Bonuses should be contingent upon a company not going bankrupt or needing taxpayer bailouts. If they are not, set the regulation before you provide the funds. Better yet, no bailout.
Cause the did not “bail-out” the company. They acquired 80% of it - like every other LBO done they acquired the debt and got on the Board. They are the owners they did not just give money. They now have legal responsibilities of ownership.
That is what us capitalist understand.
“I don’t know why it’s so hard to get all the so-called capitalists here to agree, if you fail, if we help you, you don’t have money to spread around for bonuses.”
I’ll tell you why. Us so-called capitalists still believe in the rule of law.
You are confused.
Chris Dodd put the protection of the bonuses in the stimulus! Now he is against them, what a joke. The companies should have been allowed to fail, now there is nothing that can be done.
It's not really hard when one knows what one is talking about. BTW, welcome to FR Newbie.
These bonuses were legal contracts covered under the Dodd extension to the bailout. The company was legally required to pay them. Not to do so would incur major litigation.
If they are not, set the regulation before you provide the funds.
Answered above. Ask Chris Dodd about this.
I take it you don't like capitalists. Perhaps you should seek a forum better suited to your liberal tastes. DU or KOS perhaps?
But...the government should NEVER HAVE BAILED OUT ANY COMPANY...
Since, they did, it’s appropriate that they should honor agreements already in place.
Get over it. It’s 50 cents per person...and the anointed one has a boatload more than that in just three pieces of legislation.
Let’s see... You apparently missed the part where the bonuses were contractually agreed upon before the bail out fiasco began. So, you see, the company is legally obligated to honor employment contracts no matter whose liberal knickers get in a twist. This nation used to rest upon a foundation of laws. Sadly, that is rapidly changing into a nation built on the emotional whims of the ruling class.
Because Capitalist know that the money shouldn’t have gone to the companies in the first place. Capitalism doesn’t mean socialism. Also the bonuses were contractual, they are protected by both the first bailout bill and by the stimulus bill. Don’t want bonuses paid, don’t give them tax money. The government is responsible for this whole mess yet they are trying to blame a single company. Let Bozo take the heat for his stupidity. Maybe the people have learned something here(well, some of them anyway)from this BS.
The government should never have bailed out the company in the first place. But when they did, they bought not only the company, but all of the contracts that went with it. You can’t just ignore contracts because the government owns the business.