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02-04-2009
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Oh good, 500k$us/year limits on executive pay, that should be enough to insure that the biggest banks in America can hire the very best talent in the country to run them - or at least the very best talent's second cousin's brother's uncle.
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WASHINGTON (AP) -- President Barack Obama wants to impose a $500,000 pay cap on executives whose firms receive government financial rescue funds, a dramatic intervention into corporate governance in the midst of financial crisis.
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Source: Obama to detail further compensation limits
That should read "Banking industry imposes a third rate cousin's brother's uncle talent cap on all banks who are restricted by a 500k$us pay cap on executives".
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02-04-2009
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Wandering Aimlessly
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There's more news from Pelosi. Without the Keep Dems in Power Act, otherwise knows as the stimulus, 500 million of the 303 million citizens of the US will lose their jobs.
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John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
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02-04-2009
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the pointy end is the bow
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Is there a pay cap for blue collar workers in the future? If government can set minimum wages I suppose they have the power to set maximum wages?
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Ray
S.V. Nikko
1983 Fraser 41
La Conner, WA
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Boating for over 25 years, some of them successfully.
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02-04-2009
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Wandering Aimlessly
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Let's see, we've just had a series of ethical lapses on the part of Bambi where even the NYT is calling him out. So, what to do? Ah, I know. Let's announce we're limiting the pay of those greedy robber barons of Wall St. so he gets some positive (need I say glowing) press. (An improvement from launching cruise missiles at asprin factories at least.)
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John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
Music on the Wind -
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Last edited by PBzeer; 02-04-2009 at 01:44 PM.
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02-04-2009
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Senior Member
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PB
Maybe you dont watch the news but what Obama did was come out and say he made a mistake and would correct it. Bush NEVER admitted a mistake that I can recall. Even when he screwed up big time like in New Orleans.
As for limiting the pay of executives who are taking bailout money, are you against that? Even 500K seems generous to me. I would be happy to run a bank into the ground for only 400K. I bet I could do it just as well as they have.
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02-04-2009
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sck5,
I do not normally reply to your post but I have to say based on what you have posted you ARE a perfect example of the average voter in the past election.
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02-04-2009
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Wandering Aimlessly
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Join Date: Nov 2002
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Geithiner, Daschle, et al admitted they made mistakes too. Does this mean the only thing wrong with Bush is he didn't admit mistakes? (He did admit mistakes in Iraq when implementing the surge strategy btw)
Funny you should bring up New Orleans. With hundreds of thousands without electricity (which meant for most, no heat during the coldest winter in years), Obama has a Super Bowl party.
Yes, I'm against the government setting limits on what people get paid.
__________________
John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
Music on the Wind -
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02-04-2009
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Senior Member
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Quote:
Originally Posted by sck5
As for limiting the pay of executives who are taking bailout money, are you against that? Even 500K seems generous to me. I would be happy to run a bank into the ground for only 400K. I bet I could do it just as well as they have.
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500k$us is the kind of money that the owner of a small law office or doctor's office makes. In the big scheme of things 500k$us is nothing. Why would someone take on the responsibilities and headaches of a huge international bank, all that risk, having to kiss Congress's ass, etc, when they could make the same money owning a string of suburban laundromats.
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02-04-2009
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Senior Member
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Maybe what we need are more "strings of suburban" banks and more "huge international" laundromats :-)
Seriously, might the problem be, in part anyway, that the huge banks got so big that no one person could oversee the whole and that those who tried were so far removed from reality that they couldn't make reasonable decisions? Or is it that reality became clouded by the need to give the stockholders what they demanded, namely short term profits with no thought to the long term.?
I have worked for several major international companies. Most top management was all about maximizing profit today even if they knew or should have known that it would cost big in the future.
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02-04-2009
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Owner, Green Bay Packers
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sck5,
Perhaps you'd like to enlighten us on just how the government is going to determine which people to help. What exactly will the assistance form look like that determines they've fallen on hard times "through no fault of their own"?
I've got a $3 million house I can't sell for more than $2 million and I'm upside down on the mortgage. Surely that is no fault of my own. I just wanted one child, it's not my fault I birthed eight.
Your back to the sixties philosophy doesn't hold water. We've been there, done that, and got the tie-dyed T-shirt to prove it.
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