Obama to introduce executive pay limits for bailed out companies.
By on Feb 3rd, 2009 at 10:25 pm
Obama to introduce executive pay limits for bailed out companies.
The Obama administration plans to mandate new executive pay limits for financial companies that are receiving any help from the $700 billion bailout fund. “If the taxpayers are helping you, then you’ve got certain responsibilities to not be living high on the hog,” President Obama said in an interview. Sen. Claire McCaskill (D-MO) has proposed that no employee of a bailed-out company can receive more than $400,000 in total compensation until it pays the money back.
Update Obama will announce today that he’s imposing a cap of $500,000 on the compensation of top executives at companies that receive significant federal assistance in the future.
Update Sen. Bernie Sanders (I-VT) was the first to propose the idea of capping salaries last October. Watch his appearance last night on The Rachel Maddow Show.
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Excellent! Make them live within their means. Just like the rest of us are trying to. Maybe they’ll understand the meaning of the phrase “Living paycheck to paycheck.”
February 3rd, 2009 at 10:29 pmSure but how will they make ends meet on such a restricted salary?
February 3rd, 2009 at 10:34 pmMight have to let go of the Lobbyists too.
February 3rd, 2009 at 10:43 pmI dunno db, maybe start by cutting out junkets to Vegas would be a good place to start. Sell the private jets too.
February 3rd, 2009 at 10:43 pmsee rachel’s interview with bernie sanders tonight…
February 3rd, 2009 at 10:44 pmstill questions about the titles, and bonuses…
and the cap now is 500k…
Okay, minor time warp their. 3 should be 4
February 3rd, 2009 at 10:44 pmOnly 400 large! How on earth do you make the mansion payment, the seven car payments, the alimony, child support and outrageous hooker fees on that paltry amount! Outrage!
February 3rd, 2009 at 10:44 pmI’d rather see a formula like they can make only 150% of the average salary of their employees, excluding officers.
February 3rd, 2009 at 10:45 pmHey were in the world is our resident MBA, Gleezie to explain to us how wrong this is? Figured he’d want to take a whack at this.
February 3rd, 2009 at 10:47 pmWhereas these folks are such important members of the community, I suggest they get paid the mean salary of a public school teacher and a volunteer fireperson
February 3rd, 2009 at 10:48 pmProud of what
February 3rd, 2009 at 10:51 pmOh my Proud, do you have to sooooooo predictably stupid and inane? Tool.
February 3rd, 2009 at 10:51 pmWhat is success? Leading a business which needs to be bailout by the government while whining of the evils of socialism? So so odd is the thinking…
February 3rd, 2009 at 10:53 pmWell I guess if you call ripping of the honest taxpayers of this Country “success” then I guess you have a point there Proud.
February 3rd, 2009 at 10:53 pmBut you don’t.
Proud, I was my own CEO, doing small database projects for small business. Did it for seven years.
February 3rd, 2009 at 10:53 pmAny other idiotic questions?
… what is this desire to reward the near destruction of the economy?
February 3rd, 2009 at 10:54 pmOh, and btw, I was pretty successful and didn’t need a government taxpayer funded bailout.
February 3rd, 2009 at 10:56 pm“Proud Says:
What is this desire to punish success,”
What success? They had to come to the US government and taxpayers and beg for money. Is that success in your warped brain?
There is no cap on executive pay for companies that didn’t come begging for a bailout, so PLEASE LEARN TO READ
I doubt you will be making CEO of any company soon, unless you incorporate your can collecting endeavor.
Idiot
February 3rd, 2009 at 11:04 pmLush, are you truly THAT stupid or do you pretend to be just to humor us?
February 3rd, 2009 at 11:07 pmWhy would anyone take advice from a dolt whose name starts with Lush>?
February 3rd, 2009 at 11:08 pmLush, considering your posting with all of its spelling errors and grammar mistakes, I think you should be hoping for a raise in the minimum wage.
February 3rd, 2009 at 11:08 pmWho’s Dashel?
February 3rd, 2009 at 11:09 pmHe has to get a job first Bob.
February 3rd, 2009 at 11:09 pmSigh…another thread hijacked by our resident Trolls.
February 3rd, 2009 at 11:11 pm27
February 3rd, 2009 at 11:11 pmWhat the heck are you talking about? What track record? I just remember you as somebody others goof on. Am I wrong?
guns are for pussies
February 3rd, 2009 at 11:12 pmLush says:
“Sorry, its hard to reload 22-250 ammo and type at the same time………..”
Big man with his big gun, and his miniscule dick.
February 3rd, 2009 at 11:15 pmI just watched video of Sen. McCaskill introducing her legislation. Jeezo Pete! Was she pissed. I think this might be a case of the “Fool me once shame on you, Fool me twice shame on me” adage at work here.
February 3rd, 2009 at 11:16 pmIsn’t Dashel one of Santa’s reindeer?
February 3rd, 2009 at 11:18 pmWhy is Lush bragging about all the needle holes in his arm?
February 3rd, 2009 at 11:19 pmWho could possibly live on only $400,000 a year? That’s like torture!
(joke)
February 3rd, 2009 at 11:32 pmWell… I have to say I approve of this.
Hey trolls… BITE IT!
If the corps don’t want to go along w/ it, they don’t have to take any money from the govt.
Quite frankly, if the GOOPers were to take the truly principled stand they’re shrieking they are, they’d nobly turn down all that tainted stimulus money, once the bill passes. What you say, trolls? Gonna do the noble, principled thing and turn it down, or be Red State Welfare Queens and Suck… It…
(The govt teat… goodness… what did you think I meant?)
February 3rd, 2009 at 11:32 pmAnd what other industries have executive incentive compensation, causing CEO’s to swing for the fences? Greed and leverage took down Wall Street.
It exists in spades in corporate board rooms and executive suites. What about for-profit healthcare companies getting huge public money via Medicare, Medicaid, and CHIP? How about defense contractors, fueld by Uncle Sam’s military budget?
Watch how Obama’s proposal is applied. The devil is in the details.
February 3rd, 2009 at 11:32 pmJim Wolf359 Says:
Sigh…another thread hijacked by our resident Trolls.
____________
Ya know, Jim… it’s what happens here. More than one of us has tried to change this, to no avail. Sorry… it’s TP.
February 3rd, 2009 at 11:34 pmDamn. I logged on late, saw Prod had thrown a hanging curveball and was anxious to get up to the plate. Then I read the next few comments and saw that Prod had been shelled in the first inning.
Dammit.
February 3rd, 2009 at 11:43 pmstateofthedivision Says:
And what other industries have executive incentive compensation, causing CEO’s to swing for the fences? Greed and leverage took down Wall Street.
_________
J.P. Morgan once said that the highest paid executive of a corp should never be paid more than eight times what the lowest paid employee is. The average CEO’s compensation is, what, 455 times the average worker’s?
Is this where all the money in company pension plans went? Or why so many companies claim they can’t afford to pay for their employee health plans? Or why so many companies have been caught trying to cook their books the last 10 years? Trying to hide this truly hideous level of greed?
If this goes thru and becomes law, it s/b FASCINATING to see how many companies suddenly decide they don’t need a bailout after all.
Bets anyone?
February 3rd, 2009 at 11:44 pmralph the wonder llama Says:
Dammit.
____________
Hang in there, ralphie… hang in there.
The trolls are showing renewed spirit and vigor of late. I have to say, after our team scored so big in November, we’re now stuck playing defense for a while.
I know it… you know it… and yes, the trolls know it. It’s a new game.
February 3rd, 2009 at 11:46 pmAh’s ready and rarin’ to go, TRoS. Put me in the game, coach. Ah knows ah kin dew it!
February 3rd, 2009 at 11:49 pmCap their pay, no bonuses. Issue stock options as incentives, but make the vesting schedule such that they are fully vested five years after the U.S. Treasury has been paid in full, plus interest. And charge the corporations for the cost of the oversight that will be necessary to make sure rules are enforced.
If it’s cheaper for the government to buy these failing banks, financial institutions and corporations than it is to bail them out, do it! Then make these bozos reapply for their jobs. Doubt they’d make it past the interview.
PEACE
February 3rd, 2009 at 11:50 pmGee, Proud, eh, have any new and improved right-wing hit words? The old batch doesn’t ring hollow like it used to.
February 3rd, 2009 at 11:56 pm$400K is too much, since they’ve already stolen so much from us in “bonuses.”
$1 per year.
Suck it, trolls.
February 3rd, 2009 at 11:57 pmralph the wonder llama Says:
Ah’s ready and rarin’ to go, TRoS. Put me in the game, coach. Ah knows ah kin
dew it!
___________
Heh… next one’s all yours, ralphie.
Hopefully it’ll be a big, fat, slow one, spouting some stale, cliched, hackneyed nonsense about “Commies this”, and “hippies that”…
And remember, don’t swing until you see the bloodshot red of its eyes.
February 4th, 2009 at 12:00 amZooey Says:
$1 per year.
Suck it, trolls.
_________
For a buck a year? Geez, Z… that is rather harsh. But then, the trolls do have all that “bottle and can” revenue to fall back on… and the spare change they cadge from pay phone and newspaper box coin returns.
Hmmm… I wonder how many of them actually declare that “bottle and can” revenue on their taxes?
Okay… a buck a year it is!
February 4th, 2009 at 12:02 amOh please, let it be Hippie_Crusher…
or maybe Tracey_5…
February 4th, 2009 at 12:03 amTRoS, they will still live like kings. Maybe we should make sure they can’t live in their houses. They’ll have to live in a shack at the county dump.
Damn, I’m mean when I’m tired. And pretty much all the time. ;)
February 4th, 2009 at 12:06 amralph the wonder llama Says:
Oh please, let it be Hippie_Crusher…
or maybe Tracey_5…
________
Big game hunting, huh?
February 4th, 2009 at 12:06 amTrolls have never solved any problem in their lives. Problems are solutions on planet trollupiter. Democrats had been out of executive leadership for eight years. The tough road ahead will be criticized by those looking for the easy lives — right-wingers who do nothing but turn every thing they touch into shit. Their delusion exceeds their incompetence, and they are willing to take on nothing involving caring for the fellow man. They serve as no reasonable audit function and shouldn’t be treated as one. Neocons, you are not our other half.
I don’t see how there could be any discussion about capping the pay of those working at the failed companies receiving assistance. But the trolls are already wearing their moose antlers for 2012, apparently.
If times are tough, you don’t beg for taxpayer dollars to pile on your salary; you use the funds to save your company and contribute to the broader economy. A pay-cap regulation should be after the fact; but it’s way before the fact, unfortunately, since none of these companies are acting voluntary to cut back during these challenging times. Millions don’t have a salary at all.
February 4th, 2009 at 12:12 amThe Republic of Stupidity Says:
ralph the wonder llama Says:
Oh please, let it be Hippie_Crusher…
or maybe Tracey_5…
________
Big game hunting, huh?
February 4th, 2009 at 12:06 am
More like tiny, whiny weenie hunting.
February 4th, 2009 at 12:12 amProud Says:
What is this desire to punish success, blah blah blah…
February 3rd, 2009 at 10:50 pm
What success, you f ucking moron? Those people ran their companies into the ground, and needed a government bailout. Where is the success?
Idiot!
February 4th, 2009 at 12:15 amWhoa… word to the wise, Ralphie
Don’t get in Z’s way when she’s after a troll…
We’re talking some potential serious collateral damage here.
February 4th, 2009 at 12:20 amPoor things. How will they exist on the billions they already have? I will believe it when it happens.
February 4th, 2009 at 12:21 amAh hell, TRoS. Just wear a raincoat and you’ll be safe. Hey, that could work in several situations!
Frickin’ trolls are hiding under their beds anyway. Cowards.
February 4th, 2009 at 12:23 amGive them highly overpaid union wages…
/snark
February 4th, 2009 at 12:40 amI’m not sure if this would be legal based on binding previous legislation, but my strong belief is that any companies refusing to account for previously disbursed TARP funds in any meaningful way should be required to return the amount in question to the U.S. treasury. We should not allow an aura of uncertainty to remain about $350 billion.
February 4th, 2009 at 12:48 amMcWars Says:
We should not allow an aura of uncertainty to remain about $350 billion.
_________
Oooooooooo… I can agree w/ that completely.
We wouldn’t want an aura of impropriety hanging over the proceedings like a dark cloud, would we?
February 4th, 2009 at 12:56 amCost of Iraq War
$4,681 per household.
$1,721 per person.
$341.4 million per day
$593 BILLION +
http://www.nationalpriorities.org/costofwar_home
February 4th, 2009 at 1:38 amAnd not a peep from the party of ev!l : The Re publican Pary
No wonder proud’s a GOP voter. He actually thinks failure is success!
February 4th, 2009 at 1:53 am.
Q U E S T I O N:
Why weren’t these irresponsible CEO’s FIRED?
.
February 4th, 2009 at 2:18 am.
Dear
(R)ush LimbaughProud,Does it really boil down to ethnicity and skin color?
Really?
.
February 4th, 2009 at 2:22 amWait, you mean spending $50 million on a jet and $35,000 on a toilet using the funds you just fleeced from the public to help bail out your bankrupt a** isn’t a wise, responsible decision? I just figured we would leave it up to the execs to decide. I’m sure they’d be fair about it.
http://democralypsenow.blogspot.com/
February 4th, 2009 at 3:47 amSo much for the theory that greed works.
Going Back in Time:
February 4th, 2009 at 5:30 amhttp://www.youtube.com/watch?v=naZdfGqZtJ0
Proud Says:
Thank you for giving us Obama the clown and his new socialist revolution.
February 3rd, 2009 at 10:50 pm
__________
And thank you for recognizing our new President’s sense of humor. He has a very dry wit that I don’t think is appreciated by our punditocracy.
February 4th, 2009 at 6:03 amwickedlittledoll Says:
Wait, you mean spending $50 million on a jet and $35,000 on a toilet using the funds you just fleeced from the public to help bail out your bankrupt a** isn’t a wise, responsible decision?
February 4th, 2009 at 3:47 am
__________
Well, how else do you expect to bail out the private jet and ridiculously opulent commode industries? Those CEOs were just thinking of the future!
February 4th, 2009 at 6:07 amProud Says:
ProudMoron you are so stupid. You just repeat the hivemind talking point no matter how stupid it is. If they were SUCCESSFUL THEY WOULDNT NEED BAILED OUT YOU MORON. It is so funny to see dittobots most likely working by day asking if they want fries with that snivelling like the punks they are that CEO’s are going to have to live like kings instead of Roman Emporers. You are a dunce ProudMoron. A fruitfly could outthink you.
February 4th, 2009 at 6:12 amLushInterior Says: You are a liar and a fool Lush. WE ARE GIVING THEM TAX DOLLARS. To say we cant put strings on the loans we give them is flat out stupid. If they are going to bail out MY family I will be glad to live within the means they set. When will you ever get a clue?
February 4th, 2009 at 6:15 amLushMoron made a stab at actual discourse and it was too stupid to be taken seriously so he went back to begging us to feel sorry for him for how stupid and pathetic he is. The drunk retard has no self respect.
February 4th, 2009 at 6:17 amThis thread is showing who really wears the polyester uniforms, gets paid minimum wage and works in fast food.
Stop feeding the trolls!!
February 4th, 2009 at 6:41 amThe GOP pretend to care so deeply about the stimulus, when it is patently obvious and a derelict of their duty to the public, that the GOP are working furiously for the next elections and not the peoples’ economic crisis looming so large at this time. Some Republican Pundits charged with this task, call the Stimulus a stinking corpse, instead of what it is — a valuable work in progress for this country. Like any creation, in the early stages, it is chaos and not fully formed, such as a fetus, a painting, any work of art, and yet the artist ploughs on knowing the beauty to be eventually created. Why in the world, would some Pundits criticize the early form instead of giving support, is beyond the pale, especially when they know to publically criticize it is to get the ball rolling to derail it. May be they do not love this country more than their party affiliation!
At this critical stage in our rapidly-crumbling economy, it would seem that the Republican Senators would do everything they can to do something, to tell the American people, I am on your side, and not always to quickly say no to the middle class and the little people; no to schools, education, infra structure, green jobs, all of which have too long been denied and neglected and Yet, always yes to the Special Interest Groups, to wars, to big oil and their tax breaks .
It is a sad fact that for average American citizens, the GOP is becoming the party of NO! We can not depend on the GOP to help us, they never have. In 2010, we will know what to do.
February 4th, 2009 at 7:02 amNo bonuses for doing your job????
How un-Republican.
February 4th, 2009 at 8:09 amIt’s beans & hot dogs for the elitists now! I love it.
February 4th, 2009 at 8:35 amI am delighted that Obama is doing this. These folks are robber barons plain and simple.
February 4th, 2009 at 9:05 amHi I’m new here. I am very glad that Obama is limiting the paychecks for the thieves that gladly took our money and immediately headed to the warm climates for a little R&R. They seem to think that $500,000/year isn’t enough money — well, I could do quite well on $500K. Might even take me a little vacation, too. As Claire Mccaskill said, “they are idiots.”
February 4th, 2009 at 9:36 am“$500,000 is not a lot of money” This from one of the leeches who makes money telling these companies why they deserve obscene pay packages. “Yes, oh great one, you deserve to make in one year more than the GNP of some small countries. That will be a million for the consult, tyvm”.
February 4th, 2009 at 9:38 amWelcome Zoe1.
February 4th, 2009 at 9:38 amJK you ignorant cowardly punk no one and I mean NO ONE cares in the least what the Limborg has told you to think
February 4th, 2009 at 9:59 amThanks Nevar.
February 4th, 2009 at 10:01 amJK, I take it you’re OK with the $700 billion bailout that Bush approved just before he left office? The $700 billion with NO accountability–yes, that one, tool.
February 4th, 2009 at 10:05 amIf they don’t want to abide by the rules, then they shouldn’t take the money. Of course it should pertain to the money received. This is the minimum of requirements. The taxpayers are only asking for what the banks want from us when we apply for the loan. BTW — What form did these lenders fill out? That should be transparent too.
Full and open accountability is a must. The greedy, lying lenders should be fired (not demoted.)
These greedy robbers have been ripping off people for the last 8 years.
I wasn’t for chimpy’s give-away. Especially when they said the dollar amount was a pull-out-the-ass amount.
Made up is sorta correct because the economy is worse than what is known.
February 4th, 2009 at 11:12 amTaxpayers should be paid back first then they can party all they want.
February 4th, 2009 at 11:24 amI wasn’t for The chimp’s giveaway either because to me it seemed like money down a rat hole — which has proven to be the case. And while we’re at it, what about that several million dollars that has “gone missing” in Iraq?
February 4th, 2009 at 11:51 amblue state bob says:
Big man with his big gun, and his miniscule dick.
Just like Dickhead Cheney, right?
February 4th, 2009 at 12:19 pmReloading 22-250 ammo eh lush?
February 4th, 2009 at 1:03 pmYou must be a living nightmare for those terrorist prairie dogs and their weapons of mass destruction.
Yes indeed, a rodent digging a hole in the vanishing prairie is an act of terrorism.
Next thing you know woodchucks will want in on the action and then squirrels and bunnies, and the beavers (I won’t get into the beavers and tree terrorism) when will it end? This has to be stopped!
Ooh, I like the new girl! welsome to the fray, Zoe1!
February 4th, 2009 at 1:41 pmI meant, welcome, darn keyboard…
February 4th, 2009 at 1:42 pmStupid idea!
February 4th, 2009 at 10:21 pmdrew3rd Says:
Stupid idea!
>>>>>>>>>>>>>>>>>>>>>>>>>>>
No it isnt but yours was a stupid post
February 5th, 2009 at 1:23 am