The Final Minority Report

Because Even Minorities Oppose Liberalism & Statism

An Obama Bill I Actually Support

If you happily took money from the federal government (i.e., tapayers), then YES, you do deserve to get your executive pay capped…now pay back the government so we taxpayers can quit paying for you!

Wall Streeters are infuriated with the government’s ham-fisted limits on compensation. They should come up with a better system, quickly.

The battle between the banks and the populists over compensation picks up with every passing week. The banks want to motivate their star producers; the voters are disgusted that bailout dough is finding its way into the pockets of people in part responsible for the collapse of the economy.

Two compensation caps are in effect. In one, the Obama Administration is by regulation limiting executive pay to $500,000 a year at 421 bailed-out firms until the government’s money is repaid. The other is a provision inserted into the $787 billion stimulus bill by congressional Democrats led by Chris Dodd, the Connecticut senator with the somewhat ethical Countrywide mortgage. The legislative enactment limits bonuses to one-third of base pay. It applies to the highest-paid 25 employees at banks receiving bailout capital, and is in effect for as long as the bank is using taxpayer capital.

03/10/2009 - Posted by | Bills I Support |

1 Comment »

  1. Remember it is a strategic competitive advantage to the stronger banks that the weaker ones have their exec comp limited… I don’t think Barak Obama will stand up to the execs at the stronger banks. I’ve just posted on this, in case you are interested.

    Comment by euandus | 10/22/2009 | Reply

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