Obama unlikely to toughen Wall Street pay rules

[OhioChick]

1 Feb 2009, 0211 hrs IST, REUTERS

WASHINGTON: The Obama administration is not likely to impose tougher restrictions on executive pay on most firms receiving aid under the
government’s $700 billion financial rescue program, the Washington Post reported on Saturday.

Citing a source familiar with the administration’s deliberations, the Post said officials are concerned that harsh limits could discourage some firms from asking for aid.

President Barack Obama and some members of Congress have strongly criticised recent bonuses given out to executives at Wall Street companies that received government assistance.

http://economictimes.indiatimes.com/International_Business/Obama_unlikely_to_toughen_pay_rules/articleshow/4058369.cms

If this is true.....why???

[DeepBlueC]

1. they'd rather preserve salary/bonuses than go belly-up?

If they don't need the money to survive then they should not be asking for aid; if they do need it and don't all the salaries will be zero in due course. Or am I missing something?

[anonymous171]

2. They should have two options: Take the money (w/ pay cut) or be nationalized.

Let's stop beating around the bush with these parasites.

[Somawas]

3. Nah. Lets do the smart thing.

I have nothing against giving bonuses based on performance. It's the incentive to perform. These bonuses were not based on performance. So let's have a windfall bonus tax. Companies not making money cannot deduct amounts paid as bonuses. And they are taxed to the recipient at a 300% rate.

[Azlady]

4. Again.. I agree with your suggestion

[wroberts189]

5. He just said he was outraged by it... It simply cannot be true nt

wait till the fat lady sings

[bvar22]

6. "...harsh limits could discourage some firms from asking for aid."

I would certainly hope so.
Hasn't "discouraged" any of them yet.


NOW we have Your Children’s Money too !!!
And there is not a fucking thing you can do about it!
Now THIS is “Post-Partisanship” !
Better get used to it!!
Hahahahahahahahaha!

[Still Sensible]

7. The real issue is the definition of "harsh"

I don't really demand "harsh"... what I do demand is reasonable control over people who are taking/borrowing the taxpayers' money. And if they think reasonable is too harsh, Fuck'em they can find another source.