President Obama Imposes $500,000 Salary Cap for Bail Out Executives

[Turborama]

Run time: 09:59 https://www.youtube.com/watch?v=ACrcbABFZjA   Posted on YouTube: February 04, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: February 04, 2009 By DU Member: Turborama Views on DU: 844

 
If you want to skip the preamble, he starts talking @ 2 minutes 50 seconds

Edit to add: :applause: :woohoo: :fistbump: :wow:

[billyoc]

1. You might just as well skip the whole thing, the loophole is big enough to fly a gulfstream through.

http://www.iht.com/articles/2009/02/04/america/prexy.4-423182.php

<...>

Executive compensation terms must be fully disclosed and subject to a so-called "say on pay" provision - largely a question of accountability, meaning that they must be submitted to a nonbinding vote by shareholders.

<...>

IOW, all the company has to do is announce to the shareholders that they're keeping their bloated salaries and let the shareholders vote on a resolution to allow them to do so, which they can ignore.


The Obama team should really be ashamed at this cheap card trick.

[Turborama]

3. I don't know anything about this "say-on-pay" thing but according to page 2...

"Last May, the insurer Aflac became the first American company to adopt a say-on-pay approach. Other U.S. companies are following suit.

Say-on-pay votes have long been common in Britain and Australia, and experts believe they have helped slow the rise of compensation."

[empire we are]

5. I'd say a C-5 with Gulfstreams in the cargo bay.

The money changers are shaking with fear. :eyes:
Heads on pikes are the only thing they understand and that won't happen in our lifetimes.

[whistle]

2. Barack Obama a President for the people, of the people and by the people

...to assure government of and by and for the people!!!!

[cooolandrew]

4. I like taking the air out of golden parachutes.President Obama reaffirms he's the real deal everyday

Apart for citizens being the ones they were waiting for. President Obama is certainly the leader the nation has been waiting for. If only congres specifically the senate could find the same dignity. Certinly not all of them at all but the ones obstructing know who they are.

[rhett o rick]

6. How funny that the very executive that failed at their jobs are crying because they can't

get the government to bail them out of their failure and still let them keep their immoral compensation. The ultimate in entitlement thinking

[rocktivity]

7. What he also needs to do is deduct money given away as bonuses

from further bailout allocations. Or, in the light of their brilliant business skills, the companies should be cut out from further funds and be allowed to fail altogether.

:headbang:
rocktivity

[DUlover2909]

9. We could put beaurocrats in the board rooms,

like the Russians put political officers in their military units and factories, to make sure that the decisions being made are in the best interests of the people of the United States of America, and not necessarily the best interests of the shareholders or the executives. This beaurocrat would report to the Democratic Party any dissention within the corporation and the offender would be sent away to a special prison set up for enemies of the people of the United States of America. In the prison they would be re-educated by being forced to live in poverty, work 12 hours a day, and read and watch materials meant to enlighten them about civic responsiblity and patriotism. I think a dose of Jello Biafra's spoken word would be a good primer. I'm sure that after a couple of decades they would either have died, or they would emerge enthusiastic supporters of Democratic ideals and true believers in the social welfare state.

I say this all with a wink and a nod, but really, wouldn't it be great to get a chance to just brainwash these egomaniacs into conforming to beliefs that they would have considered unconscionable in their previous lives? I can't think of a better punishment for these profoundly arrogant thieves than to rob them of their corrupt values and their vile character, and to reduce them to obsequeous, servile, lickspittles begging for the adoration of their populist masters.

[wundermaus]

8. So what's the penalty for exceeding the $500k per year pay limit?