President Obama says $200,000.00 salary cap. How about that?
You and me both, we couldn't do a worse job...
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.
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.
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?
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.
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.
200k is plenty. How hard can it be to lose a few more billion?
Walk about 5 miles south of me and you'll be hearing a whole neighborhood crying.
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.
How`s it going Earnest? I`ll step up to the plate for $100,000.00.huh.
He is doing everything he can to kill capitalism. Send him to Australia they like him.
The cap is stupid. Whose salary in what industry is he going to cap next?
Yeah, thats what you need.
Haven't you got one wandering around Florida looking for something to do?
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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