Wednesday, February 4, 2009

Finally, Execs at (Some) Financial Companies Will Have Pay Capped

Although it certainly doesn't go far enough in reining in the irresponsible, unethical and immoral money grabs perpetrated so far by many of the firms who received Bailout funds, the announcement that Obama will make this morning at least is a start. The execs will be capped at $500,000, plus they will be prohibited from receiving bonuses except for stock dividends.

After Pres. Obama rightfully deemed "shameful" the previous dispensing of multi-million dollar bonuses to execs in firms helped by the earlier taxpayer-funded Bailout, it's clear that these fellas are not capable of self-policing their greed or of simply even being able to read the nation's mood towards their misdeeds and their unconscionable insistence on rewards they are clearly not due.

Expect plenty of boo-hooing from these pampered pigs on Wall Street. (Update: It's already happening. Read this.) You'd think by now they'd have socked away enough to last them a lifetime or two or three, but when you're talking about greed, it's obvious that there is never enough for some people.

Thanks to AlterNet's coverage, let's also not overlook the similarly shameful blowing of bucks on Super Bowl parties, especially by mega-Bailout fund recipient Bank of America, plus major sports franchise sponsorships paid for in taxpayer money.

Good for President Obama for trying to stop some of this horrible looting of the American taxpayer! Go for it, don't stop, and why don't we start looking at nationalizing these bumbling banks? It's clearly called for and would certainly not be out of line. Let's hope it's in the discussion mix.

No comments: