Sen. Kay Hagan Cosponsors Executive Compensation Limitation Bill
Submitted by Betsy Muse on Wed, 02/04/2009 - 12:42pm
Earlier I suggested that Senator Kay Hagan is fighting mad. Today, she again proved she is not all talk. Hagan has signed on as a cosponsor of Senator Claire McCaskill's bill to limit compensation for executives of those companies receiving bailout money from TARP.
Upon review of how the first installment of emergency TARP funding was spent, we learned that the banks receiving funds paid their top executives an average of $2.6 million in salary and bonuses,” said Sen. Hagan. “This is a slap in the face to millions of Americans who can’t understand why the same companies who sought out taxpayer dollars to bail them out were in turn paying their top executives more money than many folks will make in a lifetime. It’s unacceptable, it’s unconscionable, and by co-sponsorsing this measure, I’m joining the chorus of Americans who have said, “Enough.” The CEO Pay Act is common sense reform with a straightforward principle – if a company is receiving taxpayer dollars, that company cannot pay their top executives more than the top executive officer of the federal government.
Thank you, Kay.
Yesterday in an interview with Chris Matthews, Sen. McCaskill said that executive compensation isn't the business of the senate except when taxpayer dollars are going to bail out or prop up a company. In other words, this isn't an attempt to insert government into the board room. It's an attempt to keep executives from redecorating their offices with taxpayer money, it's an attempt to keep executives from paying themselves tens(hundreds) of millions of dollars with taxpayer money and it's an attempt to simply say, "Enough!"
If you missed my previous posting of Senator Claire McCaskill's feisty speech on the Senate floor, here's another chance to see her in action.
I also want to thank Kay Hagan for this effort
We're in the "tax season" right now. I'd like to ask everyone reading this to try to remember how much they've paid in federal income taxes this year when they file their taxes. It's a pretty damn high percentage of your income. But, it's a miniscule amount of what the CEO's and the other members of upper level management of companies we, as taxpayers, are bailing out because of MISMANAGEMENT would/could take in special bonuses and/or just in their salaries. If you paid in say $5,000 in federal taxes.....you've paid that $5,000 to help pay a very small portion of as much as 2 1/2 million in just a bonus for a monster mega-bank official.
That's just absolutely ludicrous. It boarders on being anti-American and, as Kay Hagan said...."it's a slap in our face".
KUDOS Kay....from someone who isn't always on your party's side.
Thanks.
The best thinking is independent thinking.
I am in favor of this idea, however
I suspect that as soon as this bill passes (actually before it passes), there will be a flurry of meetings in boardrooms the length and breadth of "the street". And while I have no specific knowledge of the conversations, I have a hunch that it won't be, "Darn, I guess if we take the government's money we will have to have much smaller compensation packages".
Rather I suspect they will be meeting to figure out how to continue to be paid the money they believe they are worth, given this new law. For these folks, laws, rules, regs are just puzzles to figure out; more information to factor into the game. They have some of the best and brightest minds America can produce working to figure out the game.
Just my belief. Of course this doesn't mean that such a law should NOT be enacted, but that we should not expect wholesale changes in the culture of WS because of it.
-b
There cannot fail to be more kinds of things, as nature grows further disclosed. - Sir Francis Bacon
This sentence no verb
or punctuation!
:)
Do good. Be nice. Have fun.
&*^%$!@@
There!...or does that seem like cursing? :)
-b
There cannot fail to be more kinds of things, as nature grows further disclosed. - Sir Francis Bacon
Curses
come in shapes and shizes
Do good. Be nice. Have fun.
No verb, no sentence.
I'm sorry to be the one to break the news, but if there is no verb, there is no sentence. :)
Hey wait a minute
[add 1 divide by 3 carry the four..]
yes, the sentence not here :(
I am considering a new signature:
"Return the Egg to Mothra Island!" - The Singing Mothra Twins
-b
There cannot fail to be more kinds of things, as nature grows further disclosed. - Sir Francis Bacon
Nooooooooooooo
It's a perfect signature, irony of the highest order!
Do good. Be nice. Have fun.
By vote of 1
The Law of Conservation Of Signatures is retained..
:-)
-b
There cannot fail to be more kinds of things, as nature grows further disclosed. - Sir Francis Bacon
Ain't democracy grand!
Cheers!
Do good. Be nice. Have fun.
Really?
No.
Surely not.
And finally, "Rosebud."
"Man is free at the moment he wishes to be." -Voltaire
Sentence
Maybe free dictionaries are worth what they cost, but ... there's this.
Do good. Be nice. Have fun.