This story was previously titled "Barack Obama To Order Salary Cuts Of Up To 90% For Top Executives At "Bailed" Out Companies"
Barack Obama To Order Salary Cuts Of Up To 90% For Top Executives At "Bailed Out" Companies »
Posted By Mikunited 1 month ago in Business & FinancePresident Obama's 'pay tsar' looks to curb boardroom excess with big cuts in executive pay packages
Read Full Story at guardian.co.uk »
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Mikunited
I'm 49 and work as a painter and decorator.I live in London,with my long time partner,she is a teacher.We have ...
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Jeboba1 month ago
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While I applaude Obama for this, $200,000 is a bit rediculous. Hell, the County Manager here makes more than that! I would say $400,000 would be more in line. I doubt if $200,000 will be enough to make their mortgage and jet payments! hahaha.
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I see those guys just quitting and nobody else will take the job. Then what? -
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Albmore1 month ago
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mesodude1 month ago
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NoWayManComment removed: Spam
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Hhussk1 month ago
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wtagg1 month ago
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This is what happens when you accept money from a loan shark. The companies should have said no to Bush and Obama. They didn't and now they are beholden to the government's leaders. You can liken it to those that took high risk loans for their homes or homes they were trying to flip. If the homeowners/flippers were responsible for saying yes to those loans, the upper executives that said yes are equally responsible and beholden.
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Ironically, this is exactly the foundation of our foreign policy around the world. We give money to buy influence and control. -
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Beau78901 month ago
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Yes, they did apply for a government job, Hhussk.
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When they took government money, they became subject to the rules of the entity that funded them. Just like the rest of us are subject to the rules of those who pay us. If we don't like it, we can get other jobs. Right? -
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mesodude1 month ago
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"I'm embarrassed that the leader of our country is now dictating how much money people can make. "
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--I'm embarrassed that so many of my fellow countrymen are greedy and shallow and weren't embarrassed to have Bush running our country for 8 years.
"They did not apply for a government job; this is another example of a takeover, not a bailout."
--I love your philosophy. Can I please borrow money from you (with no strings or conditions) to keep my FAILING business afloat (while I continue to collect larger and larger bonuses and engage in the very practices that led me to come to you begging for money in the first place)? Pretty pleeeeeeeeeeease?! Come on...I'm just a free market material guy living in a material world trying to make an honest buck and stuff. I'll do better from now on. ;-P -
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fiftynine1 month ago
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"They did not apply for a government job; this is another example of a takeover, not a bailout."
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Always love how the right always comes to the defense of crooks,liars,and thieves..
When they take "my" money to help right their business and use it to give themselves bonuses and raises then they need to have their salarys cut until they repay "me"...That is just good business. -
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mesodude1 month ago
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"Just like WWII - price controls by the government - meaning some bureaucrat rules private businesses."
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--Klarissa, remind us all how unprecedented war time tax cuts for the ultra-wealthy while waging multiple wars under Bush served our economy? How did that turn out? ;-P -
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bushiesRbonkers1 month ago
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No tears, please. This is about "executives" - the ones who drove the companies into the ground in the first place - taking a pay cut. Usually the business model calls for the reverse - hanging the grunts for the sins of the brass (Abu Ghraib style.)
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Mikunited1 month ago
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We are having all the same problems here in the UK,you guys Stateside are having.The right complain the minimum wage is to high LOL.it's just under £6 ($9.40)per hour,whilst they whine that executives at bailed out banks ,deserve their multi million bonus's.
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NoWayMan1 month ago
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hey. those are our companies. and I'm all for this move.
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and the stock options that execs will receive have to be held for at least five years in most cases. which means the execs in question have a vested interest in staying in the black. -
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awongscreen1 month ago
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Do executives deserve 200K? Many executives that I have experienced with are simply incompetent and do not even deserve 100K.
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These executives get themselves into those positions either by relations and playing politics. One of the reason why north american companies are faltering is because of the short sight agenda of executives. As a result, companies go bankrupt and many workers loose their job.
A janitor contribute by keeping the place clean. A clerk perform by entering data into the system. A worker does his part by keeping a machine running. These non-executives get paid for their contributions.
The executive is supposed to lead the company to success by choosing a correct direction for the business to proceed. If all he does is to run the company to the ground, then he deserves nothing as he contributes nothing.
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