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Obama caps executive pay tied to bailout money
Obama caps executive pay for companies getting bailouts, seeks to stop rewards `for failure'
Ben Feller, Associated Press Writer
Wednesday February 4, 2009, 8:19 pm EST
WASHINGTON (AP) -- Assailing out-of-touch corporate pay and perks, President Barack Obama on Wednesday slammed a salary cap on top executives from companies that want bailouts -- but it's a limit that could end up thinning the wallets of only a small number of people.
Obama's action comes as many Americans, while hanging on for economic life, have watched Wall Street high-flyers receive big-dollar bonuses even as their firms draw public help for survival. The outcry has grown with each report of a bailed-out company that plans to buy a jet or hold a Las Vegas retreat.
The president aimed for a target -- extravagant corporate behavior on the public dime -- that fit the mood of the day. His $500,000 salary limit on executives from a limited number of companies was part of a broader assault on what he called a "reckless culture" that has helped wreck the economy....
...Obama's new plan is broad.
Beyond imposing tighter rules on companies that get emergency bailouts, it also requires more openness and limits for healthy banks that tap into public money to expand lending. And it envisions broad reforms in how employees are paid at any public financial institution, even ones that don't get federal help....
..The administration also will propose long-term compensation ideas even for companies that don't receive government assistance, Obama said. Among the ideas will be requiring top executives at financial institutions to hold stock for several years before they can cash out.
Actually that would slow inflation at least.
Actually the government is not supposed to co-op property, but get out of the way. Seriously wrong.
Actually that would slow inflation at least.
Actually the government is not supposed to co-op property, but get out of the way. Seriously wrong.
Actually that would slow inflation at least.
Actually the government is not supposed to co-op property, but get out of the way. Seriously wrong.
Exactly.. It's so very unconstitutional.. somewhere in the Bill of Rights, it specifically prevents the federal government from taking private property... but, yeah, like this administration uses the Constitution for anymore than an asswipe.
Also, kitty, inflation comes from expanding the money supply, not from anywhere else.
Actually that would slow inflation at least.
Actually the government is not supposed to co-op property, but get out of the way. Seriously wrong.
Meh, when I have 100% freedom and equal rights then I'll care about other peoples.
lol, bravo.
but central planning is not unique to one party, sadly. that's why we're in this mess. but, of course, democrats are smarter and better central planners than republicans, right?
lol, bravo.
but central planning is not unique to one party, sadly. that's why we're in this mess. but, of course, democrats are smarter and better central planners than republicans, right?
I don't really see that much difference between the two parties. Both push big-government fascism down our throats. The difference is that Democrats do it in the name of compassion.
the key words are "tap into public money"
you take the govt money; it comes with govt strings.
don't want strings, don't take the money.
the key words are "tap into public money"
you take the govt money; it comes with govt strings.
don't want strings, don't take the money.
Actually the point was, the 'broader plan.' Not just 'taking the money' companies. I happen to agree if they do, with the 'strings.'
