Poor little Wall Street Executives can’t make more than $500,000.
Under the president’s plan, companies that want to pay their executives more than $500,000 will have to do so through stocks that cannot be sold until the companies pay back the money they borrow from the government, according to administration officials.
Imagine the Bush administration EVER conceiving a rule like this, let alone enforcing it. This is what is called common sense.
I got into an argument with a friend of mine who insists the security of financial industry is based on these banks in question keeping their best talent. His claim is that these brokers and money managers will jump ship if their bonuses are pulled.
And my answer? TO HELL WITH THEM.
Fuck you if $500,000 a year isn’t enough when you’re FAILING AT YOUR JOB.
Fuck you for suggesting that it’s the government’s fault that you can’t regulate your own actions and decide between a smart move and a risky move.
Fuck you if you feel the taxpayers aren’t entitled to some oversight for their hard-earned money.
Fuck you if you think you know better. You obviously didn’t. While I can’t blame you for everything that’s happened in this economy, I do know my math. When a bank gets 100 billion in government loans, throws away 15 billion in bonuses - and STILL has trouble issuing commercial paper - there’s something terribly wrong there.
If you’re so optimistic about your bank’s future, take those bonuses in stock options. If not, then take a flying leap off a short pier.
I am at odds with this because I don’t think the government should regulate the salaries of any company’s executives because it is a step in the direction of having government’s fat fingers in every aspect of our lives. On the other hand, it is only effecting the companies that are taking bail out money which should be going to pad the books on their atrocious numbers and falling investments. Solution= don’t give them any fucking money! Problem solved
Here’s my issue. There is always an extreme reaction to any government interference, but generally with regards to big business, the government always allows loopholes and a wide berth for the “honor system.” This is the case with Obama’s new proposal. Unless it’s severely abused, you won’t hear any more about it. Very likely those company’s who take money will find ways to subtly abuse it and that will be that.
In terms of institutions, banks and other firms that are doing so badly they need a bailout, sorry for them. If they want money they need to abide by the same rules a majority stockholder has - the ability to know where that money is going. If the company is failing and the CEO is getting a 5 million dollar bonus, that’s just abusive.
I don’t think anyone’s biting the hand of business here, and if someone making 17 million a year can’t live on half a million plus stock options until the company he’s running is actually doing well, then fuck him. Let him go. He or she is not the best we have.