Here’s a thought? How about capping salaries & benefits for bureaucrats?
Posted by Liberty on February 5, 2009
“By limiting annual pay to $500,000 and dishing out additional pay in restricted stock that can’t be cashed in until the government bailout money is paid back, a host of unintended consequences may result, ranging from a brain drain of top talent to a potentially less-generous approach to paying employees at other financial firms.”
“The plan, which represents the most aggressive assault on executive pay by federal officials, includes salary caps of $500,000 for top executives at firms that accept ‘extraordinary assistance’ from the government.
It also restricts severance packages, known as ‘golden parachutes,’ for dismissed executives and requires the disclosure of policies on so-called luxury spending on things such as holiday parties, corporate jets and office renovations.”
The President has spoken. He has waved his magic wand and limited how much money an executive can earn. I would say, this is a good example why businesses should not accept government money. [Although, some of those banks were strong-armed into accepting bail-out money just as strong-armed into making loans to uncreditworthy borrowers.] A government with the power to give also has the power to take away.
So, here’s what I think. What’s good for Wall Street ought to be good for all of those bureaucrats in D.C. and beyond. How about some salary and benefit caps for people working for the government?
Oh, and by the way:
“America’s CEOs are coming under fire these days not just for their hefty salaries but also for their use of private jets, limos with drivers and free trips to posh resorts.
But they aren’t alone in living this lavish lifestyle — the president of United States gets all these perks and more.
And unlike some of his Cabinet appointments, he doesn’t have to pay taxes on these benefits.
It might be a bit of a stretch to compare today’s corporate titans with the commander in chief, but some Wall Street bloggers clearly upset with President Obama’s attempts to rein in executive pay are doing just that.”
Interesting perspective coming from ABC news!
This entry was posted on February 5, 2009 at 9:44 am and is filed under Arrogant politicians, Bureaucratic ineptitude, Innate hypocrisy, Liberalism, Main Stream Media, Obama, Social engineering, Socialist economics. Tagged: Bail-out, Executive pay, MSM, Obama, Pay cap, Socialism, Unintended consequences. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.