Bailed out but still giving bonuses

[JimH52]

ABC News: Bailed-Out but Still Giving Bonuses

Is anyone really surprised? The rich get richer on the taxes of the US citizen.

 

[Vintij]

Ofcourse they are, and we can report on it all we want......no investigation will happen. And if it does, the FDIC will probably fund it, making it pointless since they could care less what anyone does with their printed money, as long as tax payers pay it back with interest.

 

[Turboswede]

Yup, so long as they contracted for the bonuses and met the goals set they get them. Next year’s bonuses will probably suck.

 

[sparky]

well the real kicker is, they gave some of the same f-ups who f'ed up the job of overseeing the rest of the f-ups...

 

[JimH52]

if the bonuses are from company profits, fine but if they are from the bailout money, I say no, no matter what the contract says. Do you want your tax money lining the pocket of an executive who was one of guys who got us into this mess in the first place.

If our tax money is bailing out wall stree companies and banks, aren't we part owners in some way?

 

[Care4all]

Yup, so long as they contracted for the bonuses and met the goals set they get them. Next year’s bonuses will probably suck.

THAT'S just silly....

HOW in the heck could they have met their goals if they needed bail out help?

 

[Turboswede]

THAT'S just silly....

HOW in the heck could they have met their goals if they needed bail out help?

Because the FY 08 Goals may have nothing to do with if the institution was profitable or not. The targets are sent out in the proxy statement and need to be approved by the shareholders. The shareholders of the companies providing these bonuses approved them.

There you go, democracy in action.

 

[Care4all]

Because the FY 08 Goals may have nothing to do with if the institution was profitable or not. The targets are sent out in the proxy statement and need to be approved by the shareholders. The shareholders of the companies providing these bonuses approved them.

There you go, democracy in action.

not really...in fact, it is the good ole boys club of boardmenbers the ceo hires...it is not as transparent as you think.... mainly this is the fault of those in 401k's that don't follow the nitty gritty of the companies that they are invested in....

there needs to be more disclosure and the shareholders need more of a say in who boardmembers are etc...in my opinion....and the opinion of many.

 

[Care4all]

and also, i don't care what their goal.......they obviously were NOT GOOD ONES for their companies to be failing and my tax dollars should NOT IN ANYWAY go towards the irresponsible ceo's that made so many unsound business decisions during this mess, that they have litterally turn the world upside down...sorry to disagree with ya on that...

 

[busara]

if the bonuses are from company profits, fine but if they are from the bailout money, I say no, no matter what the contract says

that would be as bad as palin getting her clothes money from the RNC and not the campaign. technically its legal, but but it clearly violates the spirit of the law. if the company got bailed out, the execs shouldnt get anything imo

 

[Turboswede]

not really...in fact, it is the good ole boys club of boardmenbers the ceo hires...it is not as transparent as you think.... mainly this is the fault of those in 401k's that don't follow the nitty gritty of the companies that they are invested in....

there needs to be more disclosure and the shareholders need more of a say in who boardmembers are etc...in my opinion....and the opinion of many.

I was kidding...the idea that disclosure can replace regulation is retarded. I am sure all those Mutual Fund Managers were looking at the executive bonus plan last year when they sent in their proxy votes. If they didn't object to the bonus terms can the shareholders file a derivitive action? It will be intresting to watch.

 

[RoadVirus]

No surprise. And all that money (and whatever else they pillaged) is going into a bank in the Cayman Islands.

 

[JimH52]

that would be as bad as palin getting her clothes money from the RNC and not the campaign. technically its legal, but but it clearly violates the spirit of the law. if the company got bailed out, the execs shouldnt get anything imo

Exactly, CEOs have been walking away with pockets full of money for far too long. Now that we are paying to keep them from going belly up, I sure don't want them walking away with a pocket for of OUR tax money, do you?