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WASHINGTON (CNN) -- One day after President Barack Obama ripped Wall Street executives for their "shameful" decision to hand out $18 billion in bonuses in 2008, Congress may finally have had enough.
An angry U.S. senator introduced legislation Friday to cap compensation for employees of any company that accepts federal bailout money.
I have a better idea: why not put a cap on salaries of movie stars, entertainers, and athletes. After all, they really don't work for it, and it's unecessary to society. Let's impose a 150k a year maximum salary. Put the rest of it into a pool and raise the minimum wage to 20 bucks an hour!
You notice the left never has a problem with salaries when it comes to entertainment.
I have a better idea: why not put a cap on salaries of movie stars, entertainers, and athletes. After all, they really don't work for it, and it's unecessary to society. Let's impose a 150k a year maximum salary. Put the rest of it into a pool and raise the minimum wage to 20 bucks an hour!
You notice the left never has a problem with salaries when it comes to entertainment.
Well, there you go again .... mixing apples and oranges ... making non-logical comparisons ... being partisan .... the difference is that Hollywood and pro sports aren't the ones asking for bailout money from OUR pockets ....
I dislike most of government, and really do not want their hands involved in our markets. That being said, as soon as a company accepts taxpayer funds to bail them out, I think there should be strings attached, and cutting out ridiculous bonuses would be a great start.
You know at first I was going to rip on this congressman for this idea, how it completely violates the idea of a free country and capitalism. But the thing is, that stuff went out the window when the government started bailing out these banks. I wouldn't know how we could practically impose a ban on bonuses since some employees really deserve bonuses. The majority on Wall Street make bonuses though, and I would be pretty upset if some of the bailout money I contributed through taxes went to some I-banker to buy expensive champaign bottles in a club.
I hope he was just trying to prove a point though, because I would never want to pass such an oppressive piece of legislation.
That's is the problem with the government loaning the money. As I reacll the governamnt didn't do his when it bailed out Chrysler in the past altho during that time Iocco didn;t take much of a salary but he got his reward later.What if government decided to reduce wages of workers to save comp-anies;how would anyone like that.Once government gets into businesss very on ewill lose except for the poor .
I have been against ALL bailouts and all government intervention into the markets. Lets just take the government for example. They have run govt as a business and gone 10 trillion in the whole, a national debt we can't afford to pay back in the next 100 years. And now they want to get their hands on all these troubled businesses and tell them what to do to be profitable? Laughable.
Well, there you go again .... mixing apples and oranges ... making non-logical comparisons ... being partisan .... the difference is that Hollywood and pro sports aren't the ones asking for bailout money from OUR pockets ....
I was being facetious, for the most part. But I do think the next 'frontier' for the socialists will be to legislate pay scales for positions in business, with the logic that they funded businesses. My problem is in fact with companies: they shouldn't have taken one dime from these totalitarians. But I did mean what I said about the left and their hatred for the rich: it only extends to people who are actually productive and create necessary and useful goods and services. There is in contrast a 'hands off' policy when it comes to what I would call unecessary salaries, in the form of entertainment. The left would rather see someone like John Chambers, the CEO of Cisco, have his salary capped, than say, LeBron James, Jennifer Hudson or Halle Barry.
wouldn't know how we could practically impose a ban on bonuses since some employees really deserve bonuses.
Well, when the bailouts were offered, they should have been accompanied by a legal framework along the lines of a "constructive bankruptcy." The company would not actually go bankrupt, but a government-appointed "receiver" would have been able to go through corporate expenses, void or modify executive contracts, and control the use of the money.
That's is the problem with the government loaning the money. As I reacll the governamnt didn't do his when it bailed out Chrysler in the past altho during that time Iocco didn;t take much of a salary but he got his reward later.What if government decided to reduce wages of workers to save comp-anies;how would anyone like that.Once government gets into businesss very on ewill lose except for the poor .
The government never loaned Chrysler a cent back in the late 1970's when Chrysler was hurting. The government issued "loan guarantees," similar to being a co-signer, but the loans never went to default, thus NO taxpayer money was ever lent, not a cent. Lee Iacocca took a salary of $1 per year during that time. Lee refers to the Bush crowd as clowns in his recent book "Where Have All the Leaders Gone." A good question indeed.
Iacocca and Jack Welch could run this country just fine, but politics and PC would have to go out the window for these guys to get us straightened out, and you can bet there'd be no bonuses for money losing idiots on Wall Street, and probably caps on CEO pay and jail terms for Board of Directors types who approve these ludicrous compensation packages.
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