Bush Backs Unlimited Compensation For Disgraced CEOs: Now Is Not The Time For ‘Punitive Measures’
Bush Backs Unlimited Compensation For Disgraced CEOs: Now Is Not The Time For ‘Punitive Measures’
Today, the White House released a statement criticizing Congress’s potential plan to limit CEO compensation at the companies the federal government is bailing out, firmly standing against any “punitive measures”:
We certainly understand and are sympathetic to the sentiment regarding the pay of CEOs and senior management of these firms, but we have to focus on the problem, and the problem is that we need these firms to participate in the program and sell us this debt. Having punitive measures would provide a disincentive for firms to participate, and that would make the program much less likely to succeed.
CEO compensation and corporate governance in public companies are very important issues — especially when receiving taxpayer support — but we need to be focused on fixing this problem in our markets right now. We can and should return to those issues once we get this legislation passed.
President Bush also released another statement earlier today warning Congress against inserting any “unrelated provisions” — such as help for struggling homeowners — in the $700 billion Wall Street bailout.
The Bush administration’s position is unjustifiable. As ABC News reported:
In 2007, Wall Street’s five biggest firms — Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, and Morgan Stanley — paid a record $39 billion in bonuses to themselves.
That’s $10 billion more than the $29 billion loan taxpayers are making to J.P. Morgan to save Bear Stearns.
Those 2007 bonuses were paid even though the shareholders in those firms last year collectively lost about $74 billion in stock declines — their worst year since 2002.
In short, the Bush administration wants zero punishment for these wreckless CEOs who lost shareholder money and are now costing each person in the United States $2,000. In return for $700 billion, the White House has yet to name any ways that it will hold these corporations accountable or institute safeguards to ensure that this irresponsible lending and borrowing won’t happen again.
Furthermore, the White House is demanding that Congress give up its oversight powers for this deal and “place no restrictions on the administration other than requiring semiannual reports to Congress, granting the Treasury secretary unprecedented power to buy and resell mortgage debt.”
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Just as we were assured that after the fall of the Soviet Union, it was a bad time for "witch hunts." Ladies and gentlemen I give you: Putin.
September 22nd, 2008 at 12:16 pmbush needs to go away, far away. preferably to a small room with one window.
September 22nd, 2008 at 12:18 pmWhite House is demanding that Congress give up its oversight powers for this deal and “place no restrictions on the administration other than requiring semiannual reports to Congress, granting the Treasury secretary unprecedented power to buy and resell mortgage debt.”
Are they kidding? What a crock! We all still remember the last time GDumbya sold us a pig in a poke -- that one was called a pre-emptive war in Iraq. Never again!
There are questions to be asked and answered. Most of all, we should expect this bail-out to follow certain "let the market work it out" principles. And the principle that is paramount right now is "it's a buyer's market". The American taxpayer is the buyer and our "purchasing agents" in Congress damn well better be acting in our best interest. In this buyer's market, it is our prerogative to set the terms and price of all sales. Period.
GDumbya's "take-it-or-leave-it" offer is inoperative and DOA. Thanks but no thanks, GDumbya.
September 22nd, 2008 at 12:20 pmFunny, init, how it never seems to be the time for "punitive measures" when the criminals are part of Bush's base.
September 22nd, 2008 at 12:20 pmNo, Mr. Bush, now is THE EXACT TIME for punitive measures! Now, more than any time in recent history is the time for ACCOUNTABILITY for the criminals who have been running and pulling the strings of this nation! Take away their compensation packages and throw them all in jail along with George, Dick, Gramm and the rest of these self-serving bastards!
September 22nd, 2008 at 12:21 pmWelfare for the wealthy, paid by the taxpayers.
We had better start building the guillotines right now, and sharpen the blades. It's time to storm the Bastille. Bush had just said in other words, Let the taxpayers eat grass.
September 22nd, 2008 at 12:22 pmBush Backs Unlimited Compensation For Disgraced CEOs: Now Is Not The Time For ‘Punitive Measures’
- - If not now, when? You just pick a timetable there, Georgie.
September 22nd, 2008 at 12:22 pmListen - we're done taking advice from you.
You were wrong about deregulation, just as you've been wrong about everything else over the last 8 years, so why would you think you're right about this all of a sudden?
News flash - you're wrong AGAIN.
Now STFU.
September 22nd, 2008 at 12:23 pmBush couldn't do a root cause a-nalysis if his life depended on it. Incentive executive compensation studies show CEO's undertake riskier strategies. They swing for the cheap seats.
History also shows executives will cheat, even break the law to maximize their pay. Thousands of corporate execs back dated stock options to optimize their take home pay.
These greedy CEO's operated in an unregulated environment. The peace of mind protection they packaged to back up mortgage securities were also unregulated. Credit default swaps blew up the last week or two, taking down Lehman Brothers and threatening all of Wall Street.
Bush's SEC didn't hold cheating CEO's accountable for back dating. Why would they deal with any of the multiple levels of greed precitipitating the current crisis? Just make the taxpayer pay, and pay, and pay.
I don't want a penny of my tax money spent on buying credit default swaps. It's like paying the Mafia for their failed protection territory. A pox on all their houses!
September 22nd, 2008 at 12:23 pmIf the Democrats had proposed a $700B bailout for the housing industry, seized control of the nation's largest insurer, wouldn't the Republicans be screaming, SOCIALISTS!!!
Umm, that's rhetorical.
September 22nd, 2008 at 12:24 pmI don't know how more obvious it could be that Republicans are supporting big business even in times of crises like these. And the hypocrisy: this is not holding these wreckless CEOs accountable for their actions.
September 22nd, 2008 at 12:25 pmNow Is Not The Time For ‘Punitive Measures’
Says the man who supports the death penalty for far less offenses...
Now is EXACTLY the time for punative measures. We have to make sure that those who caused this debacle are held accountable to such a degree of justice that it doesn't happen again.
Why do you think we put regulations of the system in place after the 1929 market crash and the Great Depression? To prevent it from happening again. But, you and your greedy pig party had to erode those safety nets and look what has happened.
You should be sent into exile for the next four months.
September 22nd, 2008 at 12:27 pmThere was a time when I thought Bush was more stupid than evil. That was a long time ago. He is the enemy of every American and I hope President Obama let's the trials go forth to their conclusion. Even if that includes 20 feet of strong hemp and a black hood.
September 22nd, 2008 at 12:27 pmHaving punitive measures would provide a disincentive for firms to participate, and that would make the program much less likely to succeed.
Participate? You're giving them FREE money and you think they'd say 'no thanks'? Moron.
September 22nd, 2008 at 12:27 pmBush is spam.
September 22nd, 2008 at 12:27 pmPresident Bush also released another statement earlier today warning Congress against inserting any “unrelated provisions” — such as help for struggling homeowners — in the $700 billion Wall Street bailout.
Or what? He'll veto? Please.
September 22nd, 2008 at 12:29 pmCEO compensation and corporate governance in public companies are very important issues — especially when receiving taxpayer support — but we need to be focused on fixing this problem in our markets right now.
I can sum up the problem in 1 word and 3 letters , you retarded , grinning , braying , stupid jackass :
You and GOP
Jerkoff.
September 22nd, 2008 at 12:30 pmI have no problem with President Bush rewarding these CEOs and other executives with huge compensation packages.
As long as he pays for them from his personal bank account, not that of the taxpayers. And he needs to prove that the money was his in the first place, not a behind the scenes transfer from government coffers.
ENOUGH!
PEACE
September 22nd, 2008 at 12:30 pmAnd what we see here is exactly what we would see if PALIN/McDepends stole the election. So much more of the SOS!!!!
September 22nd, 2008 at 12:30 pmOnly somebody like Bush would see a golden parachute as some sort of God-given right and the refusal to bestow one on an incompetent CEO as "punitive".
Following this logic, I suppose parents should be obligated to give their teenagers shiny brand new cars and let them go wild with them. Then when the cars get totaled due to irresponsible driving, they should buy them even fancier cars, because anything else would be "punitive".
Gimme a break.
However the Board of Directors of a private company choose to compensate their CEO and other executives is their business. But when the sinking ship is being bailed out by taxpayer money, the taxpayers should get some say in the matter. And giving millions of dollars to anyone whose failure has had a major negative impact on the economy is something most Americans find vulgar. It would be like rewarding somebody who started a major forest fire.
September 22nd, 2008 at 12:30 pmGonna need a lot more IRS agents to go after all of us who suddenly decide paying our taxes just isn't worth it, or start bartering with our friends instead of buying goods, or simply stop paying our mortgages altogether....
Why should we support these rich crooks any longer?
September 22nd, 2008 at 12:30 pmI keep reading these articles and the underlying theme of the Bush Administration argument is: If we don't give them free reign to do whatever they want, then they will have no reason to sell us their trash at twice the value. It translates to: If you don't say it's okay for me to violently rape you, then I'm not going to rape you at all, so there"
September 22nd, 2008 at 12:30 pmSez the WH -
"Having punitive measures would provide a disincentive for firms to participate, and that would make the program much less likely to succeed."
___________
Excuse me, you mouth-breathing morons from Hell... billionaire Wall Street execs FU to the degree they're about to take the world economy down for years to come, and "punitive measures would provide a disincentive"???
WTF are we worried about these executives leeches' feelings for?
You want our money, you play by our rules... beggars can't be choosers!
FFFFFFFFFFFFFFFFF UUUUUUUUUUUUU...
September 22nd, 2008 at 12:31 pmIf management is not willing to relinquish their bonuses, stock options, and golden parachutes then they are not in need of a government bailout.
September 22nd, 2008 at 12:31 pmtom Says: Most of all, we should expect this bail-out to follow certain “let the market work it out” principles.
Where are all the Conservatives to protest against this "socialism"?
Liberals only want regulations, safe-guards and oversight, in order to prevent exactly this type of thing, but we're considered Communists for that.
Who are the Socialists now?
September 22nd, 2008 at 12:32 pmLet's send this obscene corporate stickup-bill of 700 billion dollars to the top two percent (2%) of the wealthiest people. A special Greed and Stupidity Surcharge Income Tax on their incomes this year to pay for this absurd bailout. The top two percent have been making out like bandits during the eight years of Bush gangsterism; let them bail out their buddies in the so-called investment banks.
September 22nd, 2008 at 12:33 pmWhat about this makes any sense. Punitive Measures? How about investigations and criminal proceedings? They wouldn't try this sh!t if they couldn't get away with it. And they will.
September 22nd, 2008 at 12:33 pmmisshusseinmolly Says:
"And giving millions of dollars to anyone..."
_________
Hh, I think you have a typo here... the word you were looking for was "Billions"...
"And giving BILLIONS of OUR dollars to anyone..."
See? Makes so much more sense now, huh?
September 22nd, 2008 at 12:34 pmKnighterrant Says:
If management is not willing to relinquish their bonuses, stock options, and golden parachutes then they are not in need of a government bailout.
_____________
As the French would say, Bingeau!
September 22nd, 2008 at 12:34 pmIf you rob $20 from a convenience store, then you get at least five years in prison. If you lose billions of taxpayer money, then it isn't time for punitive measures.
The time is right for fighting in the streets!
h/t Jagger/Richards
September 22nd, 2008 at 12:37 pmThey don't seem very disgraced. When did failure on a monumental scale become something you add to your resume?
September 22nd, 2008 at 12:38 pmI feel the same as everyone else that has commented so far. This whole scenario is so breathtaking and unbelievable that the repugs may just be able to pull this off. This is another chapter in Naomi Klein's book Shock Doctrine.
BTW, the word is reckless.
September 22nd, 2008 at 12:39 pmWhat the hell ????
These CEO's lose billions of $'s through their own greed and behavior , and Pretzeldent Dipshit claims that not allowing them to walk off into the sunset with mind-boggling personal settlements is equivalent to "punitive measures" ?
No wonder this imbecilic loser has been a life-long failure and complete pile of crap............
September 22nd, 2008 at 12:40 pmFred Says:
--------------------------------------------------------------------------------
Bush Backs Unlimited Compensation For Disgraced CEOs: Now Is Not The Time For ‘Punitive Measures’»
They don’t seem very disgraced. When did failure on a monumental scale become something you add to your resume?
September 22nd, 2008 at 12:38 pm
Since 2000 when the SCOTUS made the most illogical and illegal decision in its entire history .........
September 22nd, 2008 at 12:41 pmHank Paulson - the $1,000,000,000,000 man coming soon to a Bank near you!
This is Goldman Sachs' wet dream.
Same Shit, Different Pile.
September 22nd, 2008 at 12:42 pmThe more I learn about this fiasco, the more angry I become. And, I'm neither about to lose my home or job. If I'm this pissed off, then I can only imagine what the rest of America is feeling.
Perhaps, now is the time to bombard our "Representatives" with honest threats. Most of them are uyp for re-election, and we should milk that as they have milked us for the last 20 years.
Let's tell them that either this 'bail-out' comes with help for Main Street, and regulations, and criminal charges against the CEOs or we'll start another Obama-style grassroots drive to start a French-style Revolution.
It's time the government became afraid of the people once again. You can't be a Democracy otherwise.
September 22nd, 2008 at 12:42 pmPresident Bush also released another statement earlier today warning Congress against inserting any “unrelated provisions” — such as help for struggling homeowners — in the $700 billion Wall Street bailout.
___________________________________________________________
Yes, we all know that when Joe Citizen loses his job (or gets hospital bills that wipe him out), and then his home gets foreclosed because he can no longer afford the mortgage payments, we blame him for a lack of "personal responsibility" and claim he deserves what he gets.
But when Amalgamated Greedco, Inc. goes south due to poor management, business practices, and lack of long-term vision, we have to bail them out.
Granted, we need to do something, because when large financial institutions fail, this has a negative impact on our economy, which affects everyone.
But does anybody see the overall effect on the economy of casting millions of people out of their homes? Is a glut of empty homes and a bunch of homeless people a good thing?
Yes, I understand the difference. Poor people don't pony up as much in bribes and donations.
September 22nd, 2008 at 12:43 pmFrom Bush, October 20, 2000:
"This is an impressive crowd - the Haves and the Have-mores. Some call you the elite. I call you my base."
Throw the bastids in jail!
PEACE
September 22nd, 2008 at 12:43 pmGood Morning all,....Stop screaming at the choir here, instead bury pandering palosi and ranting reid with NO to the bail out's....They are the enabeler's and block and tackeler's for bull shit bush and the big money changer's.I sent my email's out to all my rep's and the rat's already....Blessings
September 22nd, 2008 at 12:44 pmIf Democrats are blocked from attaching this measure to the bailout bill, they should rename it the No CEO Left Behind Act of 2008.
September 22nd, 2008 at 12:46 pmIt's not punishment, it's the price of getting to dump you crappy "investments" on the US taxpayer.
And as for the administration's belief that "the problem is that we need these firms to participate in the program and sell us this debt", that's not a problem. Heck, I hear the foreign banks have already lobbied to be included. Seems they'll be no shortage of takers. What's the alternative, no bonus at all?
Wake up, people. This is a massive boondoggle.
September 22nd, 2008 at 12:46 pmWall Street's lucid dream came to an end with the conversion of Morgan and Goldman to commercial banks, replaced with a better life, under Monet like skies.
The supportive father of home ownership, the loving wife of fast and nearly free credit were all fake. Wall Street cried "customer support" this past week. Hank Paulson showed up to help manage the consequences. Welcome to Bush's Vanilla Sky.
September 22nd, 2008 at 12:46 pmI don't know if it goes back to childhood, but Bush seems pathologically afraid of displeasing rich people.
September 22nd, 2008 at 12:48 pmIt's very much like the 2004 election, when Bush would give his rationale for not wanting to raise taxes on the very rich.
He repeatedly said to audiences that the rich have fancy lawyers who find ways to pass the bill on you good hardworking folks. So to protect you good hardworking folks, he would not raise taxes on the rich.
Time for Robin Hood to start hitting some gated communities.
September 22nd, 2008 at 12:48 pmCongress should just have a requirement that no investment house can sell their mortgage related securities to the U.S. government if it's paying executive incentive compensation.
If those are the rules, then the big boys in the board room can run the numbers and do what makes sense to them. It's not punitive, but a requirement for participation.
September 22nd, 2008 at 12:49 pmI've heard that every taxpayer (or person) in the U.S. will be funding this bailout to the tune of $7,000. each. That's $21,000. from my household.
September 22nd, 2008 at 12:49 pmIf this let's people keep their homes and retirements, fine. If this let's the fatcat CEOs and Board of Directors keep the money they stole, it's not fine.
If the gov't takes all of the assets from those responsible (maybe it only comes up to a few hundred million), then they can take my 21k.
Otherwise, they shouldn't even think about a bailout.
misshusseinmolly Says:
But does anybody see the overall effect on the economy of casting millions of people out of their homes? Is a glut of empty homes and a bunch of homeless people a good thing?
September 22nd, 2008 at 12:43 pm
______
Sure, for real-estate developers. It's so much easier to buy up homes, bulldoze them, and turn the property into Wal-Marts when there's nobody living in them.
September 22nd, 2008 at 12:49 pmPunitive measures are whats being imposed on the people bailing this out. So yes it is a time for punitive measures on the CEOs who helped create this mess.
September 22nd, 2008 at 12:50 pm“place no restrictions on the administration"
After all, they are the "HAVE MORE'S", they are all dining on our nickel.
Got Revolution?
September 22nd, 2008 at 12:52 pmSheesh... "No Billionaire Left Behind" used to be a snarky joke... now it's a fact.
September 22nd, 2008 at 12:55 pmWho gives a f**k what Mister Irrelevant has to say. Thanks to him and his pals in the republican party their cronies are going to make out like bandits just as they did in the S&L scandal of the 80's and the Enron scam.
September 22nd, 2008 at 12:55 pmThe end of Wall Street's Vanilla Sky. "What is happiness to you, David?"
"I want to live a real life. I don't want to dream any longer."
Time to wake up America. Time for life without Wall Street and it's fake love of enticing credit.
"I'll see you in another life, when we're both cats..."
Time to live.
September 22nd, 2008 at 12:56 pmGosh, why don't any of the valiant Bush supporters around here step up to the plate and defend his position? Could it be that even delusional Bushies are fed up?
September 22nd, 2008 at 12:56 pmJust think about what we could do with $700 billion instead of this...
September 22nd, 2008 at 12:56 pmBuckie Boy Says:
After all, [...] ... they are all dining on our nickel.
_________
Hey... whilst it may be a big, whole, shiny nickel to you, pal... it's just another billion to them. Let's show a little respect here.
September 22nd, 2008 at 12:58 pmI should have added thrown in jail, imprisoned, chinese style gov't justice etc... But I know that's too much to hope for.
September 22nd, 2008 at 12:58 pmWhy does Bush have more compassion for these crooks than he does for someone of Texas death row?
Money.
Now all that's left for George W. Destructo is to bomb Iran. Things aren't screwed up enough yet.
September 22nd, 2008 at 12:58 pmIs Our Government Representing Us?
Stop Handing Your Hard Earned Wages Over To Them Then!
It's Time For A Taxpayer Revolt!
NO TAXATION WITHOUT REPRESENTATION!
September 22nd, 2008 at 12:59 pmHaving punitive measures would provide a disincentive for firms to participate, and that would make the program much less likely to succeed.
Typical, chimp logic. If we don't give them everything they want, then they'll take their ball and go home.
Fine.
I guess if they don't want us to bail them out, then that's their choice.
Perhaps they should consider getting their bail out cash elsewhere.
September 22nd, 2008 at 12:59 pm$700 billion?
- a great start at extending Medicare to all Americans
- State-of-the-art monitoring at every U.S. port
- Anti-missle technology on every commercial airliner
- Armed air marshals on every flight
- re-inforced cockpit doors on all commercial airliners
- European-style levies surrounding New Orleans
September 22nd, 2008 at 12:59 pmAs William Greider puts it in The Nation, "Government can apply killer leverage to the financial players: accept our objectives and follow our instructions or you are left on your own--cut off from government lending spigots and ineligible for any direct assistance. If they decline to cooperate, the money guys are stuck with their own mess." But that's not what the Bush administration wants.
No, right there in Section 8 of the proposed bailout legislation is the fiduciary nut kick of a power grab: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency." So the White House wants its Secretary to have total power over the funds, however much that ends up being. In other words, the White House wants to take the power of the purse away from Congress in this matter and center it in the executive branch.
http://rudepundit.blogspot.com/
September 22nd, 2008 at 1:00 pmKnighterrant Says:
Well said. This deserves repeating.
So someone like me, who can not afford health care and make less than 24k a year, is expected to carry the burden for these CEO's so that they can collect a profit? That's not getting screwed without getting a good night kiss, that's getting raped! Raped... as in without my consent!
.
September 22nd, 2008 at 1:00 pmOn the other hand, do we really want great hordes of disgruntled, unemployed bankers roaming the streets... drunken, disheveled, shaking down little old ladies for their bingo money and grade schoolers for their lunch money...???
September 22nd, 2008 at 1:00 pmgee - is anyone really surprised?
September 22nd, 2008 at 1:00 pmLet's see - bail out the asshats that schemed any made billions off of the scams - let them totally off the hook - and provide no help what-so-ever for people who are going to lose everything. Bush-McCain family values at work
The republic: "On the other hand, do we really want great hordes of disgruntled, unemployed bankers roaming the streets… drunken, disheveled, shaking down little old ladies for their bingo money and grade schoolers for their lunch money…???"
Yes. Yes, that's just about exactly what I want.
September 22nd, 2008 at 1:01 pmPut these CEOs to work for the taxpayers: make them dig ditches and build roads. Make them work for a days' pay for once in their bloated, red-faced lives.
September 22nd, 2008 at 1:03 pm49erDem Says:
Yes. Yes, that’s just about exactly what I want.
__________
Okay... I can go w/ that scenario. Just checking first.
September 22nd, 2008 at 1:03 pmWe are asked to give $700 billion to bail out greedy corporations, we bail out the Airline industry, we bailed out AIG, we bail out the Auto industry, we start wars to make profits for the defense industry.
When are we going to bail out the American people? Oh I forgot we are just cattle who continue to fund this fraud known as our government!
September 22nd, 2008 at 1:03 pmAMcG773 Says:
Make them work for a days’ pay for once in their bloated, red-faced lives.
_____________
Just make sure they're working for a day of OUR pay and not theirs... if you're stea... making... that's the word... MAKING a billion dollars a year, that works out to about $3MM/day.
September 22nd, 2008 at 1:05 pmHmmm... prolly time to update this one, huh?
"My fellow Americans, ask not what can your country do for you, but, rather, what can your country do for some poor, struggling Wall Street billionaire who just shite the bed completely..."
There! Much more appropriate now...
September 22nd, 2008 at 1:09 pmIs it punitive to make someone take personal responsibility? To reimburse the people they have wronged? I thought Republicans were all for personal responsibiltiy?
NOW is exactly the right time for these people to pay for their corruption and greed.
September 22nd, 2008 at 1:10 pmAfter reading this fine thread, the only other thing that comes to mind is
In the past all these theives would have been tared and feathered and run out of town on a rail.
September 22nd, 2008 at 1:11 pmTP: "wreckless" should be "reckless"
September 22nd, 2008 at 1:12 pmThe last big grab before Bush leaves office.
Make Bush take the oath "Swear to tell the truth, the WHOLE truth and NOTHING but the truth"
Thank ask him about 9/11.
Not saying he did it. Just saying. America has been dry humped by these guys. I want them out of my butt.
September 22nd, 2008 at 1:12 pmPresident Bush also released another statement earlier today warning Congress against inserting any “unrelated provisions” — such as help for struggling homeowners — in the $700 billion Wall Street bailout.
Excuse me, but how is help for the people who were the victims of the thieves on Wall Street "unrelated" to the bail out?
The Republicans are slitting their own throats on this one. Every Democratic voter and all fiscal conservative Republicans are going to be furious at their attitude that the CEO's who participated in these crimes be allowed unlimited compensation.
September 22nd, 2008 at 1:13 pmHey BigBoy Bush,
That's my teens college money your playing around with.
Keep your hands in your own pockets!
September 22nd, 2008 at 1:15 pmBush thinks he has the right to spend our money as he sees fit. Isn't that what the republicans always say about democrats?
September 22nd, 2008 at 1:17 pmIf a Democratic congress and Justice Department charges Bush with war crimes, will anyone even protest at this point?
September 22nd, 2008 at 1:20 pmWithout strings, this so-called "bailout" is nothing less than a payoff for a job well done.
Not including attachments to the bill helping taxpayers who are suffering from the mess these greedy bas**rds created in the first place, any funds paid out MUST come with at least the following caveats:
1. The CEO of any company which collects any taxpayer-funded "bailout" money must step down immediately. No golden parachute, no stock options, no bonuses, no nothing. You created this mess, you will not be rewarded for it.
2. The not-so-dearly-departed CEO's (and boards of directors, if necessary) shall be replaced by government appointed watchdogs, the same type of personnel appointed by the courts when a company goes into receivership. No monies will be dispensed by the companies without prior written approval.
3. The corporate books will be opened for a full and immediate audit.
4. Any irregularities uncovered by the audits will result in the immediate prosecution of the former CEO's and anyone else responsible to the fullest extent of the law.
If these people truly want what's best for their companies and for this country, they will all readily agree to each of these requirements. If they've done nothing wrong, then they have nothing to worry about. (That is, after all, Bush's excuse for the secret wiretapping. If it's good for the rest of Americans, then it's good for his buddies too.)
September 22nd, 2008 at 1:20 pmFurthermore, the White House is demanding that Congress give up its oversight powers for this deal and “place no restrictions on the administration other than requiring semiannual reports to Congress...
Sounds familiar.
DOD has not sent Congress the (required) semiannual reports with cumulative and current obligations for (Operation Iraqi Freedom) and (Operation Enduring Freedom), or estimates for the next year, or for the next five years that are required by statute."
Iraq Afghan Wars Cost 439 Billion So Far
Point duty on the money pit.
September 22nd, 2008 at 1:21 pmby Pamela Hess
UPI Pentagon Correspondent
Washington (UPI) May 05, 2006
Ohhhhhhh, smack!
This is exactly the kind of evil nonsense that supports the previous thread of approximately ZERO percent of Americans thinking we're headed on the right economical track.
If this doesn't sound like a used-car dealer trying to pressure you into buying before you have a chance to mull over the pros and cons, there's a Bridge to Nowhere waiting for a buyer, too.
This man and his minions must be stopped. We cannot afford a repeat of shoddy legislation like "The Patriot Act," wherein lawmakers were afraid to stand up in opposition lest they be labeled "Unpatriotic."
It's time for Sen. Obama to shout "Enough!" again.
Whatever Paulson has chosen to call this measure, everyone else needs to speak loudly and clearly:
White House Theft.
This is our money. This is our savings. For those of us who've played by the rules our entire lives, this is the last straw.
Vote Obama.
September 22nd, 2008 at 1:21 pmThis morning on Amy Goodman's Democracy Now there was a good discussion of this mess and here's a relevant quote:
'DEAN BAKER: Yeah, well, as I said, this is really just an incredible (that Paulson doesn't want it to be punitive) —we want it to be punitive. If Henry Paulson doesn’t want it to be punitive, that’s telling us, from the word go, he is not the guy to run this. This is not supposed to be a giveaway. You know, these are the richest people in the whole country. And if it’s not punitive, what we’re telling them is just, you know, “Go out, run your banks in a reckless manner”—because that’s what they did; they wouldn’t be here if they didn’t run their banks in a reckless manner—“pay yourself $30, $40, $50 million a year in compensation. Then, when you get in trouble, go running to the government, and we’ll just hand you hundreds of billions of more.”
If this isn’t punitive, if this isn’t really painful for them to come to the government, then we’ve messed up with the bailout. They don’t have to do it. Again, you know, if your business is good, if you could get by without the bailout, wonderful, don’t come talk to us, don’t—you don’t need the money. But if you’re going to get a handout, it’s going to be punitive. That’s the way it’s supposed to be.'
Dean Baker, Economist and co-director of the Washington, D.C.-based Center for Economic and Policy Research.
September 22nd, 2008 at 1:21 pmOf course Bu$hco. wants no punitive measures. If they are punished the likelihood he will get punished increases.
I'm with those who say, "Get a damned rope!"
September 22nd, 2008 at 1:21 pmToday I called the offices of Sherrod Brown, George Voinovich, Deborah Pryce, Harry Reid, & Barrack Obama. Tried to get through to Pelosi but the line was always busy. My talking points were, if this bail out is truly necessary, 1) Resist pressure for immediate legislation 2) Reregulation of industry is a must for any deal 3) Penalties for heads of companies bailed out and control over their compensation, & 4) Need oversight & audits of Paulson actions. If the CEO's of these companies are balking at joining in bail out if their comp pkgs are curtailed I'm thinking this isn't as critical as Paulson would have us believe. This whole thing stinks to high heaven and I'm really angry. And I didn't think I could get any more angry. The only up side I see is from comments I've seen online this weekend, the Bush admn has finally succeeded in uniting the populace in it's contempt for them and the Republican line.
September 22nd, 2008 at 1:23 pmWhy are all of the free market, anti-regulation, Reagan worshippers so quiet?
September 22nd, 2008 at 1:24 pmWingnut Welfare at its finest!
PRIVATIZE THE PROFITS!
SOCIALIZE THE LOSSES!
God bless Amurka!!
September 22nd, 2008 at 1:26 pmPaulson is to Goldman Sachs and financial industry as Cheney is to Halliburton and the defense contractors. W giggles as his pig buddies line up at the trough. GOP is the refuge of sick greedy or at best stupid people.
September 22nd, 2008 at 1:28 pmVerbalKint Says:
TP: “wreckless” should be “reckless”
September 22nd, 2008 at 1:12 pm
_______
Or "wreckful." Definitely not "wreckless."
September 22nd, 2008 at 1:30 pmThen let them bail themselves out!
September 22nd, 2008 at 1:34 pmMax-1 Says:
"So someone like me, who can not afford health care and make less than 24k a year, is expected to carry the burden for these CEO’s so that they can collect a profit? That’s not getting screwed without getting a good night kiss, that’s getting raped! Raped… as in without my consent!"
I believe that this violent, financial form of rape will now be known as "the Golden Parachute". No date rape drugs needed, simply Congressional approval. (given the option, I would take a Boston Steamer or even a Dirty Sanchez over the dreaded Golden Parachute)
September 22nd, 2008 at 1:35 pmIf this is passed then there will be no money left for Obama to get Universal Health Care.
September 22nd, 2008 at 1:37 pmThese ass holes millionaires that make all there money clicking a mouse have never earned one cent in sweat equity.
Oh wait! I just got it! Bush wants more retroactive immunity for people he says did nothing wrong. It's all coming together now, sorry I took so long to catch up.
These CEO's can NOT be held responsible or accountable, it's not the American way.
After all, how can anyone with money do anything wrong when they are doing what the Bush administration TOLD them they had to do to protect this fine country he loves so much.
September 22nd, 2008 at 1:40 pmlm945 Says:
"3. The corporate books will be opened for a full and immediate audit.
4. Any irregularities uncovered by the audits will result in the immediate prosecution of the former CEO’s and anyone else responsible to the fullest extent of the law."
I like where you're going with this one lm945. Just what will voters think when they begin to see the names "McCain", "Gramm", and others from his lobbyist/dreamteam mentioned in company e-mails and financial documents discussing lobby efforts and de-regulation?
September 22nd, 2008 at 1:42 pm"the problem is that we need these firms to participate in the program and sell us this debt."
George is pleading for his new coalition of the willing. And his snake oil is on the table for you to see.
And I bet Congress runs a chasing, hoping to get a bit of that action.
September 22nd, 2008 at 1:47 pmStart the countdown...
Days til the democrats totally cave on this issue: 4!
September 22nd, 2008 at 1:49 pmFred Says:
Bush thinks he has the right to spend our money as he sees fit. Isn’t that what the republicans always say about democrats?
You forget, IOKIYAR...
September 22nd, 2008 at 1:50 pmPersonal Responsibility (TM) is only for us little people. CEOs and Republicans always deserve to get bailed out, but us little people are to be blamed for what happens to us.
September 22nd, 2008 at 1:53 pmshoeless Says:
Why are all of the free market, anti-regulation, Reagan worshippers so quiet?
__________
Because their mouths are full...
September 22nd, 2008 at 1:53 pmAxelRugger Says:
If this is passed then there will be no money left for Obama to get Universal Health Care.
These ass holes millionaires that make all there money clicking a mouse have never earned one cent in sweat equity.
That is the plan all along. They'll justify this by trying to slash not just cut social programs.
September 22nd, 2008 at 1:54 pm"Now is not the time for punitive measures." WTF is that, coming from the guy who cleaned house when Plame was outed? or when he found out that there weren't any WMD in Iraq. He really found time to be punitive after that little "PR" failure, didn't he. Oh, and he really gave FEMA a piece of his punitive mind after over 1500 people were washed out to sea or otherwise were killed after the levees broke during Katrina. Yes, sir, The Bush demands accountability and justice, including honoring subpeonas, like Karl and Harriet did. They're modeling their upstanding behavior in answer to the question, "What would G.W. do?" .
Yup, Georgie the Boy goes after the big offenders with relish. Big Offenders don't have a chance with Georgie's sharp, just, yet compassionate mind. Just ask Tammy Faye Tucker, if you can. Georgie went after her with a vengeance until there were.. only ashes left.
September 22nd, 2008 at 1:55 pm"robwillcarp Says:
Start the countdown…
Days til the democrats totally cave on this issue: 4!"
If the Dems cave so often and predictably, What makes them truly Democrats? Maybe just Lieberman lite. Same same but different.
Can't we simply mass clone Feingold? Or take DNA from the murdered Wellstone and clone a bunch?
The people need to organize a truth commitee. One free of trolls, appeasers and blackmail vicitms.
September 22nd, 2008 at 2:02 pmRemember, this is the President who gave his lecture on excessive CEO compensation to a bunch of NYSE traders. Nary a CEO or Board member in the house...
September 22nd, 2008 at 2:03 pmHas Bush and his pack of thieves ever lied to us? Do you have any reason to believe that these guys are competent? What have they been right about? The occupation in Iraq? Bin Laden? Health Care? The economy? Where have they ever told us something that was fact?
George Bush should be arrested and locked away with his brain and his evil doer veep.
September 22nd, 2008 at 2:18 pmWhat the people of this country need is more guillotines. On wheels. Lots of them. I'm not saying we have to use them, just roll them around where out "leaders" can see them.
September 22nd, 2008 at 2:21 pmBuck Fush! And that goes for his my way or the highway unconstitutional crap.
They aren't telling the truth about the crisis now, but want a $700 billion blank check? Trust us? Sorry, it would take an 11th hour show of domestic force for that to happen. And that's just what's coming to America's Northern Command.
The Army can help Bush prop up his Wall Street buds and their Brownshorts.
September 22nd, 2008 at 2:31 pmWho doe he think he is kidding?
September 22nd, 2008 at 2:31 pmDemocrats can put just about anything they want in this.
GWB won't veto because of threat of another Black Monday.
Surely this has been translated wrong
Obviously, McCain means Now Is Not The Time For ‘Accountability’. Especially if it means holding a Republican accountable. Right?
September 22nd, 2008 at 2:53 pmHaving punitive measures would provide a disincentive for firms to participate, and that would make the program much less likely to succeed.
There you go, you 17%ers!
September 22nd, 2008 at 2:55 pmThis is one of many atrocities that will go down as Bush's legacy: No punishment for those criminals on "our side"!
You must be proud.
But, keep hounding on us the fact that a truly great president was impeached for a private manner involving fellatio in the oval office.
Because, that's all you got!
Having punitive measures would provide a disincentive for firms to participate, and that would make the program much less likely to succeed.
Good. If they don't need it, good luck to 'em and see them on their way. If they do need it, let the board fire their sorry a$$es, and if the board won't do it, let the stockholders rise up in revolt and fire the board.
Cheers,
September 22nd, 2008 at 3:11 pm1) Even if now weren't the time for punishment, why should they walk away with rich rewards as bonuses for their performance ? So they feel they should be rewarded ?
2) Honest Judge, I *DID* rob the bank. But now is not the time for punishment but for healing. Group Hug everybody !
September 22nd, 2008 at 3:35 pmBush & Chenney and Co. BEHIND BARRS NOW!
September 22nd, 2008 at 3:47 pmI hope the public recognizes the ugliness of the criminal rich and Zionists.
September 22nd, 2008 at 3:48 pmNow is precisely the time to be punitive with those who have brought this catastrophe to the U. S. and world. They have nowhere to hide at this moment and it should be exploited to the fullest.
September 22nd, 2008 at 3:53 pmArrogance again must learn humility.
republicanSScareme Says:
KEEP FISHIN....NO BITES ON YOUR BULLSHIT SO FAR....HEH.
September 22nd, 2008 at 4:34 pmunbelievable Says:
Now Is Not The Time For ‘Punitive Measures’
Says the man who supports the death penalty for far less offenses…
The death penalty is for "them".
September 22nd, 2008 at 5:08 pmBush's base; "the haves and the have mores" are above the law by divine right bestowed by the grace of their God, the corporate media/propaganda machine and the GOP.
Punitive measures.
Hmmm, where have I recently heard a definition from a Reichwing tool about punitive measures?
http://www.videosift.com/video/Antonin-Scalia-Torture-Is-Not-Cruel-and-Unusual-Punishment
Oh right, Scumlia talking about toturing a captve as not being punishment. Right, so the Fascists beleive that torturing a person they hold in a prison is NOT punitive, but making a CEO forego pay when their company looses BILLIONS of dollars and the people who have invested with them have lost their money.
THIS IS JUST THE CONTINUATION OF THE CRIME SYNICATE'S STANDARD OPERATING PROCEDURE. UNFCUKING BELIEVABLE!!!
DEATH TO BUSH NOW!!!!!
September 22nd, 2008 at 8:52 pmALL Election records should be poured over after the election and all those who vote Neo-Con should be hunted and killed via the Helicopter Hunting Program of Palin.
September 22nd, 2008 at 8:53 pmPretty soon we will be a major player on the boards of these coporations anyway, so we will have the last say, you fcuking piece of shit. I hope you boil to death.
September 22nd, 2008 at 8:55 pmEndless shitbaggery from the bushies... Can you join us now red states? Or does Jesus need to punch you in the f!*$ing forehead with Ron Paul engraved on his brass knuckles?
September 23rd, 2008 at 3:07 amHow about this? No pay restrictions, but a 99% tax on all compensation over $200K(?) for any firms accepting funds from the bailout... and tax their corporate profits at the same rate. Consider it a loan, at a nice credit rate for losers, what 25%, or maybe 29%.
Free market rules say these companies should be flushed like the toilets they are. What say you Bill O?
September 23rd, 2008 at 12:12 pmUh, CEO takes large bank/insurance company/brokerage house and runs it into ground. Bank is deeply in the RED, there IS NO MONEY. CEO still gets paid? With WHAT? Pretty basic economics bushy, what, you expect the public to give free money to your buddies???
September 23rd, 2008 at 12:34 pm