Ha! Dems Pull a Fast One on Stimulus Bill

[NightOwwl]

Stimulus Plan Places New Limits on Wall St. Bonuses

A provision buried deep inside the $787 billion economic stimulus bill would impose restrictions on executive bonuses at financial institutions that are much tougher than those proposed 10 days ago by the Treasury Department.

The provision, inserted by Senate Democrats over the objections of the Obama administration, is aimed at companies that have received financial bailout funds. It would prohibit cash bonuses and almost all other incentive compensation for the five most senior officers and the 20 highest-paid executives at large companies that receive money under the Treasury’s Troubled Asset Relief Program, or TARP.

The stimulus package was approved by the House on Friday, then by the Senate in the late evening.

http://www.nytimes.com/2009/02/14/business/economy/14pay.html?hp

Suck on that, Pugs. :rofl:

[NYC_SKP]

1. Nice move! I'll bet the fucks that voted Nay knew about it...

Despite the rant that "nobody read it" you know damn well they knew some of the details...

Recommended!

:toast:

[firedupdem]

2. Very Good! One Question...

I thought the administration wanted the caps on salary? Who had objections?

[SunsetDreams]

4. The administration did want the caps, I think it was Geunther that objected

Correct me if I am wrong.

[firedupdem]

5. oh! maybe you're right...I knew I heard the Prez say he wanted caps. n/t

[quiet.american]

8. Yep. nt

[Frustratedlady]

3. Super! They are going to learn that Obama is going to do what he said.

Gee, I wonder why they didn't find that? Boehner spent more time dropping the Bill on the floor to see if it would make a loud sound for the cameras. He should have sat down and leafed through it.

Someone needs to tell him he should hit the lamps again, his tan is fading.

[bear425]

6. k/r n/t

[suston96]

7. I would like to have seen a contingency (I hope there is one already)....

...that all caps and limits imposed would be removed once the money is paid back - with interest - and steps have been taken by those companies to prevent these disasters from happening again.

Placing permanent caps on salaries is not a good idea because it would discourage talented applicants and that would cause an imbalance between similar companies.

[lunatica]

10. Since when is talent related to bonuses and obscene extravagance?

Barney Frank asked them what part of their job would they not do if they didn't get a bonus. Would they not show up for work? Would they refuse to sign 10% of the paperwork in front of them? They universally answered that there wasn't any part they wouldn't do.

And as for talent, what talent? Did they keep their business practices from bankrupting the country? Did they save jobs? Or does running a company and a whole industry into the ground a talent? In that case Bush is one talented MFer!

[suston96]

12. I am more interested in an incentive for them to pay back the loans - with interest.

And if there are no talented - read experienced - managers in any company, economic disasters like these will happen again.

[lunatica]

14. But the incentives they got didn't work! That's my point

They're not talented. Talent is there and there's no need to pay it obscene salaries and bonuses. Talent is talent and it's just as good if they're paid 200,000 or 200,000,000. If salaries are capped do you really think they'll all go sulk and refuse to work?

More money does not equals more talent.

[suston96]

16. You are missing my point. The "talent" will shop around and go where there are bonuses and....

...little or no government control.

Not every business or bank is in trouble. Those who have not accepted bailout money, don't have to abide by any restrictions. Result? Big bonuses and all the rest of the percs.

The "talent" will shop around. I am sure they already are doing so.

Now if full blown regulation of financial institutions comes back, well that will be a whole new ball game.

[Laelth]

17. I can live without those supposedly "talented" people.

Nevertheless, I would support your proposal, only because I don't believe that "we the people" will ever get paid back.

The United States is a LIBERAL Country.

:dem:

-Laelth

[.... callchet ....]

9. Super confused.

TYT said that it was removed. http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x271349

[NightOwwl]

11. It was a last minute insertion by Christopher Dodd.

He snuck it in right under their noses.

:rofl:

[Honeycombe8]

15. Well bless his little peapickin' heart. But he can only get away w/that once.

Next time, the Pubics won't trust him.

[Laelth]

18. Salary caps out. Bonus caps in.

That's my understanding, at least.

This OP is about the bonus caps.

The United States is a LIBERAL Country.

:dem:

-Laelth

[Honeycombe8]

13. Schwing!!!!!! nt

[underpants]

19. Hidden? Obama himself talked about it last week

Sounds like the Repubs let it pass and now are playing "Oh whoa is poor me!!"