I have been waiting patiently for a little FDR:
Responding to the growing furor over the paychecks of executives at companies that received billions of dollars in federal bailouts, the Obama administration will order the companies that received the most aid to deeply slash the compensation to their highest paid executives, an official involved in the decision said on Wednesday.
Under the plan, which will be announced in the next few days by the Treasury Department, the seven companies that received the most assistance will have to cut the cash payouts to their 25 best-paid executives by an average of about 90 percent from last year. For many of the executives, the cash they would have received will be replaced by stock that they will be restricted from selling immediately.
And for the 25 best-paid executives, the total compensation, which includes bonuses, will drop, on average, by about 50 percent.
Queue the whining about how all the executives will go find better paying jobs.
The more whining the better.
Bus drivers that drive thei buses into ditches don’t drive for very long.
These banksters have done much worse than simply drive the bus into the ditch—millions are out of work now in part because capital wasn’t available when companies needed it, or when people needed to borrow. Limiting their compensation would be where I’d start…wouldn’t stop there.
That means they get $10,000,000 instead of $100,000,000?
No, I’m not satisfied until none of them makes more than POTUS. I would say the median wage and $1 for the execs, but I’d be satisfied with no more than POTUS.
It would be interesting watching the banksters lobby to pay the prez a $billion a year.
cool plan by me…. or a hard percentage calculation based on their company’s minimum wage….say, no more than 45x corporate minimum, including bennies…..that was about the difference in the Truman Administration…and more than enough to live on even these days.
One doesn’t have to live the lifestyle of an Arab sheik to be identifiable as a corporate CEO, IMO
So when they sell it, they pay no more than 15% income tax.
But, but, but, isn’t that just more of the Obama socialism at work?
“federally-registered lobbyists [will] not be appointed to agency advisory boards and commissions…”
My God, what is this world coming to?
because that’s all you got.
while it may make for a compelling sound bite on the 10:00 news, it’s nothing to get excited about.
bfd, 175 high profile exec’s get deferred stock options in lieu of cash while all the facilitators down stream who do their daily bidding, continuing the same policies and practices that have already driven the economy to the brink are anticipating record bonuses and incentive payments that are projected to exceed those in 2007…prior to the melt down:
boohoo
until the administration gets serious about regulation and controls with some serious teeth… which were the real hallmark of fdr’s admin….that $800b, and counting, of the taxpayers money that went into the bailout was nothing more than a bribe to keep a total collapse at bay.
wall street hasn’t lost anything…they’re still running their game and those who can least afford it are picking up the tab…as usual.
Granted.
However, the regulatory scheme is working its way through the Congressional committees. Care to do a timeline on FDR and see what regulations (and agencies to enforce them) he passed through Congress in the first ten months of his presidency?
l understand that, l did say “until”.
l also know there’re proposals in congressional mill, which from all accounts that l’ve seen are meeting serious resistance.
hopefully, they’ll fare better than HRC has, but given the kabuki, or whatever one chooses to call it, to date on that, l won’t be holding my breath.
I think the answer is the SEC and FDIC. Although, I think the SEC didn’t really get teeth until a follow-up bill the next year.
On the other hand, the economic crisis was 4 years, not months, old by the time FDR came to power and a lot of work had been done on possible reforms.
Has the Whitehouse weighed in on this? I was under the impression Feinberg has done this on his own and was waiting to see what Obama himself would do. Support it, ignore it, squash it, etc.
when do we all wake up to the simple position that unless the regulators and those that support them in congress are brought to task, the situation regarding the current horror will only get worse.
isn’t it true that the real money is in the bonuses?
or is that a misperception on my part?
They make a salary, but the bonus is based upon what profit they make for the company, at least that was how it used to work. Now, they take down the financial industry and reward themselves. These cheaters took Tarp money and they can indeed be told to knock off the gazillions in bonuses.
Regulation is on it’s way. A house committee passed the consumer protection agency.
Let them eat cake! Oh, wait a minute, wrong Revolution.