McCaskill on capping pay of CEOs who take TARP money: “These people are idiots”
"If you’ve run your bank well and don’t need a bailout, pay your chief exec whatever you like. If you haven’t and are now on your knees begging taxpayers for a lifeline, prepare to have your CEO capped at $400,000, the same salary The One gets as president. It won’t mean much in terms of savings but it does create an incentive to run a tight ship if you want another seven-figure payday in 2009"The Urban senator for the Show Me the Money areas of MO
I should say she has lots of company pushing this idiocy. (and still can't get CNN embed to work)
If we force them to give all the money back for the last 4 years will it solve the problem? NO
Was their pay any of Washington's business before they got tax money? NO
Did all the companies ask for TARP money that got it? NO
Where some companies that TARP money doing fine? Yes
Where some companies at beast brow beaten into taking money? Looks Like
Should those companies be punished with compensation restricted? NO
Are all "bonuses" rewards for good performance? NO
Are most "bonuses" at the lower levels actually part of salaries? Yes
Is this a government mandate to cut salaries? Yes
Will contracts (good and bad) have to be broken? Yes
Will there be any good workers left after this? Not Many
I wish I had a good way to explain my problems with this. We need to set aside the anger and look at what we are doing. There are CEOs and others at the top that should be in jail and investigated to with in an inch of their lives. The people in the middle and at the bottom need to be left alone. They really don't get bonuses. They get payed funny compared to the rest of us. The deal going in is say 150 thousand a year. They get payed 50 thousand a week at a time and the rest at the end of the year. That is just the way it is done. Silly as it is. That 100K is not a bonus. It is money those people depend on. They will be need in the recovery.
As stupid as it sound what kind of hit will the economy take if they do this. She said 18 billion? You cut it to what? 6 billion. A lose of 12 billion, some of that wouldn't have gone into the economy any way. So a net lose to the economy of about 7-8 billion?
Is this a so called maximum wage? Who else will it apply to when all is said and done.If they set the cap at 1-2 million and there is an iron clad sunset on it in say 2 years I would go along. My fear is that you are going to cripple small companies at the top and cripple medium size companies in the middle. They need to be as flexible as possible when the recovery comes.
Free market anyone? No TARP investment in companies? Buy the troubled assets and leave them alone?