The problem is bailing out the companies in the first place. Who are they to decide which companies survive and which go out of business.
There should be no salary cap, this is not Soviet Russia (yet). Price controls, of which this is a variation, didn't work for Nixon and won't work here. Having said that, if they must put a cap on income it should apply to congress also both current and retired. Total income to current and retired congressmen and senators including expenses shouldn't exceed the cap, after all they are also accepting public money. Pelosi wouldn't be flying to San Francisco every weekend at a cost of $120,000 per trip
Socialism to buy them out, now socialism for the government to run them. It's all one and the same. We have all sold our collective soul to the government. How many trillions dollars is the debt now? And growing daily. What have we done.
NO bailout monies until a business plan is put into place that assures the tax- payers that they won't spend it in a way that got their butts into trouble in the first place. This country is beginning to slide down a VERY slippery slope!
Well, Earl, if you would use Google, you would have found that this is not retroactive so all the companies that already got the money like AIG and Citigroup (which have each received over $100 billion in taxpayer support) or Fannie Mae, Freddie Mac, GM and Chrysler can pay what they want.
Also, even affected companies can continue to give their execs unlimited stock options which are really how these guy make the big bucks anyway. In short, just another phony PR soundbite from Obama.
I must say they should have never bailed a sngle one of these out, and let the free market prevail.
When Bear Stearns was bailed out, the market started caving in as investors ran to Treasuries for a safe haven. The next round of bailouts, with the so called "emergency" brought the crash to dow 9K, and the whole population lost half or more of their 401K money.
The importaznt thing to realize is that government meddling turned what should have been a short sharp recession into a long drawn out deperssion, and it may rival or surpass the Great Depression of the 30's.
Voting for Obama on the promise of "borrowing our way out of trouble" proves to me the low intellect of many who voted will cause years of hardship.
The party's over, but the hangover is just beginning.
As far as exec compenstaion,They are free to give up the bailout money and take all the bonuses they want.
Be careful in what you want the government to do,,,,it is being reported today that BofA wanted to back out of the purchase of Merrill Lynch just days before the purchase was to be completed,,,,Bernanke et. al. came in and "forced" BofA to complete the deal with threats of cutting of monies and other acts of subversion,,,,
Do we REALLY WANT the idiots that started the whole FM/FM debacle telling "businesses" how to run their operations,,,,I don't like the bailout monies being used for salaries, trips etc. either.,,,,just REMEMBER when the government comes in to help and takes a little more liberty,,,,IT NEVER GIVES IT BACK!!!!!!!!
The government needs to be more careful with the money they steal from taxpayers to take over private companies. When someone steals money from me I don't want them to waste it. Like the new Obama plan to help the economy. You know, the one where they take from the producers and give more to the non-producers. Take from the companies that start new jobs and give it to those who have never produced a job. Somehow that all makes sense to Democrats. To me it looks more like payback to Obama contributors and voters.
America is not in debt 50 trillion dollars because of anything a private corporation has ever done. That 50 trillion dollar debt is our price for socialism. More socialism can't fix that. It can only increase it. Why is that so difficult for some to understand. You can't spend your way out of debt.
What else will the Govt control in the companies recieving TARP funds? Will quilted bung fodder in the mens room be deemed an excess? Will broom pushers be limited to 8 bucks an hr? It is a political stunt.
By the way, just because a corperation failed under a certain mans watch does not mean its his fault, heck he might have post poned the failure by several months or years and maybe saved the company from an earlier death
$500,000 this is pure BS.These people can't lead the life style they want on this.
They will have to cut corners and scrimp.First things to go.
Illegal Maids,get rid of the chauffeur,pull JR. out of Harvard,get rid of all the Illegal landscapers,get rid of the jet,lay off the private pilots,sell the Limo,and start driving the BMW,tear up the helicopter pad and put in a garden,stop paying child support for their illegitimate kids,and may even have to move into the guest house.
So Washington has screwed us again,Welfare will get worse,and unemployment will go up more.
It takes a lot of horse $hit to grow a beautiful ROSE.