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Author: Subject: Capping Executive Pay is Only a Start

Ultimate Peach





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  posted on 2/5/2009 at 02:35 AM
CAPPING EXECUTIVE PAY IS ONLY A START
By John Nichols

Vermont Senator Bernie Sanders has the whole executive accountability issue exactly
right.

Sanders called President Obama's proposed $500,000 cap on salaries for top executives
of corporations that accept taxpayer- funded bailouts "a step in the right direction."

But, Sanders says, Congress should "go further"and write stricter limits into law.

"People are furious that a handful of Wall Street executives -- through their greed and
their irresponsibility and probably through illegal behavior -- have plunged us into
a very deep recession," said the independent senator, who last year proposed capping
compensation for executives of the companies that demand government aid at no more
than the $400,000 salary paid to the president of the United States.

That's a sound standard.

Had it been applied when Sanders proposed it, taxpayers would have saved billions --
yes, billions -- of dollars. As Sanders notes, the brokerage units of New York financial
companies that lost more than $35 billion in 2008 rewarded their executives for their
failures with almost $20 billion in bonuses.

No one should be surprised that the CEOs used federal money to pad their private
accounts. Before he voted against the Wall Street bailout last fall, Sanders warned that
then-Treasury Secretary Hank Paulson's $700 billion giveaway plan would be abused.
"This bill does not effectively deal with the issue of executive compensation and
golden parachutes," the senator said. "Under this bill, the CEOs and the Wall Street
insiders will still, with a little bit of imagination, continue to make out like bandits."

The CEOs and the Wall Street insiders proved Sanders right -- more right than just
about anyone in Washington.

There are few rewards for being right in the nation's Capitol.

But it would be good if Sanders' fellow senators -- and maybe even the president --
would start following his lead.

They could begin by embracing the call for a major investigation into what caused
the financial crisis.

Sanders has proposed expanding the congressional review of how bailouts funds are
being spent to include a broader examination geared toward determining who was
responsible for the meltdown -- and, of course, toward determining whether tax dollars
are going to the people who caused the crisis.




An oldie but goodie:
BERNIE SANDERS HAMMERS ALAN GREENSPAN
http://www.youtube.com/watch?v=nBnKh6B2cMw

[Edited on 2/5/2009 by woodsdweller]

 

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Maximum Peach



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  posted on 2/5/2009 at 08:17 AM
quote:
They could begin by embracing the call for a major investigation into what caused the financial crisis.
Cool! Will Congressmen and Senators or other gov't officials past and present who were asleep at the switch, or contributed to the problem in any way, face the same scrutiny and punishment? I'll bet that isn't on the agenda in Bernie's world.

 

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Peach Extraordinaire



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  posted on 2/5/2009 at 09:58 AM
There seems to be no tracability as to where the bail out money has gone so far. Media whore Trump thinks capping exec pay is the right thing to do. Media whore Welch thinks it's wrong.

 

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"Capitalism is the extraordinary belief that the nastiest of men for the nastiest of motives will somehow work for the benefit of all". John Maynard Keynes

 

Maximum Peach



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  posted on 2/5/2009 at 11:33 AM
I think its a great move.

If it keeps more and more companies from lining up for aid, it will have done its job well.

 

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Obamacare: To insure the uninsured, we first make the insured
uninsured and then make them pay more to be insured again,
so the original uninsured can be insured for free.

 

Maximum Peach



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  posted on 2/5/2009 at 11:46 AM
In case anyone really cares, Citi has done a full accounting of their use of the money they've received. It's on their website.

 

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This one goes to eleven...

 

Ultimate Peach



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  posted on 2/5/2009 at 01:19 PM
The law of unintended consequences....it will be interesting to see how many corporations move their headquarters and operations out of the US because of this. Will Canada and Mexico follow suit or will Toronto be the new NY?

I knew a State Rep here in CT years ago. At the time (late '80s), CT did not have a state income tax and NY did. According to her, that was a prime factor in enticing new companies to locate to Stamford/Greenwich/lower FF county from NY. Executives think with their wallets more than people realize.

 

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Maximum Peach



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  posted on 2/5/2009 at 01:40 PM
Will they also cap expenses? If so, I am hoping they will cap college tuition as I will have to make about half a million each year for the next 16 years to send my kids to college.
 

Zen Peach



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  posted on 2/5/2009 at 01:43 PM
quote:
In case anyone really cares, Citi has done a full accounting of their use of the money they've received. It's on their website.
Good to know and kudo's to Citi.

 

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Maximum Peach



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  posted on 2/5/2009 at 01:52 PM
quote:
The law of unintended consequences....it will be interesting to see how many corporations move their headquarters and operations out of the US because of this. Will Canada and Mexico follow suit or will Toronto be the new NY?

I knew a State Rep here in CT years ago. At the time (late '80s), CT did not have a state income tax and NY did. According to her, that was a prime factor in enticing new companies to locate to Stamford/Greenwich/lower FF county from NY. Executives think with their wallets more than people realize.
Good point about moving offshore Greg. So now we'll need another set of rules and restrictions. Pretty soon, we'll have volumes - just like our tax code. I'm sure that will help our economy get back on its feet.

It is amazing to watch politicians grab for power in all of this. I hope people understand what's really going on.

 

____________________
Obamacare: To insure the uninsured, we first make the insured
uninsured and then make them pay more to be insured again,
so the original uninsured can be insured for free.

 

Ultimate Peach



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  posted on 2/5/2009 at 02:04 PM
quote:
quote:
The law of unintended consequences....it will be interesting to see how many corporations move their headquarters and operations out of the US because of this. Will Canada and Mexico follow suit or will Toronto be the new NY?

I knew a State Rep here in CT years ago. At the time (late '80s), CT did not have a state income tax and NY did. According to her, that was a prime factor in enticing new companies to locate to Stamford/Greenwich/lower FF county from NY. Executives think with their wallets more than people realize.
Good point about moving offshore Greg. So now we'll need another set of rules and restrictions. Pretty soon, we'll have volumes - just like our tax code. I'm sure that will help our economy get back on its feet.

It is amazing to watch politicians grab for power in all of this. I hope people understand what's really going on.


Weren't the British Invasion rockstars notorious for leaving England to escape the high taxes? If Keith Richards could figure this out, I'm pretty sure Fortune 500 CEOs can do the same. And technology will only make it easier to be outside the US.

 

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Universal Peach



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  posted on 2/5/2009 at 03:24 PM
Even newer British bands. In particular, U2....
 

Peach Extraordinaire



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  posted on 2/5/2009 at 05:13 PM
The "porkulus" bill is the beginning of the BarryO regime's attempt to convert the USA from a democratic republic to a socialist backwater. Capping executive pay is the first step in nationalizing... hell... EVERYTHING!

Keep your powder dry boys and girls and don't say you weren't warned.

 

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As a patriot and a loyal member of the opposition I pledge to offer our new President the very same benefit of the doubt and unwavering support that the left offered George Bush over the last eight years.

 

Ultimate Peach



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  posted on 2/5/2009 at 05:22 PM
quote:
The "porkulus" bill is the beginning of the BarryO regime's attempt to convert the USA from a democratic republic to a socialist backwater. Capping executive pay is the first step in nationalizing... hell... EVERYTHING!

Keep your powder dry boys and girls and don't say you weren't warned.


SHEESH...Straight out of the RUPERT MURDOCH NETWORK's mouth.

 

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Peach Extraordinaire



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  posted on 2/5/2009 at 05:24 PM
quote:
quote:
The "porkulus" bill is the beginning of the BarryO regime's attempt to convert the USA from a democratic republic to a socialist backwater. Capping executive pay is the first step in nationalizing... hell... EVERYTHING!

Keep your powder dry boys and girls and don't say you weren't warned.


SHEESH...Straight out of the RUPERT MURDOCH NETWORK's mouth.


Really? You been watching all day? Why aren't you smarter?

 

____________________
As a patriot and a loyal member of the opposition I pledge to offer our new President the very same benefit of the doubt and unwavering support that the left offered George Bush over the last eight years.

 

Ultimate Peach



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  posted on 2/5/2009 at 05:32 PM
quote:
quote:
quote:
The "porkulus" bill is the beginning of the BarryO regime's attempt to convert the USA from a democratic republic to a socialist backwater. Capping executive pay is the first step in nationalizing... hell... EVERYTHING!

Keep your powder dry boys and girls and don't say you weren't warned.


SHEESH...Straight out of the RUPERT MURDOCH NETWORK's mouth.


Really? You been watching all day? Why aren't you smarter?


I avoid channels that are a total waste of the airwaves.
FOX NEWS is what I call a "BRAIN ENEMA"---It just flushes everything out.
Dry....Not a single brain cell left.

 

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Zen Peach



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  posted on 2/5/2009 at 08:38 PM
I would be curious to know if RBK can produce any evidence of "pork" in this bill as its defined. I think RBK and others just hear that from Rush, Hannity et al and parrot it without even questioning whats what. The list thats been popping up here lately amounts to a whole 2% of the entire bill. 98% of which is "good money".

Remember the old question "Wheres the beef?". Someone show me where the pork is.

 

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Zen Peach



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  posted on 2/5/2009 at 09:40 PM
quote:
quote:
They could begin by embracing the call for a major investigation into what caused the financial crisis.
Cool! Will Congressmen and Senators or other gov't officials past and present who were asleep at the switch, or contributed to the problem in any way, face the same scrutiny and punishment? I'll bet that isn't on the agenda in Bernie's world.



This is exactly how I feel. We can't continue to reward failure. Take Social Security, I think we can all agree this has been mishandled badly, is scheduled to go broke, and is basically a stack of IOU's. Is this success?.....Therefore, as of today - NO MORE PENSIONS for our elected officials. As of today they are to receive Social Security at retirement just like the rest of us. I bet it gets fixed when their @ss is in the same boat.

Again, we can't reward failure...So why should past and current officials be rewarded for running a Ponzi Scheme?

 

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Zen Peach



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  posted on 2/6/2009 at 02:07 PM
quote:
Therefore, as of today - NO MORE PENSIONS
Curious alloak - do you work in a job where pension has been an ongoing benefit associated with your employment package?

 

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Zen Peach



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  posted on 2/6/2009 at 02:14 PM
quote:
quote:
Therefore, as of today - NO MORE PENSIONS
Curious alloak - do you work in a job where pension has been an ongoing benefit associated with your employment package?


No. I'm funding my own retirement.

 

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Zen Peach



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  posted on 2/6/2009 at 03:15 PM
quote:
quote:
quote:
Therefore, as of today - NO MORE PENSIONS
Curious alloak - do you work in a job where pension has been an ongoing benefit associated with your employment package?
No. I'm funding my own retirement.
I'm funding mine, too, but also have a pension that is part of the income I've been working for these past 23 years and wouldn't want to lose a significant portion of my salary after the fact... that would be like a retro-active multiple decade paycut. (btw - not an executive or anything ... just regular worker bee)

[Edited on 2/6/2009 by lolasdeb]

 

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Zen Peach



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  posted on 2/6/2009 at 04:04 PM
People are furious that a handful of Wall Street executives -- through their greed and
their irresponsibility and probably through illegal behavior -- have plunged us into
a very deep recession," said the independent senator, who last year proposed capping
compensation for executives of the companies that demand government aid at no more
than the $400,000 salary paid to the president of the United States.


Did I miss something...a few people caused this problem?

 

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Universal Peach



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  posted on 2/7/2009 at 11:08 AM
quote:
Therefore, as of today - NO MORE PENSIONS for our elected officials


I think this is fair. Here in Canada I believe you only have to be a member of parliment for 3 terms and you get full pension. I don't even think you have to contibute to it.

 

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Zen Peach



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  posted on 2/7/2009 at 12:14 PM
There is the danger of over reaching then the backlash will begin.

 

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R.I.P. Hugh Duty


 

Zen Peach



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  posted on 2/7/2009 at 03:12 PM
quote:
So what happens if Gregg Allman is making over $500k per year?


Then he is no friend of this Administration.

 

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R.I.P. Hugh Duty


 

Zen Peach



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  posted on 2/7/2009 at 10:41 PM
quote:
So what happens if Gregg Allman is making over $500k per year?


Is he asking for the taxpayers to bail him out?

 

____________________
Missing- 245 spines. If found, please send one to 1600 Pennsylvania Ave and the rest to the Capitol building care of the Democratic Party.

 
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