Saturday, January 31, 2009
Finally, a Democratic senator with a spine.
One day after President Obama ripped Wall Street executives for their “shameful” decision to hand out $18 billion in bonuses in 2008, Congress may finally have had enough.
Sen. Claire McCaskill (D-MO) introduced legislation Friday that would cap compensation for employees of any company that accepts Federal bailout money. Under the bill, no employee would be allowed to make more than the president of the United States.
Obama’s current annual salary is $400,000.
On Thursday, Obama said the prospect that some of the $700 billion Wall Street bailout could end up paying for bonuses to managers of struggling financial institutions was “shameful.” The president said it was the “height of irresponsibility” for executives to pay bonuses when their companies were asking for help from Washington.
But Sen. McCaskill had even stronger words for Wall Street CEO greed, calling them “idiots.”
“You can’t use taxpayer money to pay out $18 billion in bonuses,” said McCaskill.
While I applaud Sen. McCaskill introducing this bill and I think it is a good step, I can’t help but be reminded that she voted in favor of the original bailout bill that opened the door to this mess in the first place.
David is correct. I always liked Claire McCaskill but I thought she was dead wrong for supporting the bailout of Wall Street criminality. I remember her on C-SPAN giving a rather impassioned speech on the floor of the Senate in favor of it. I thought she was wrong — dead wrong. Just as Barney Frank and Nancy Pelosi were srong for pushing it down our throats. It’s too late now and look at the mess we’re in.
I never understood how it is the responsibility of the American taxpayer to rescue white collar crooks?
If this is the case, then why the opposition to giving the U.S. automakers a bridge loan that would be paid back with interest?
Frankly, I don’t understand what many of these Wall Street companies even do? Are they banks? Brokers? Investment firms?
How do they help Mainstreet? I just don’t see it.
Frankly, I don’t understand what many of these Wall Street companies even do?
They take.
And take, and take, and take.
In fairness, let’s not put blame squarely on Sen. Claire McCaskill for voting for the bailout.
The terms of the TARP were never fully disclosed to the rank and file members of Congress. They were presented with what amounted to a series of crib notes that hide many of the details.
Henry Paulson wrote and controlled the terms of the TARP funds after meeting with the CEOs of Merrill Lynch, Lehman Brothers, and Bank of America, to name but a few. This is why the final version of the TARP contained no transparency and the Congress was clueless when CEOs began using these funds for vacations and multi-million dollar condos in New York City.
I am not excusing the Congress and I think these CEOs belong in prison but, think of it as a company who maintains two sets of books: one they use for taxes and one they use for the Board.
2 years ago, I would not have been in favor of a Maximum Wage. I am completely in favor of one now, though. The Chimperial era saw a Federal Government eagerly taking every dime it could from those less fortunate and handing it to those who wanted for nothing. It’ll take something pretty radical to restore balance now.
Can we get Congress to join those CEOs in prison?
This most recent act of Wall Street CEOs has, I think, finally erased all doubt as to their true character and motives. Without exaggeration, I believe the word that best describes them is “traitorous.” President Obama’s (and Senator McCaskill’s) stern words fall far short of what is needed. Telling these unfathomable reprobates to “show some sense of responsibility” is exactly like telling incestuous parents to keep their hands off the kids: They’ve already demonstrated their proclivities, and their aggressiveness in pursuing them. Now we must simply remove them from any opportunity do further harm, and install new business leaders who will serve the nation’s interests above their own.
I wrote both my senators are demanded they vote against the original bailout because I didn’t trust the two men who put it together and who they worked for:
1. Paulson
2. Bernanke
3. Bush
I never got a response.
Oh, I forgot to add.
My senators are McCain and Kyle. Total dimwits.
Financial
Underwriting
Kickback
Delivery
Or FUK’D is a new federal program that took $700 billion dollars of taxpayer money from the U.S. Treasury. Use of the FUK’D money distribution now includes $18 billion for bonus money. Wall Street employees are feeling the pinch, because they are accustomed to bonuses that far exceed the average $112,000 they were given for 2008.
Never mind, that bonus is more than the average American makes in a year.
The FUK’D program is also referred to as TARP,
an item used for a cover up.
Another feature of the FUK’D program involves a massive mortgage foreclosure plan, and an element of magic- disappearing 401k retirement money.
The FUK’D program seems to have a life of it’s own, as three more banks failed, just this week.
It is unclear if the FUK’D financial program will mesh with the FDIC insurance of bank funds.
The government’s ability to pay account holder’s
money if there is a glut of failed banks, may result in a merger, resulting in a FUK’D-FDIC program as well.
The feds are running a contest to come up with a catchy slogan for the program.
If I find an Action Alert with Sen. McCaskill’s bill in it, I will totally link to it from my blog.
Well done McCaskill. I don’t think any company willing to accept “free” tax payers money really has much they can say when the government gets in their business. I think the bill should be amended that any company taking tax payer money should have their books open to the public for review as well, especially if the USG is the largest shareholder, which is becoming the case quickly.
while this is the right thing to do — lets see how far it goes when congress realizes how much $$$$ they get from the douchebags on wall st
good article