Congress aims to limit salaries, bonuses
Claire McCaskill
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Congress is putting its foot down. Yesterday President Obama spoke out against Wall Street executives and their “shameful” behavior. It seems those executives $18 billion in bonuses in 2008. Yes, as the stock market crashed and homeowners lost their houses, Wall Street execs were still raking in extra cash on top of their already generous salaries.
Sen. Claire McCaskill agrees that this action is shameful. And she is trying to put a stop to it. McCaskill, a Democrat from Missouri, introduced legislation today that will limit salaries and bonuses for all employees who work for firms that receive federal bailout money.
Check out your faxless payday loan store’s article on how Obama plans to handle bailout money.
Harsh words for Wall Street
McCaskill’s bill states that no one who gets bailout money can make more than the U.S. president, who makes $400,000 per year. So if the bill passes, total compensation for executives, including bonuses and stock options, cannot exceed that amount.
McCaskill is very passionate about her quest.
“We have a bunch of idiots on Wall Street that are kicking sand in the face of the American taxpayer. They don’t get it. These people are idiots. You can’t use taxpayer money to pay out $18 billion in bonuses,” McCaskill said.
Obama said it was the “height of irresponsibility” for companies to give bonuses at the same time they were asking the government for help.
Devil’s advocate
Rudy Giuliani
Former New York Mayor Rudy Giuliani thinks the Wall Street executives should be able to have their bonuses. He says that if they don’t get bonuses on top of their six (or seven) figure salaries, “It means less spending in restaurants, less spending in department stores.”
Well excuse me for pointing out the obvious, but Giuliani seems to be forgetting that taxes come from taxpayers. You know, regular people who shop at thrift stores and clip coupons for groceries. If what he wants is to cultivate spending, wouldn’t it make more sense to take money from people who have a ton of it and give it to low- and middle-income families who are struggling to buy food and clothes?
I’ve almost had to get faxless payday loans to pay my heating bill since winter started, and the idea that some big bank executive may have padded his salary with some of my tax dollars really makes my blood boil.
Don’t worry….none of these people are idiots including the politicians who are in bed with them. They all know exactly what they are doing.
My goodness! That just throws me off the wall! Here I am struggling to make ends meet while these greedy voracious dogs are having fun with the money I sweat. This is absolutely appalling. With the looks of things, I don’t believe they are actually in desperate need of a bailout. What is this, a bailout for bonuses? Amidst the current economic crisis, I would think this executive pricks would be a lot more concerned about the reality that surrounds them. It’s a total disappointment.
A bonus for a job well done is fair enough. However, if as a CFO or CEO, your company has to accept a bailout from the Federal government because the investments your company took on depleted the petty cash under your direction, you don’t deserve a bonus. I don’t think that any of our tax dollars should be allocated for bonuses, and if any are or were, the bonuses should be repaid expeditiously. If it weren’t for the fact that the economy would be hurt further by it, I wouldn’t bail any of these companies out.
They do know what they are doing. This are the last few steps towards the enslavement of our society to creditors. I don’t want to bailout any type of failure. No matter how big they are. But some how, Americans think that going into further debt and inflating our money will solve the problem. Pretty soon we’ll be heating our homes with money. Just as we did in the Depression. Talk of the New Deal worked… but that was a time of the gold standard and the US was not a slave to the Fed.
I don’t want growth. I want change.
I agree this is ridiculous. While my family eats mac & cheese for dinner at least once a week, Rudy Giuliani is concerned these rich gluttons might not be able to eat out at fancy overpriced restaurants! Glad my 40 + hours per week is contributing to somebody else’s lifestyle of the rich and famous, NOT!