Friday, February 13, 2009

Executive Pay Cap removed from US Stimulus bill

From Huffingtonpost.com...

I shouldn't be surprised by now. But I still was when I read the article this morning in the Washington Post explaining that the cap on executive pay has been removed from the stimulus bill.
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I want to know -- no, I demand to know -- who killed this provision? Who argued for taking this cap on executive pay out of the stimulus bill? Do we have a free and strong press in this country? Or are they in on it, too? If not, then find out who did this to us.
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We're wasting our time here. Just nationalize the damn banks already. Almost all of the top economists are now in agreement that we should take this step. The people who put the money in are the people who own the company -- that's how capitalism works. I'm a die-hard capitalist. I don't want the federal government owning banks for an extended period of time. But what's worse is to continue letting these bankers rob us of our money day in and day out while we sit around like fools.

We buy it, we own it. Kick the clowns out. Run it for a limited amount of time while we stabilize the credit markets. And then sell them off in the free market. Instead of begging the bankers to loosen up credit, we take the banks and do it ourselves.

At the very least, it is unconscionable to get rid of these pay caps. On what grounds do these people think they deserve millions of dollars for bankrupting their companies? How is that capitalism? That's not capitalism, that's cronyism. They pay the politicians, the politicians pay them. They have perverted the whole system.
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My favorite joke is when people say if we don't continue to pay these clowns millions of dollars they will take their talent elsewhere. I literally laughed out loud after writing that. Please, have at it hoss. Take your talent wherever the fuck you would like.
Wow, that got me all riled up. Couldn't agree more. This is bullshit.

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