For supporters of the Bush administration’s $700-billion Wall Street bailout, it stands as a key selling point: a provision that limits pay packages for the heads of companies helped by the taxpayer-funded rescue program. There’s just one problem: It would do little to cap executive pay or rein in the enormous retirement packages — the golden parachutes — that have come to symbolize corporate excess.
Not only is the compensation provision vague, it is punched full of loopholes and leaves many issues of executive pay for the White House to decide later. Legal and political experts say the bill will do almost nothing to limit CEO compensation — even for companies that benefit handsomely from the taxpayers’ generosity.
It wasn’t supposed to be this way.
All eyes were on the House Friday when it passed the Senate-passed bill, by a vote of 263-171. The legislation was then quickly sent to President George W. Bush, who signed it.
Much has been made of the changes to that proposal — including $150 billion in tax benefits to businesses and families. Yet aside from one provision raising the upper limit on federal deposit insurance from $100,000 to $250,000, nothing substantial has changed within the financial rescue plan that the House rejected.
Keeping an eye on the thieves in Congress is a full-time job. One that should be ruled by voters who – often enough – don’t take the time to find out what it is the clown they elected really is doing in DC.
There are a few NGO’s that work their butts off trying to keep track of the tomfoolery. Thing is – this isn’t what government is supposed to be about. Strict, realistic laws limiting lobbying, conflict-of-interest, and a justice department and Supreme Court that aren’t structured according to ideology might be qualitative additions to the list of government reforms needed.
Thanks, Cinaedh
“Legal and political experts say the bill will do almost nothing to limit CEO compensation — even for companies that benefit handsomely from the taxpayers’ generosity.”
Umm, it wasn’t supposed to do anything to CEO comp of companies not getting bailout $.
Here is Obama’s Golden Parachute.
http://www.youtube.com/watch?v=usvG-s_Ssb0
Guess who paid for it!!!
If this were run on national T.V. just prior to the election McCain would win by a landslide…not that I’m for McCain.
Mao tried running Chinese government without loopholes, without pork-barrel provisions, without compensation. That was in part driven by a God complex and a latent sense of inferiority. Government isn’t about absolutes, it’s about getting along, which is why we should learn to love pork.
Isn’t this CEO hunting season? Is it Bow or Rifle, I forget which.
263-171
My math may be abit off…BUT, this doesnt look like a 2/3(66%) vote.
AS WELL as, this money will NOT bail these folks out.
I have a problem with our GOV. giving OUR MONEY to rich folks, ESP. ones that CANT run a solvent company.
The people have binding legal contracts. Congress can’t override that. The fault is the damn boards that offers the contracts.
Congressman Jay Inslee voted against both bills in the House. He said that he could not vote for these bills in good conscience. Inslee is my Congressman and I’m proud of him.
But as predicted, Reid and Pelosi did just what Master bush told them to do. What sorry excuses for leaders they are.
#7 I agree. If Dems retain the House and Senate, they should elect new leadership. Rather than leading toward a more progressive or at least balanced solution, those two panicked and have done more for Bush than his own party did!
BS Reid and Pelosi are no better then Bush and aside being from a different party, have the same agenda and are just as crooked.
#1 – O’Pinocchio
>>Umm, it wasn’t supposed to do anything to CEO comp
>>of companies not getting bailout.
What part of “even for companies that benefit handsomely from the taxpayers’ generosity.” don’t you understand?
#10 “What part of “even for companies that benefit handsomely from the taxpayers’ generosity.” don’t you understand?”
What of the 1st part of that sentence don’t you understand?
Interesting,
that the DEMO have both congress and senate, and Obama SAID he didnt like the bail out…
AND they PASSED IT ANYWAY??
I wish people would adhere to the spirit of the law, rather than to the letter of the law. Sadly, because of the want to exploit every single loophole possible, we have to waist time closing them off, tying loose ends, and what-not.
It’s more siple in the “spirit of the law”. CEO’s ought not receive more than X in a severence package.
How hard is it to understand that? Rather than asking something along the lines of, “What if I have this payment,a nd this payment.. or what if I did my taxes this way.”
Well, Well, Well, the REPUKES LIED AGAIN !!! It’s what they do best !!! They RAN THE ECONOMY INTO THE GROUND (WHILE GIVING THEMS SELVES ***THE BIGGEST TAX CUT IN HISTORY***), ATTACKED A COUNTRY THE DIDN’T ATTACK US (PISSING AWAY 10 BILLION A MONTH), AND ARE TRYING TO DESTROY THE GOVERNMENT OF THE US OF A AND SHRED THE US CONSTITUTION !!! In some books, THAT WOULD BE TREASON !!!
Anyone with EVEN HALF A BRAIN, would find it hard to find ANY REASON TO FOR FOR A REPUKE AT ANY LEVEL OF GOVERNMENT – FEDERAL, STATE, OR LOCAL !!!
Of course the American tax payer gets screwed again. Their is one problem with the rich getting all the money. Who going to work for them when the rest of us are living on the street? When we don’t have jobs we do not pay taxes. Maybe those idiots in Washington should just tax the rich. Of course we will have to setup special meetings to define what is a wealthy person. Probably a congressional study too, that I am sure will cost millions.
How has people not just went in there and gunned the place down? they go to malls, schools, but not congress? C’mon go do some good before you off yourself.
It’s not easy to get into Congress with a gun.
You can be Deprogrammed! http://www.deprogram.us
#2 – Stars & Bars
McCain’s five biggest contributors:
1 Citigroup Inc (Subprime Scandal) (Class 3 asset questions) $145,050
2 Blank Rome LLP – (attorneys) $141,400
3 Greenberg Traurig – (1750 lawyers) $129,987
4 Merrill Lynch (Subprime Scandal) (Class 3 asset questions) $119,675
5 Goldman Sachs (Subprime Scandal) (Class 3 asset questions)
$111,050
I believe in merit pay.
I don’t believe in golden parachutes. If it was part of what the board of directors agreed to I think the money ought to come from the board of directors and if it was written in by the person themselves they ought to have to refund it times seven.
Ummm.
the REPS didnt pass it..
the DEMs did.
http://projects.washingtonpost.com/congress/110/house/2/votes/681/
Party——-Yes—-No
Democratic—172—-63
Republican—-91—108
Total——-263—-171
not loosing jobs??
Did you read the one about McD, farming out WINDOWS SERVICE?? for taking orders, and then sending them to YOUR location?
The main problems we have is that FOR SOME ODD reason..the USA loves to Sell off its OWN RAW GOODS. Like metals, wood, and so forth. THEN raising the prices so they can MAKE more money..
That Price goes up NATIONALLY, as well as international pricing.
THEn we import MORE goods from Canada, and install a 25% TAX on it, for building in the USA..
I kow of NO OTHER NATION, that national and EXPORTED prices are the same.. and if we REALLy want INTERNATIONAL pricing, WHY dont our prices MATCH india’s??
the problem we have is a failure to communicate..
The ones we SEE on TV are not the only candidates.