Is that provision capping CEO pay still in the bills circulating in DC? I hope not. Why not let CEO Incompetent make his $10 million and then tax it at 75% if his company receives aid and tax it at 50% if his public company doesn't?
Limiting CEO Pay is a Bad Idea
- Thread starter Infohawk
- Start date
Schadenfroh
Elite Member
- Mar 8, 2003
- 38,416
- 4
- 0
It's not a bad idea as long as it only affects those who are receiving bailout money from the gov't. This could serve as an incentive for those banks that continue to rely on bailout money that they will have CEO cap pay and that as soon as they get out of the bailout money they can choose their compensation rate as they so wish!
Higher taxes will just mean they'll find as much deductions as possible on their income tax return. BAD IDEA.
But should the prospect of extra pay or perks be the main reason people work hard at their jobs? The reason you work hard, workers and employers in the retail trenches told me, is because you take pride in what you do.
But not if you work for a bank or a brokerage or some other financial heavyweight. On Wall Street, the rule seems to be that no effort should go unrewarded -- and as lavishly as possible, regardless of how the company's doing.
What sizzles my bacon is the expectation among our financial friends that the bonuses and perks should keep rolling in. Otherwise, presumably, they won't be motivated to give it their all.
"I don't need to be motivated to do a good job," said David Jones, 40, manager of Counterpoint Records & Books in Franklin Village. "I either want to do it or I don't."
Unfortunately, Wall Street clings to the notion that the only way you can get people to perform their best is by bribing them. In 2007, the latest year for which figures are available, the average bonus across all pay grades was $177,000.
That was on top of salaries that averaged $223,000, according to the New York comptroller's office.
Link
But not if you work for a bank or a brokerage or some other financial heavyweight. On Wall Street, the rule seems to be that no effort should go unrewarded -- and as lavishly as possible, regardless of how the company's doing.
What sizzles my bacon is the expectation among our financial friends that the bonuses and perks should keep rolling in. Otherwise, presumably, they won't be motivated to give it their all.
"I don't need to be motivated to do a good job," said David Jones, 40, manager of Counterpoint Records & Books in Franklin Village. "I either want to do it or I don't."
Unfortunately, Wall Street clings to the notion that the only way you can get people to perform their best is by bribing them. In 2007, the latest year for which figures are available, the average bonus across all pay grades was $177,000.
That was on top of salaries that averaged $223,000, according to the New York comptroller's office.
Link
Wow, so this is the only thing our empty suit president has accomplished in his first month on the job? (that is besides lots of talking, just stop talking and start fixing!) Know what? This guy is doomed to suck because his partisan bias is flawed; he's leaning the wrong damn way! Ok, so America (fuck yeah) has been steadily veering rightward off of a giant cliff for the last 8 or so years and people think NOW is the time to change direction?! That's insane! All we need is another 8 (maybe 16) or so years of right wing stewardship to continue veering until we complete the full circle of veering. Changing direction now is just going to cause us to hesitate and THAT'S what's going to send us over that cliff. You remember that scene in toy story where the piggy bank guy is furiously clicking the remote trying to find the guy in the chicken suit? That's what leading america should be like. YOU GOT TO KEEP GOING AROUND THE HORN! FOR THE LOVE OF GOD, DON'T STOP CLICKING THAT REMOTE! It's clear Obama Bin Laden has already squandered an enormous opportunity to fix america with all the time he's wasted talking on television, so now's OUR time to take america back and keep it going around the horn like it needs to until we find the man in the chicken suit! VOTE TED STEVENS 2009!!
boomerang
Lifer
- Jun 19, 2000
- 18,890
- 642
- 126
How about we garnishee their wages, bonuses and the value of their stock options until the debt is paid back? Even if they change jobs they can't escape it. Garnishee them in perpetuity or until death.
96% should cover it.
For the slower among us, it's not to repay the bailout money, it's a reminder that there are consequences to their actions. It's also an incentive for their successors to err on the conservative side when dealing with other people's money.
We all know we can't trust them to accept their fiduciary responsibilities on their own, so we have no choice but to force it down their throats.
I still say we should hang a dozen of them publicly. Short, sweet, effective and cheap. Rubin and Geithner would be a great start. The mastermind behind Citi's downfall and the man that let him do it.
96% should cover it.
For the slower among us, it's not to repay the bailout money, it's a reminder that there are consequences to their actions. It's also an incentive for their successors to err on the conservative side when dealing with other people's money.
We all know we can't trust them to accept their fiduciary responsibilities on their own, so we have no choice but to force it down their throats.
I still say we should hang a dozen of them publicly. Short, sweet, effective and cheap. Rubin and Geithner would be a great start. The mastermind behind Citi's downfall and the man that let him do it.
Thump553
Lifer
- Jun 2, 2000
- 12,673
- 2,425
- 126
Already been done. Back in the eighties there was a lot of outrage over excessively high CEO pay. The solution-special taxes on CEO pay that was excessive. The result-the overpaid CEOs "negotiated" with their companies for the companies to pay the tax.
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