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?
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.