"Comrade" Obama is marching forward towards ultimate dictatorship in America. The bailouts are just an excuse to take control of all pay and compensation in the private sector. This will have far reaching implications that will impact all of us.
quote:
WASHINGTON -- The Obama administration plans to appoint a "Special Master for Compensation" to ensure that companies receiving federal bailout funds are abiding by executive-pay guidelines, according to people familiar with the matter.
The administration is expected to name Kenneth Feinberg, who oversaw the federal government's compensation fund for victims of the Sept. 11, 2001, terrorist attacks, to act as a pay czar for the Treasury Department, these people said.
The Obama administration earlier this year issued guidelines that include limiting salary for top executives at some firms receiving TARP funds and requiring that additional pay be in the form of restricted stock, vesting only after the company repays its debt, with interest, to the government. Congress then chimed in with even tougher rules curbing bonuses for top earners at firms receiving TARP money. As part of that effort, lawmakers barred those firms from paying top earners bonuses that equal more than a third of their total compensation.
Mr. Feinberg will report to Treasury Secretary Timothy Geithner, but he is expected to have wide discretion on how the rules should be interpreted. Firms likely won't be able to appeal decisions that Mr. Feinberg makes to Mr. Geithner, according to people familiar with the matter.
And America sits and keeps going to Disneyland while Barry slowly sinks this country to the bottom. Oh by the way have you all heard that yesterday our unemployment rate hit a 25 year high at 9.4%? Guess that was Bush's fault too.
What Keg either didn't notice (or hopes we don't) is that the pay caps apply ONLY TO COMPANIES THAT HAVE RECIEVED TARP (i.e. Federal Bailout) funds - companies like AIG who've already shown that they have no shame in handing out hundred million dollar bonuses to executives who've driven the company into the ground.
As a taxpayer, I don't want my share of the bailout funds going to pay some dumbazz executive or high level manager an outrageous salary for doing a crappy job.
Companies that didn't receive TARP funds are free to pay their employees whatever they like as long as it's above minimum wage.
You honestly didn't think President Obama was going to pull a Bush and give away hundreds of billions of taxpayer dollars to Corporate America with no accountability did you?
You honestly didn't think President Obama was going to pull a Bush and give away hundreds of billions of taxpayer dollars to Corporate America with no accountability did you?
Originally posted by PhoenixDark: What Keg either didn't notice (or hopes we don't) is that the pay caps apply ONLY TO COMPANIES THAT HAVE RECIEVED TARP (i.e. Federal Bailout) funds - companies like AIG who've already shown that they have no shame in handing out hundred million dollar bonuses to executives who've driven the company into the ground. What I'd like to know is, what's the constitutional authority to set up this oversight...
As a taxpayer, I don't want my share of the bailout funds going to pay some dumbazz executive or high level manager an outrageous salary for doing a crappy job.
Companies that didn't receive TARP funds are free to pay their employees whatever they like as long as it's above minimum wage.
You honestly didn't think President Obama was going to pull a Bush and give away hundreds of billions of taxpayer dollars to Corporate America with no accountability did you?
What you fail to mention is that not all of the comapnies wanted to take TARP funds, but were strong-armed into taking the money. Several companies have tried to pay back the TARP money and were told by the very competent Treasury Secretary "Uhhhhh......no." Why wouldn't the adminstration allow the money to be paid back? That's money that goes back into the Treasury. Maybe it's a control issue...and from this recent development, it would seem that is the case.
As a taxpayer, I don't want my share of the bailout funds going to pay some dumbazz executive or high level manager an outrageous salary for doing a crappy job.
Okay, try this on for size before you go screaming about communism:
1. The bailouts were initiated under the previous presidential administration. "Comrade" Obama, as you like to call him, didn't start it.
2. NO COMPANY was forced to accept the bailouts. Those wealthy CEO's BEGGED and PLEADED like whiny little children at a candy store. And while I fundamentally disagree with the bailout (I'm a capitalist, and I believe a business should fail or stand on its own), I understand that the damage to the economy would be devastating if the major banks all folded.
3. These companies took TAXPAYER dollars. Until those companies PAY BACK those taxpayer dollars, as far as I'm concerned, WE OWN THEM. They screwed up on their own, and you'd better be damn sure I don't want them screwing up with MY MONEY. And that's YOUR money, too! Yes, it sucks. Yes, it's the antithesis of capitalism. However, as long as those fools who bankrupted these companies are playing monopoly with my cash, I want some oversight.
You see, even the thread title is wrong. These companies are NO LONGER PRIVATE SECTOR. They SOLD OUT, literally, and the public owns them. The government is the elected representation of the public, and it's perfectly fair for the government to dictate how that money will be spent.
And you'd better believe that until those companies are churning a profit again, ON THEIR OWN, I don't want any of those useless CEO's giving themselves bonuses out of my tax dollars.
You honestly didn't think President Obama was going to pull a Bush and give away hundreds of billions of taxpayer dollars to Corporate America with no accountability did you?
Guess you havent heard the VP lately.
It's just a shame that Bush didn't have the cajones to demand the same level of accountability out of these companies when he was handing out the first $700 billion in bailout funds.
Okay, try this on for size before you go screaming about communism:
Communism isn't defined based on how the funds are disbursed but rather the funds are taken from the citizens for the purpose of re-distribution makes it communism.
Okay, try this on for size before you go screaming about communism:
Communism isn't defined based on how the funds are disbursed but rather the funds are taken from the citizens for the purpose of re-distribution makes it communism.
So now you define communism as trying to avert an economic meltdown that was brought about by gross greed in the banking and corporate sectors?
So now you define communism as trying to avert an economic meltdown that was brought about by gross greed in the banking and corporate sectors?
It's obvious "the event" to justify the bailout was engineered. Much was learned from the S-n-L scandal but the knowledge and protections put into place were conveniently ignored by Geithner.
Liberals are still in their trance staring at the spinning wheel and don't realize that the bailouts are a ruse. TARP is only setting the stage for things to come.
"WE" don't own anything. There's a difference between "ownership" and "control", and this is a case of government "control". If "WE" truly owned them, we would have a say in what's being done and would directly receive a benefit from that ownership...It's kind of like "THE PEOPLE'S REPBULIC of CHINA"...It's no "REPUBLIC", and it sure as hell isn't the "PEOPLE'S"...
You honestly didn't think President Obama was going to pull a Bush and give away hundreds of billions of taxpayer dollars to Corporate America with no accountability did you?
Guess you havent heard the VP lately.
It's just a shame that Bush didn't have the cajones to demand the same level of accountability out of these companies when he was handing out the first $700 billion in bailout funds.
Your boy Biden says that money is being wasted.
LMAO
pick up a newspaper.
This message has been edited. Last edited by: GunnyRet03,
Originally posted by Kegler300: Liberals are still in their trance staring at the spinning wheel and don't realize that the bailouts are a ruse. TARP is only setting the stage for things to come.
This pay Czar and this adm's control is just the beginning.
TARP went from being loans that would be paid back with interest, to being converted to prefered stock, which pay dividends but offers the stockholder(the government)no vote as a shareholder, and will progress to common stock where not only does the shareholder receive dividends, but also gets a vote...
Hmmmm, hasn't something different yet also very similar happened recently in a different, yet also economically significant industry? Anyone?
Originally posted by Kegler300: Liberals are still in their trance staring at the spinning wheel and don't realize that the bailouts are a ruse. TARP is only setting the stage for things to come.
Joe "The Dumber" Biden had this to say with regards to their so-called "accountability"...
quote:
Vice President Joe Biden acknowledged on Tuesday that some waste is inevitable in the spending of a $787 billion economic stimulus package, in a characteristically blunt assessment. "We know some of this money is going to be wasted," Biden said during a roundtable discussion in New York with business leaders aimed at promoting the two-year stimulus plan... President Barack Obama placed Biden in charge of supervising implementation of the stimulus to underscore his promise of strict oversight of the package, which is aimed at creating or saving 3 million to 4 million jobs.
"The World's Finest" 
