Obama limits exec pay
February 5th 2009 02:09
Today, Barack Obama announced compensation limits for executives of companies receiving bailout funds:
Normally, an action like this would greatly concern me. However, the companies on Wall Street receiving bailout money have shown a real lack of discretion with funds they got from the American taxpayers. These are companies that are all but bankrupt. For them to take those funds and reward the very executives who steered the companies into insolvency is unconscionable.
Some of the scions of Wall Street are concerned that limiting pay of senior execs will drive them away from the companies. I don't see how that's a problem. If those executives ran their companies into the ground, let them go. There are plenty of out-of-work financiers on Wall Street now who would gladly take on those jobs at the "poverty-level" pay of $500K/year.
So, as a result, I applaud this action by Obama.
Pledging to take "the air out of golden parachutes," President Obama announced Wednesday that executives of companies receiving federal bailout money will have their pay capped at $500,000 under a revised financial compensation plan.
Last year's "shameful" handout of $18 billion in Wall Street bonuses "is exactly the kind of disregard for the costs and consequences of their actions that brought about this crisis: a culture of narrow self-interest and short-term gain at the expense of everything else," Obama said to reporters at the White House.
Last year's "shameful" handout of $18 billion in Wall Street bonuses "is exactly the kind of disregard for the costs and consequences of their actions that brought about this crisis: a culture of narrow self-interest and short-term gain at the expense of everything else," Obama said to reporters at the White House.
Normally, an action like this would greatly concern me. However, the companies on Wall Street receiving bailout money have shown a real lack of discretion with funds they got from the American taxpayers. These are companies that are all but bankrupt. For them to take those funds and reward the very executives who steered the companies into insolvency is unconscionable.
Some of the scions of Wall Street are concerned that limiting pay of senior execs will drive them away from the companies. I don't see how that's a problem. If those executives ran their companies into the ground, let them go. There are plenty of out-of-work financiers on Wall Street now who would gladly take on those jobs at the "poverty-level" pay of $500K/year.
So, as a result, I applaud this action by Obama.
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Comment by S.L.
The Political Brief
Now, if B.O. (B.S.), Barney Frank, Chris Dodd and others would return their ill-gotten gains from Fannie Mae and Freddie Mac and ACORN, I might have a little faith in their ideas.
B.O. (B.S.) is rapidly becoming the president of "do as I say, not as I do."
Comment by Lester Caudill
Round Politics
Comment by PopulistConservative
Angry Electorate
SL, the companies have proven that they won't do it. The only one who can make them do it is the federal government. I don't like it, but it is necessary for companies that are sponging off our tax dollars.
Comment by PopulistConservative
Angry Electorate