Chairman Frank Asks CEOs - Why do you need bonuses?

[babylonsister]

Run time: 02:26 https://www.youtube.com/watch?v=CRhhksqODn0   Posted on YouTube: February 11, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: February 11, 2009 By DU Member: babylonsister Views on DU: 1470

 
The House Financial Services Committee is holding a hearing on TARP accountability and the use of federal assistance by the first TARP recipients. The eight CEOs representing companies who received TARP funds are testifying.

[Moonwalk]

1. K&R--this guy's awesome! I wish he were my representative!

Quiet, rational, clear, concise and so on the money...if you'll excuse the pun.

[Rabrrrrrr]

2. I'd like Franks to ask them why they should even continue as CEOs

In my world, they'd all be fired.

[bulloney]

3. Why indeed? The word "bonus" implies compensation for performing above and beyond.

These clowns received (not earned) bonuses in the millions of dollars each while the companies they led went broke.

I think these CEOs have lived so high on the hog for so long with no accountability that they've totally lost touch with reality. They have this sense of entitlement that their "services" are worth millions each year regardless of effort and results.

Meanwhile, lower ranked employees in their companies were told they're out of a job or have to take a significant cut in pay. These people are making lower five-figured salaries. These CEO clowns probably can't live on $30,000 a DAY let alone a year.

They have no clue! So, why the outrageous compensation?

I don't believe for a minute that these CEOs love their jobs so much that they'd continue to work without the bonuses. They're motivated by money in everything they do. They'd find another way to get the outrageous compensation without calling it a "bonus."

They're playing a game of semantics.

[Moostache]

4. When I think of "Services" being rendered for this kind of compensation...

I naturally do not think of being left high and dry without actually getting to any personal gratification....

This whole thing makes me feel like I paid someone for the world's greatest oral sex - thinking that they were 1) as good looking as the models in the advertisements (hey, I am a guy who is comfortable with the fact that visual stimulation is a real factor in sexual gratification for me...I can handle the superficiality of that just fine...), 2) the most capable and skilled person in the world at the task (not some intern hack or pretender to the crown, but the actual WORLD CHAMPION), and 3) would provide a "service" that was second to none (* and in fact so good that I would forget I was paying them for it and would actually feel real gratitiude for having the honor of being serviced by them!)...

What I got in return was an unattractive, borderline stomach-turning miscreant, who did not have the first clue about their job or how to execute the job to the undying fulfillment of the customer; yet still stunk like a French whore, with too much perfume to cover too little bathing or expertise, then THEY took my money anyway, never got me to experience my expected bliss at all AND wanted to be TIPPED in the process!

Well, they can get away with it because for many years they were buying the protection of a brutal pimp and we had no recourse....unfortunately for them, Huggy Bear ain't in charge any more...now we get to see if the new boss is going to take care of us ("we, the people,....") or if he is going to start takling payments and continue the oppression...

REAL JAILS
REAL FINES
REAL CONSEQUENCES

Anything less -including just being de-pantsed and lectured in Congress but not actually being legitimately punished both financially (through punative damages to the shareholders of their companies and the general public so impacted by their implosion and dereliction of duty) and physically (through long incarcerations alongside their bought and paid for political hacks who sold deregulations for campaign contributuions and lax oversight for sexual favors, drugs and omerta).

HANG THEM ALL HIGH AND GET THEIR HEADS ON METAPHORICAL (OR REAL FOR ALL I CARE) PIKES!!!!!

[HopeHoops]

5. To pay for their hookers - D'UH!