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Oh Snap! Obama To Cap Executive Pay At Bailed Out Companies!

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iheartscience

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I think this is a great idea, myself! link

"The Obama administration is expected to impose a cap of $500,000 for top executives at companies that receive large amounts of bailout money, according to people familiar with the plan.

Executives would also be prohibited from receiving any bonuses above their base pay, except for normal stock dividends. [...]

Crucial details remained unclear on Tuesday night, including whether the restrictions would apply to all companies that receive money under the so-called Troubled Asset Relief Program, or TARP, or whether they would apply only to the "exceptional" companies that were being rescued from collapse."
 

movie zombie

Super_Ideal_Rock
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Jan 20, 2005
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11,879
breaks my heart to see them suffer so..........NOT! they''re working on my dime so they should be thankful to have a job.

mz
 

chrono

Super_Ideal_Rock
Premium
Joined
Apr 22, 2004
Messages
37,507
YEAH! They shouldn''t be paid bonuses and extras if their firms are in trouble. Heck, they are lucky they aren''t laid off. Ordinary folks would have had salary freezes, bonus freezes, pay cuts or even be laid off if they performed so poorly.
 

Efe

Brilliant_Rock
Joined
Aug 8, 2006
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773
Most of them are lucky they are not in jail.
 

Madam Bijoux

Ideal_Rock
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5,143
How can any of them buy me diamonds if their pay is capped at such a ridiculously low amount?
 

decodelighted

Super_Ideal_Rock
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Jul 27, 2005
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11,534
Date: 2/4/2009 9:22:20 AM
Author: tradergirl
Barn door open. Horse gone. Mid 2007 was the time to do that. The whole market rally of ''07 was specifically engineered to get the last big bonus. Prezzident HopeNChange just mugging for the cameras here.
Wonder why Prezzident RightyMcHolierThanThou didn''t get right on that back in 2007? Oh wait ... he was fo'' shizzling an Oil War for his friendzzzzz and breathing with his mouth open.
 

AllieGator

Shiny_Rock
Joined
Dec 1, 2008
Messages
316
I think this is a great idea...I''m just curious as why President Bush (and congress as well) didn''t put this as a stipulation when they gave the bailouts to begin with. But I''m glad that President Obama is putting this in place. It''s time for everyone to tighten their belts.
 

sklingem

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Feb 6, 2008
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641
That is outrageous. It will lead to the demise of our capitalistic system and we will have all the "talent" flee the companies they have so "successfully" managed. And the companies will have to lay off more people and move their business to Third World countries. Just look at European countries: Execs get paid even less than that and they have all turned into socialist strongholds with socialized medicine, outrageously generous unemployment benefits and guaranteed pensions. Not to talk about the 6 month paid maternity leave my sister is enjoying right now. Freerider - that's what I call her now!!! Outrageous, I am telling you.
 

MaggieB

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Date: 2/4/2009 9:22:20 AM
Author: tradergirl
Barn door open. Horse gone. Mid 2007 was the time to do that. The whole market rally of ''07 was specifically engineered to get the last big bonus. Prezzident HopeNChange just mugging for the cameras here.

http://bloomberg.com/apps/news?pid=20601087&sid=aRW0FJZPoPfQ&refer=home
So I get the "HopeNChange" moniker, but what''s with the ZZs? He can''t spell? He''s boring you to sleep?
 

MaggieB

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Date: 2/4/2009 10:02:53 AM
Author: rob09
That is outrageous. It will lead to the demise of our capitalistic system and we will have all the ''talent'' flee the companies they have so ''successfully'' managed. And the companies will have to lay off more people and move their business to Third World countries. Just look at European countries: Execs get paid even less than that and they have all turned into socialist strongholds with socialized medicine, outrageously generous unemployment benefits and guaranteed pensions. Not to talk about the 6 month paid maternity leave my sister is enjoying right now. Freerider - that''s what I call her now!!! Outrageous, I am telling you.
Rob, since Ksinger is already spoken for, will you marry me?
 

sklingem

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Date: 2/4/2009 10:15:45 AM
Author: MaggieB
Date: 2/4/2009 10:02:53 AM

Author: rob09

That is outrageous. It will lead to the demise of our capitalistic system and we will have all the ''talent'' flee the companies they have so ''successfully'' managed. And the companies will have to lay off more people and move their business to Third World countries. Just look at European countries: Execs get paid even less than that and they have all turned into socialist strongholds with socialized medicine, outrageously generous unemployment benefits and guaranteed pensions. Not to talk about the 6 month paid maternity leave my sister is enjoying right now. Freerider - that''s what I call her now!!! Outrageous, I am telling you.
Rob, since Ksinger is already spoken for, will you marry me?
Well ... if you like radiants ... maybe we can talk ...
 

tradergirl

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Hey, Rob. I''m on a muni bond or prop desk last year. I made the firm $10M in a horrible year. My base comp is 300K and bonus should be 4x that. I should be penalized? Don''t think so. And if the firm does thing so or is pressured by a politically correct lynch mob, there are still plenty of hedge funds, etc. that will be happy to pay me. Then the bank and its shareholders lose my earning power. Their loss.
 

sklingem

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Sorry MaggieB - I am marrying a rich girl - Tradergirl !!! But only if she gets her bonuses this year.
 

MaggieB

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Date: 2/4/2009 10:25:59 AM
Author: rob09
Sorry MaggieB - I am marrying a rich girl - Tradergirl !!! But only if she gets her bonuses this year.
I understand, Rob. I married rich too. I really didn''t want to have to give up my cell phone.
 

tradergirl

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LOL. You wouldn''t like that. I have my husband at home right now writing a computerized S&P scalping program. He also gets to feed the cats and scoop the litter pans
 

sklingem

Brilliant_Rock
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Messages
641
Hm. I am allergic to cats. I have a slight feeling that this will not work out. Any chance I could get a small cut of your bonuses instead ...?
 

tradergirl

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788
A little common sense on this issue. Class warfare is not going to solve anything.

http://clusterstock.alleyinsider.com/2009/2/paycaps-as-a-bailout-why-capping-pay-hurts-the-recovery
 

MaggieB

Brilliant_Rock
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Date: 2/4/2009 10:57:24 AM
Author: tradergirl
A little common sense on this issue. Class warfare is not going to solve anything.

http://clusterstock.alleyinsider.com/2009/2/paycaps-as-a-bailout-why-capping-pay-hurts-the-recovery
I read the article and the discussion below it. I''ll grant that the average citizen (or even the above-average citizen) doesn''t understand the economy well enough to know if paycaps will help or hurt. Based on the discussion, it doesn''t seem that the people in the industry know either.

However, calling it "class warfare" is where you steer off into the ravine. When tax dollars are used to bail out companies, it makes us in effect shareholders, and as shareholders we want bailed out companies to answer to us. This is class warfare because?
 

tradergirl

Brilliant_Rock
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Messages
788
Using an "us" (J6P) vs. "them" (capitalist pigs) storyline to drum up public support.

Doesn''t matter. As I said before, it was nothing but Prezz H&C mugging for the cameras. It will affect virtually nobody.

http://clusterstock.alleyinsider.com/2009/2/the-five-things-you-should-know-about-obamas-pay-caps
 

trillionaire

Ideal_Rock
Joined
Apr 18, 2008
Messages
3,881
those the made the system know how to bend the rules in the system. Paycaps are an ambitious idea, but I doubt they will have the desired effect. I would hate for these exes to lose a home like everyone else, because their income went from 3mil to 500,000!
 

MoonWater

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Joined
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Date: 2/4/2009 10:02:53 AM
Author: rob09
That is outrageous. It will lead to the demise of our capitalistic system and we will have all the ''talent'' flee the companies they have so ''successfully'' managed. And the companies will have to lay off more people and move their business to Third World countries. Just look at European countries: Execs get paid even less than that and they have all turned into socialist strongholds with socialized medicine, outrageously generous unemployment benefits and guaranteed pensions. Not to talk about the 6 month paid maternity leave my sister is enjoying right now. Freerider - that''s what I call her now!!! Outrageous, I am telling you.
Try two years paid maternity leave. At least for Sweden and Lithuania. You can also transfer a year to your husband so that he can stay at home while you work.
 

littlelysser

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Joined
Dec 8, 2005
Messages
1,862
Date: 2/4/2009 6:29:17 PM
Author: EBree
Date: 2/4/2009 6:21:02 PM

Author: littlelysser

nevermind.

Speak up, lady! Many of us won''t bite.
I was too filled with rage at the "Prezz" spelling and connotation and the bragging about the salary and such. I realized it was better to nevermind myself than to break PS rules.

Thus, I remain strongly neverminded!
 

swimmer

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Joined
Nov 9, 2007
Messages
2,516
Date: 2/4/2009 10:33:54 AM
Author: MaggieB
Date: 2/4/2009 10:25:59 AM

Author: rob09

Sorry MaggieB - I am marrying a rich girl - Tradergirl !!! But only if she gets her bonuses this year.
I understand, Rob. I married rich too. I really didn''t want to have to give up my cell phone.
that was hysterical Maggie, snorting and agreeing with you on many levels.
 

E B

Ideal_Rock
Joined
Aug 31, 2005
Messages
9,488
Date: 2/4/2009 8:09:29 PM
Author: littlelysser

I was too filled with rage at the ''Prezz'' spelling and connotation and the bragging about the salary and such. I realized it was better to nevermind myself than to break PS rules.
I hear that!
 

MaggieB

Brilliant_Rock
Joined
Jan 22, 2008
Messages
646
Date: 2/4/2009 8:13:26 PM
Author: swimmer

Date: 2/4/2009 10:33:54 AM
Author: MaggieB

Date: 2/4/2009 10:25:59 AM

Author: rob09

Sorry MaggieB - I am marrying a rich girl - Tradergirl !!! But only if she gets her bonuses this year.
I understand, Rob. I married rich too. I really didn''t want to have to give up my cell phone.
that was hysterical Maggie, snorting and agreeing with you on many levels.
Thanks Swimmer:) I need a snort now and then to muddle through . . .
 

mrscushion

Ideal_Rock
Joined
Nov 15, 2008
Messages
3,309
Date: 2/4/2009 10:21:11 AM
Author: tradergirl
Hey, Rob. I''m on a muni bond or prop desk last year. I made the firm $10M in a horrible year. My base comp is 300K and bonus should be 4x that. I should be penalized? Don''t think so. And if the firm does thing so or is pressured by a politically correct lynch mob, there are still plenty of hedge funds, etc. that will be happy to pay me. Then the bank and its shareholders lose my earning power. Their loss.
Even if you move on to greener fields (rightfully so, if you can), you''d think there''d be plenty of talent to replace you right now, even at the lower salary.
 
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