Salary Freezes for Bailed Out Banks

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  1. #1

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    Salary Freezes for Bailed Out Banks

    Welcome to the Peoples Democratic Republic of America.

    http://biz.yahoo.com/rb/090204/busin...bama.html?.v=9


    President Barack Obama took on bailed-out Wall Street firms on Wednesday, setting a $500,000 annual cap on pay for top executives at companies receiving taxpayer funds and tapping popular anger over financial sector excesses.

    Obama said more measures would be outlined next week to overhaul the crisis-hit U.S. financial sector, which has been propped up with billions of dollars in public funds.

    "This is America, we don't disparage wealth. ... What gets people upset, and rightfully so, is executives being rewarded for failure. Especially when those rewards are subsidized by U.S. taxpayers," he said.

  2. #2

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    This will keep a few lawyers occupied for a while looking for loopholes.


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  4. #4

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    I sense your opposition to this Shri? You feel its a communist plan?

    Frankly I think its wholly fair. If these facktards go hat in hand to the government looking for a taxpayer bailout and they aren't mature enough to govern their own salaries themselves, then perhaps they do need to be treated like children and dictated how much they can earn.


  5. #5

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    So I guess the good execs will just move to HK or the Middle East where they will get paid in line with their colleagues. Leaving the crap ones behind to try and turn things around.


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    "They would get eaten alive if they tried to cheat," said Alan Johnson, managing director of compensation consulting firm Johnson Associates. "No one is going to be that stupid."

    Anyone want a bet on that?


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    Quote Originally Posted by hullexile:
    "They would get eaten alive if they tried to cheat," said Alan Johnson, managing director of compensation consulting firm Johnson Associates. "No one is going to be that stupid."

    Anyone want a bet on that?

    My personal maxim: If you make something idiot-proof, the world just builds a bigger idiot

  8. #8

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    Its definitely a start but it dosen't seem to affect a lot of people. I am not sure I am reading this right but from the article and I quote:

    "..The rules apply only to the future, not to banks that have already received bailout money...."


  9. #9

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    Quote Originally Posted by hullexile:
    "They would get eaten alive if they tried to cheat," said Alan Johnson, managing director of compensation consulting firm Johnson Associates. "No one is going to be that stupid."

    Anyone want a bet on that?
    They don't eat their own.

  10. #10

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    "This is America, we don't disparage wealth. ... What gets people upset, and rightfully so, is executives being rewarded for failure. Especially when those rewards are subsidized by U.S. taxpayers,"

    its almost like Obama is answering to the discussion on our previous thread about Morgan Stanley CEO


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