Obama administration plans big pay cuts at bailout firms (companies, parties, financial)

[Theliberalvoice]

Administration plans big pay cuts at bailout firms - Yahoo! News (http://news.yahoo.com/s/ap/20091021/ap_on_bi_ge/us_obama_executive_pay - broken link)


"The Obama administration plans to order companies that received huge government bailouts last year to sharply cut the compensation of their highest paid executives, according to a person familiar with the decision."

Excellent. Why should executives and CEO's be getting bailed out when they are in business because of OUR tax money?

[HappyTexan]

LOL..most of the really big ones paid back that TARP so they wouldn't have to abide by that.
They are borrowing government money from other avenues that don't require "approval" on pay.

[texdav]

Obama thinks he is the emporor it seeems. That should have been in teh original bailout rules but like evryhting else he can't get it right.

[Theliberalvoice]

Originally Posted by texdav

Obama thinks he is the emporor it seeems. That should have been in teh original bailout rules but like evryhting else he can't get it right.

Ok I will bite.

What did he not get right?

[cobolt]

Wait until he offers bailouts for small business and then hangs that over their heads by dictating their pay as well. Isn't tyranny wonderful?

[summers73]

The moneychangers own Mr. Obama. There will be loopholes and workarounds for these people, or the moneychangers will see to it that Mr. Obama will not see a 2nd term, either by election loss or otherwise.

[LuckyGem]

They never should have asked for OR TAKEN a federal bailout.

Now that they have it simply gives a reason for the federal government to assert power over private companies.

Those companies should have gone through bankruptcy and reorganized.

Come back leaner and meaner. Instead they wimped and whined and got the US taxpayers to bail their tails out of the trench. Laughing all the way to the bank and having lavish parties and giving each other bonuses.

[HappyTexan]

So here are the 7..the others paid back:

"The seven companies are: Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial."

None of those 7 are in any financial position to be paying out millions so it becomes a moot point.
Notice GS and JPM are not listed ?

[EinsteinsGhost]

Good.

[SactoBankerGirl]

As a stockholder, I think this is a lousy idea. Now every company that is thinking about getting into bed with the government, will want to risk failure instead, rather than risk their best talent going somewhere else with better pay.