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You know all this nonsense about "talent" reminds me of the NFL's penchant for recycling the same loser coaches from team to team. When some team owners woke-up and found out that they're were actually a bunch of young talented assistants out there who didn't necessarily rate the "top" salaries look what they got, Lovie Smith, and Mike Tomlin. I say search the mailroom for some struggling clerk with an MBA, might better than all the Bernie Ebbers and Skillings of the world.
You know all this nonsense about "talent" reminds me of the NFL's penchant for recycling the same loser coaches from team to team. When some team owners woke-up and found out that they're were actually a bunch of young talented assistants out there who didn't necessarily rate the "top" salaries look what they got, Lovie Smith, and Mike Tomlin. I say search the mailroom for some struggling clerk with an MBA, might better than all the Bernie Ebbers and Skillings of the world.
Yeah, I know what you mean... that's why I put "talent" in quotes because an executive's only talent may be to run a company into the ground.
1.) The Fed govt can limit the pay of executive in banks that get Federal aid.
2.) No banks may get Federal aid.
A good additional rule here would be:
3.) The Fed govt is not allowed to regulate or control what people or groups any banks lend to, nor may they buy loans from banks.
.....but that one would have to be ex post facto, going back 30 years or more. Then we would avoid all this problem in the first place.
Actually, Rules (2) and (3) above, are already enacted in law: See the 10th amendment to the Constitution. It is the most-widely violated part of the Constitution, with the 2nd and the Welfare Clause close behind.
How about a catch-all:
(0.) The Federal government shall obey the Constitution as written.
Naw, that would never fly. The govt would have to shrink to about 1/4 of its present size (and budget). Can't have that.
That's what lots of people are calling this move to limit executive compensation at companies that are on the Federal dole.
Oh, please! That's not class war, it's barely a class skirmish.
When it comes to the real class war, the stuff that matters, not just optics about CEO earnings, the rich are thrashing the rest of us, just like they always do.
I am relieved to see that most believe that yes.. it should be limited.
Actually.. we should all be able to review their expenditures..
NO remodeling offices for hundreds of thousands of dollars..
NO corporate jets.. what they have, they should sell them and use that money to pay back the gov't.
No special "retreats" at resosrts ANYWHERE.. want to have a lecture.. go to the local HOliday Inn conference room.. or have a national forum over the net.. they'll save thousands.
Limit execs pay.. NO BONUSES until the funds are paid back.. and NO BONUSES to anyone in a company who's business is not performing and in need of any gov't assistance.
I won't cry for the exec that has to live on $500K a year! That's a whole hell of a lot of money ..more than I'd ever need in a year.
NO naming ball fields after companies that are not performing..
It's disgusting that we are bailing them out while they spent this ridiculous amount of money on ridiculous expenditures..
Those banks are being bailed out by money from taxpayers yet unborn (97% of them not rich folks) and they want to place some conditions on it - what's the problem? Would any of those bankers make a loan to anyone using the same terms by which they are getting our tax money? No way!
Just a reminder folks that when Lee Iacocca saved one of our big three auo makers years ago and had to borrow federal money - he accepted $1 per year until they paid if off. It seems corporate leaders with an honor (like Iacocca) are in short supply these days.
As his recent book asks: "Where Have All the Leaders Gone?"
Let's examine this argument from the other end of the economic ladder. Joseph the unemployed factory worker goes to the government seeking assistance. Joe gets food stamps and wants to buy a couple of 6 packs of Bud, but food stamps don't allow for the purchase of alcohol. Joseph goes on the local TV newscast and demands to know what right the government has to tell him how to spend the money they give him for assistance.
Any bets on what the conservative response to this would be?
I fully support any restrictions that are placed on the companies that receive taxpayer funds. It is taxpayer money and the gov't has every right to place whatever restrictions they choose on the money they are giving these companies.
However, this sentence alarmed me:
"The administration also will propose long-term compensation restrictions even for companies that don't receive government assistance, Obama said."
Maximum wage in the private sector? That is a major step towards socialism and goes against everything that capitalism stands for by removing the motivation for success.....
3.) The Fed govt is not allowed to regulate or control what people or groups any banks lend to, nor may they buy loans from banks.
.....but that one would have to be ex post facto, going back 30 years or more. Then we would avoid all this problem in the first place.
I am dying to know what that is suppose to mean. When on god's green earth did the Fed "regulate" what people or "groups" banks could lend to?
If anything is clear it was allowing banks to lend to anybody anything that IS part of the reason why we are where we are.
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