Top executives of Bailouts must accept 90% Pay Cuts

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  1. profile image0
    Rick Marlowposted 9 years ago

    President Obama says $200,000.00 salary cap. How about that?

    1. profile image0
      sneakorocksolidposted 9 years agoin reply to this

      I'll take it! When do I start?

      1. Uninvited Writer profile image82
        Uninvited Writerposted 9 years agoin reply to this

        You and me both, we couldn't do a worse job...

        1. LiamBean profile image87
          LiamBeanposted 9 years agoin reply to this

          The question is could anyone do a worse job? I think the answer is a resounding no.

      2. kmackey32 profile image68
        kmackey32posted 9 years agoin reply to this

        Me too. wink

    2. LiamBean profile image87
      LiamBeanposted 9 years agoin reply to this

      Well considering that a condition of the bail-out is that the government now owns controlling interest...

      So the fellow with 51% of stock (or more) can't dictate salary caps? Why would that be.

  2. Misha profile image70
    Mishaposted 9 years ago

    communism smile

    1. Pr0metheus profile image58
      Pr0metheusposted 9 years agoin reply to this

      Aww, sleepy misha..

  3. TimTurner profile image71
    TimTurnerposted 9 years ago

    This is scary.  Government is going to expand so much with Obama.

    Yes, if they are using taxpayer money, there should be a cap.  But 90%?  The only people that will turn these companies around are people who WANT to be there.  A 90% pay cut isn't going to do that.

  4. Flightkeeper profile image70
    Flightkeeperposted 9 years ago

    Misha, your sleeping avatar is funny lol

  5. Misha profile image70
    Mishaposted 9 years ago

    Glad you liked it smile

  6. ledefensetech profile image68
    ledefensetechposted 9 years ago

    That must be why Kenneth Lewis is stepping down.  Looks like he gets to keep his money he got from the taxpayers, no pay cut for him.

    http://www.latimes.com/business/la-fi-b … 9236.story

    Since they have to take a 90% pay cut, now we're going to get even bigger idiots in charge of the banks.  Or do you think we'll get anyone good if you tell them they have to take a pay cut like that?

    1. profile image0
      Rick Marlowposted 9 years agoin reply to this

      I suspect some resignations are forthcoming. The article said the top 25 employees of the 7 most assisted companies were already scheduled for $198,000,000.00 in compensation perks this year alone. That $200,000.00 salary will just be enough to pay their country club dues. Shame.

  7. Jane@CM profile image61
    Jane@CMposted 9 years ago

    Misha, your so cute when you are sleeping big_smile

  8. kmackey32 profile image68
    kmackey32posted 9 years ago

    How is he sleeping any typing at the same time though? wink

    1. Misha profile image70
      Mishaposted 9 years agoin reply to this

      That's why I am so short tongue

  9. ledefensetech profile image68
    ledefensetechposted 9 years ago

    And what sort of plan do you guys have to save BOA?  You do realize that there are billions of dollars at risk with the coming reset of Alt-A loans.  How do you plan to be able to write those off and stay solvent.  How do you plan to be able to loan money out, so your bank can, you know, make money and stay in business?  Being a CEO is not all wine and cheese.

    1. kmackey32 profile image68
      kmackey32posted 9 years agoin reply to this

      Are you a CEO? I bet others figure it out for them. LOL

  10. earnestshub profile image88
    earnestshubposted 9 years ago

    200k is plenty. How hard can it be to lose a few more billion? smile

    1. Jane@CM profile image61
      Jane@CMposted 9 years agoin reply to this

      Walk about 5 miles south of me and you'll be hearing a whole neighborhood crying.

    2. ledefensetech profile image68
      ledefensetechposted 9 years agoin reply to this

      What you pay someone does not necessarily reflect their competence.  That's true whether you're talking about public or private companies, CEO or President.  Personally I think our Glorious Leader is miffed that CEO's make more than him.  If I were in entertainment or sports, well I might thing about moving my wealth offshore.

      @kmackey, nope, but I did go to business school so I have some conception of what it is a CEO is supposed to do, unlike some Americans.  Not that being a CEO of big business is anything like being a CEO of a small business, but in theory they're the same.

      It doesn't matter anyway.  They restricted the pay of Chrysler's officers when they got bailed out in the early 80's.  After a couple of years they'd bribed enough Congressmen to get that proviso dropped and their incomes increased again.  It'll be the same thing all over again this time around.  Look at how much Obama has had to cave to big Phama over healthcare reform.  If the consequences weren't so dire, it would be kind of funny to watch.

    3. profile image0
      Rick Marlowposted 9 years agoin reply to this

      How`s it going Earnest? I`ll step up to the plate for $100,000.00.huh.

  11. kmackey32 profile image68
    kmackey32posted 9 years ago

    Ok. Im blond, I don't get that! Short?

  12. Misha profile image70
    Mishaposted 9 years ago

    some people here call me a master of a one-liner lol

  13. profile image0
    A Texanposted 9 years ago

    He is doing everything he can to kill capitalism. Send him to Australia they like him.

  14. Flightkeeper profile image70
    Flightkeeperposted 9 years ago

    The cap is stupid.  Whose salary in what industry is he going to cap next?

  15. arthriticknee profile image73
    arthritickneeposted 9 years ago

    Yeah, thats what you need.

    Another Bush.

    Haven't you got one wandering around Florida looking for something to do?

  16. profile image0
    Poppa Bluesposted 9 years ago

    You know, I don't have a problem with it, well, at least with companies that were bailed out with taxpayer money. However, this administration wants to expand their reach beyond that and have the treasury or the fed control financial institutions! This is a very scary prospect! Between the financial institutions and the health care industry, it is becoming obvious that there is a trend to socialize the economy and consequently this nation!

 
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