Monday, September 29, 2008

"Over $500,000?"

From the AP:
"The rescue would only be open to companies who deny their executives "golden parachutes" and limit their pay packages. Firms that got the most help through the program-- $300 million or more _ would face steep taxes on any compensation for their top people over $500,000."

Call me crazy, but if a firm is requesting a bailout, then why would any of their "top people" still be making more than $500,000?
Shouldn't that kind of extraordinary compensation be reserved for finance executives who've done a good job and kept their firms solvent?
Are any executives of failing money firms really worth that kind of money?
Hell no.
If I were in the legislature and working on this bailout bill, I'd insist that no executive of a failed or failing financial institution or insurance mammoth make more than 500 percent of their lowest paid employee. If a janitor makes $20,000, then the CEO gets $100,000.
Then let them earn substantial merit increases if they start to perform sensibly.
And let's stop calling it a rescue bill!
A rescue is when an innocent victim is in distress.
A bailout is when someone fucks up and gets into trouble.


FranIAm said...

$500,000 is far less than any bonus than most of these bozos made.

I knew folks in NY, analysts at investment banks, who routinely received bonuses in excess of 1 million and they were middle managers.

It is all one big fucking joke and the joke is on any of us who are the "average taxpayer."

I feel like I am getting raped in Wasilla and now I have to pay for my own rape kit too.

BuelahMan said...

Just say no.

I made my calls and sent my emails and letters to the editor of my local paper.

I am telling each and every sumbitch I encounter to do the same.

Just Say No!

bernthis said...

I agree. When I saw that number, I thought WTF are u talking about? No, no, no, no, no!

Anonymous said...

Here's something funny. Over at the Daily Kos this headline is on top:

John McCain Fails To Deliver GOP Votes

And at Red State we see the following story near the top:

The Failure Of House Democrats

Both constituencies attacking each other for failing to pass a bill neither side particularly wanted.

If you needed any more proof we're in the middle of a campaign season, that's it.

bigsis said...

The R's being interviewed on tv are spitting and sputtering with anger about any topic that comes up. Its scary to watch. You can see the rage in their eyes, but I hope its actually fear.

bigsis said...

Interesting, this speaks volumes.

In Alaska, the only Rep (R) voted against the bailout. Everyone in both parties in Arizona voted against the bailout and in Texas, 15 of the 18 R's voted against the bailout.

Anonymous said...

The greed of these fuckers makes my teeth hurt.

nonnie9999 said...

i hope none of your teeth are gold. the wall street ceos will yank them right out of your mouth.

Anonymous said...

KZ...your suggestion just makes too much sense, which in the corporate world is simply a foreign language.

Utah Savage said...

Wish I'd kept my old gold crowns. crumbling porcelain is worth nothing.

Nice work on making sense on this clusterfuck for the billions.

Dusty said...

These bags of shit have huge iron-clad the asshole that ran WaMu for what..a few months?

Fran said...

Thanks for clarifying.... this ain't no rescue.

Lulu Maude said...

Well, it is a rescue. It's the dirty waters of the economy, in which we all swim. We little people are perhaps collateral damage, but my puny and sad retirement fund has been badly buffeted (no relation to Warren) in these stormy, polluted waters.

Hard to remember, but true.