09-22-2008, 04:57 AM
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Join Date: Oct 2007
Location: Philadelphia
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Re: Treasury’s Financial-Bailout Proposal to Congress
Quote:
Originally Posted by Spencer Collins
I have several concerns. One of them is executives who may still deploy their golden parachutes even though their bank has been bailed out and they ran the bank into the turf. I know people who earned a 500k bonus even though the firm they worked for "lost" millions. This rarely happens in the blue collar world where bonuses are based strictly on profit.
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More the reason to vote for McCain...
Quote:
MCCAIN:
"Obviously the rescue is absolutely called for. But I have focused my attention on two things. One is that I respect and admire Secretary Paulson, but as far as I can ... tell, we're placing all those responsibilities in the hands of one person. I think we need to appoint an oversight board of the most respected people in America, such as maybe Warren Buffett, who's a Obama supporter; Mitt Romney, Mike Bloomberg, so that there can be some kind of oversight of, instead of just putting all this responsibility on a person who may be gone in four months."
"The second thing is, this CEO executive compensation. I notice at Lehman, aren't bailed out but went bankrupt, that some $2.5 billion in compensation. If they're bankrupt, where did they get that? But the major point is that no CEO of any corporation or business that is bailed out by us, that is rescued by American tax dollars, should receive any more than the highest paid person in the federal government."
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The highest paid government worker get $400K, so McCain is suggesting that NO exectutive working for a bailed out company can get more than that... 
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