And Republicans Will Whine and the Plan Will Be Scrapped

Posted by on . 58 comments.

Obama administration to issue executive pay limits – AP (2/4/09):

The Obama administration plans to mandate new executive pay limits on Wednesday for government-assisted financial institutions in a new get-tough approach to bankers and Wall Street. “If the taxpayers are helping you, then you’ve got certain responsibilities to not be living high on the hog,” President Barack Obama said in an interview Tuesday with “NBC Nightly News“.

I’d offer to bet any and all readers on this, but Sac ruined it for everyone.

Comments

  1. Adam says:
    February 4, 2009 at 12:30 pm

    Paulson recommended China should revalue their currency. Geithner was far more hostile by using the term “manipulation” which triggers a perception of cheating and/or foul play.

    Given the current state of the economy and our monetary position wouldn’t one think to be more tactiful?

  2. matt says:
    February 4, 2009 at 12:36 pm

    semantics now?

  3. matt says:
    February 4, 2009 at 1:11 pm

    http://hk.ibtimes.com/articles/20070201/us-treasury-secretary-hank-paulson.htm

    US Treasury secretary Hank Paulson yestoday said the international community will lose their patience with China if the nation doesn’t accelerte currency reform, and he felt “disappointed” for the pace of change, according to the Financial Times.

    tactful!

  4. Ed says:
    February 4, 2009 at 2:25 pm

    Since when can’t a person get by on 500k a year anyways? Most people struggle just to get 30k. I want to know what we will get in return for all of our donations to these rich assholes. If I borrow money from a bank I am expected to pay it back. I think we should all get stocks in these failed companies as compensation for our tax dollars

  5. Lloyd says:
    February 4, 2009 at 2:32 pm

    OK- so they are ALREADY rich- why wouldn’t they just quit, leaving the people who really know something about the banking industry sitting on the sidelines? They can then go to another industry as CEO that doesn’t have a cap! Stupid idea, but the little messiah is poll driven so it will happen. See who is left in a few months- then we will be even worse off.

  6. sarabeth says:
    February 4, 2009 at 2:34 pm

    The Washington Post reports that the compensation limits may not have any real teeth:

    The Obama administration outlined plans today to tighten restrictions on executive compensation for future recipients of federal aid under the government’s financial rescue program, but the vast majority of firms would be able to opt out of most of the limits.

    … the new limits would be voluntary for most recipients of fresh government aid. Companies could waive the restrictions by disclosing executive compensation publicly and, if requested, allow a shareholder resolution on the matter, though the results would not be binding.

  7. matt says:
    February 4, 2009 at 2:35 pm

    you idiots keep talking about the people who know something. who are these people? certainly none of them are in position to do anything, so what’s the point again?

  8. matt says:
    February 4, 2009 at 2:36 pm

    “… the new limits would be voluntary for most recipients of fresh government aid. ”

    and of course, i win again.