themselves up for life (unless of course they piss it away on some mortgage for an overpriced property in the Hamptons). Since it appears that no one actually MAKES anything anymore, all I can say is screw all of the financial gurus, lobbyists, and politicians. From my current view, they all suck.