so we the taxpayers of the united states are going to be spending around one trillion dollars...
so we the taxpayers of the united states are going to be spending around one trillion dollars bailing out banks and investment houses and car companies.
at the end of the day we probably don't have much of a choice, as to let these companies fail would result in catastrophic job losses and a complete end to available capital. but as the people who are bailing out these companies we should have a say in how they are going to comport themselves in the future.
we should insist on new regulations, especially ones that prevent collusion between corporations and accounting companies. we should restrict institutions ability to invest in egregiously risky investment vehicles, especially with borrowed money.
we should insist on updated business models/plans (especially from the car companies). and we should insist on executive pay restrictions while these companies are being, essentially, saved by us.
the average 2007 take home pay for the ceo's who ran their companies into the ground was, according to the new york times, $8,000,000. the obama administration is proposing a $500,000 pay cap for ceo's and top executives of corporations while they are accepting tarp assistance. here's what one executive had to say:
“That is pretty draconian — $500,000 is not a lot of money.” said James F. Reda, founder and managing director of James F. Reda & Associates, a compensation consulting firm.
could you possibly find anyone outside of a corporate boardroom who thinks that a $500,000 salary is not a lot of money? i mean, these ceo's and executives show up, fire a bunch of employees, outsource jobs to other countries, engage in shifty and illegal corporate and accounting practices, get paid millions of dollars, run their companies into the ground, come begging for taxpayer money in order to keep their jobs, and then complain about a $500,000 salary cap?? perhaps a degree of humility and contrition might serve them better than complaining about 'only' making $500,000 a year while accepting taxpayer bailout money? i guess if they don't like making $500,000 they could look for work elsewhere. i'm sure that there are tons and tons of jobs for chief executives whose last resumee item consists of: '2005 - 2009: ran huge financial institution. while ceo i oversaw an 80% reduction in my companies market capitalization, fired 70% of my employees, lost billions of dollars of investors retirement funds, had a hand in creating the biggest financial meltdown since the great depression, and had to borrow $85 billion dollars from the taxpayers just to keep the companies doors open.' yes, i'm sure there are lots of job opportunities for someone with that sort of work experience. or perhaps if the ceo's don't like the terms of the bailout they could get a job at kinko's. no work experience required, $8.50 an hour, 1 hour lunch break, and you can probably make lots of free copies when the manager isn't looking.
moby
income
"But, then, nobody needs to earn more than $200,000 per year, period, regardless of what they do. Everything over that is gravy and should be given to charity. "
So you're saying that the individual should make that decision or the government should take that money from people by force and give it to charity?
Overpaid employees
I disagree with the fact that CEO's and such are overpaid. You must look at the fact that while you were out partying your butt off in college these guys were studying. While you were taking a job straight out of college to make 30k a year they decided to go to grad school. While you were buying your new car with the 30k salary they were driving a beater to save money to invest in their company. While you were out having fun with your friends they were working. While you were peacefully sleeping at night not worrying about a thing except maybe what new car you might buy next they were up all night worrying about their company. These guys work 7 days a week and are away from their families most of that time. They make the hard decisions each and every day and have a talent that few people do. It is not the CEO to blame for the failure of all companies. Take a long hard look at where customer service is in this country and then figure out why companies fail. GM makes an inferior product to the competition and there is no one to blame but the unions on this one. It is easy to pick on the top guy but a company is run by everyone that works there. Sure there is greed out there but it is not just at the top level.
It would be nice
If the taxpayers could actually SPEND the money needed to prevent more catastrophic job loss. However, your representatives can't seem to do it. The Republicans won't stop bickering over nickels and dimes with the democrats (yes, when talking about a trillion dollar stimulus package, fighting over $50 million here or there for programs that are mildly controversial is like fighting over nickels and dimes). The total amount in debate in the current stimulus package amounts to around 1% of the total package. 1%. Republicans are wasting time fighting over 10 billion dollars of a trillion dollar package that is desperately needed to get this country back on track. Unbelievable.
The result is that a bill that needs to be enacted yesterday is likely to be tied up another 2-3 weeks before any relief gets to the people who actually have to pay for this package.
I would like to remind the republicans that they didn’t seem to bat an eyelash over handing over the first portion of TARP, $350 billion, to the banking industry with virtually no oversight and a “we trust you” attitude. Yeah, that went over well. Good job guys. Keep that up.
Of course, your representatives don’t necessarily feel your pain. They don’t fear losing their jobs, unless they can’t get re-elected. And even then, they usually have made it into other well paying jobs. For example, I was completely amused by the characterization of Daschle (yes, I pick on democrats too) as a “public servant” when the man essentially used his position in the Senate to make over $2 million a year “on the side” as a consultant to a law firm and a speaker at several events. Nothing against him doing that personally, but don’t call him a public servant. Call his staffers public servants since they work long hours on HIS issues for about $30,000 a year, barely enough to live on in a city as expensive as DC. In any event, even without assuming his appointed position at HHS, he will continue to ride out the present storm in great comfort and security. They all do.
Of course, some Congressmen/women and Senators are more focused on their re-election campaigns than on solving the country’s problems. I was recently invited by a friend to accompany him to a fundraiser in Naples this month for a senator from NJ. The cost for my weekend of fun was a $30,000 donation to the senator’s re-election campaign. It is, perhaps, not amazing to me that lobbyists don’t think twice about paying those fees. Sadly, the citizens of this country often don’t know enough about these candidates or their issues to know who to vote for during elections. We watch a ton of TV commercials and get bewildered by who actually does what in the huge building we call the Capital. We are bombarded by lies carefully formed by talented press representatives for all of our representatives to cover up what they actually spend their time doing here. But the lobbyists know what goes on in this town, and they know it very well.
I wonder what might happen if the jobless in this country and those in fear of losing their jobs came down to DC and started camping out around the Capitol Building. I imagine it might start to look a little more like the 1930s around here when people camped out in front of the White House. But there would be a lot more people now. It might start to look like inauguration day 2009 all over again. That would make the city of DC go a little nuts, but it would probably send a strong message to our “leaders.”
Holly
moby:(20)
Comment twenty oh!
Anyway.
There is a user with the name: "I_am_not_Karla" and that sucks.
How annoying.
Now, how do I change my username?
Why does this happen to me?
(23)
I just twittered this. <3
;
;
well put
they should be REQUIRED to work at kinko's as part of the bail out plan...
ps: looking forward to the new album!
The only addition I can
The only addition I can think of at the moment is that we the tax payers who are funding this massive bailout should receive quarterly dividends checks for the rest of time. It is our money after all. And isn't it something to think that they can refuse any of us at any time, for any reason, but we can't refuse them? I'll take my loan back at 18% interest and should they fail to make a payment, they should be aware that that interest rate is likely to increase.
So sorry.
I wrote out a long reply to you, but I posted it at the Kinko's on E. 52nd Street in the staff room. It's the one next to the large grey ass like shape and to the left of the smushed face. Just ask Sara and she'll show you. Otherwise, outstanding post.
oh
i don t care extreme waays iis soooo good
You're right
The median income in America is about $50,000; 1/2 of the people in the US make less than that. And if you make more than $250,000 you are in the highest percentage of income regardless of where in the US you live.
But, then, nobody needs to earn more than $200,000 per year, period, regardless of what they do. Everything over that is gravy and should be given to charity.
Briane Pagel
Thinking The Lions
http://www.thinkingthelions.com
An Interview
Hello,
My name is Gregory. I am editor-in-chief of new russian magazine. Our magazine calls "Greed". "Greed" is new fashion magazine, which will be published from the April of this year in the South of Russia. Sorry, for so stupid way to ask about it, but i dont know who to contact with you. I would like to ask you about an interview. my e-mail: cherekaev@gmail.com
Sincerely yours,
Gregory Cherekaev
An Interview
Hello,
My name is Gregory. I am editor-in-chief of new russian magazine. Our magazine calls "Greed". "Greed" is new fashion magazine, which will be published from the April of this year in the South of Russia. Sorry, for so stupid way to ask about it, but i dont know who to contact with you. I would like to ask you about an interview. my e-mail: cherekaev@gmail.com
Sincerely yours,
Gregory Cherekaev
Well dude
I think the more pressing issue here with the "not a lot of money" thing is how that salary cap cripples those companies from attracting brain power from companies who aren't receivng bail (or preventing anybody from leaving).
A better solution would be to cap salary, but then grant bonuses and stock options that are backloaded on contingency of paying back what they are getting in bail money. I like the thought of corporate responsibility and taxpayers having some assurance that our money won't go where it is needed. But capping salaries is basically a guarantee that those companies will never have access to the Jack Welches and Bob Lanes of the world. I'm sure in a perfect world, people with brains and talent always default to "the righteous cause", but well, this is America and this is a capitalist country. You can't expect those companies to attract the top leaders in the world if they can't pay salaries that compete with waht the rest of the world make anymore because they take bail money.
Those that don't think $500,000 is a lot....
Should put themselves in the place of those that would feel lucky if they could make $50,000 per year. Compassion, Understanding and Humility.....
This is a grand journal darling. Very important and I posted a detailed reply at Myspace. Sorry I didn't check this out first, your admins haven't yet sent out a notification that this was posted here on Moby.com.
I Love *You* With All My Heart,
Your Dancing Angel Rachelle
xxxx
oooo
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Rachelle LaDelle' Geisheker
"Be True to Love & Love Will Be True To You."
See my myspace page at: www.myspace.com/rachellelovesmoby