When you read something like this in the NYT you think maybe there’s hope for this administration yet:
The Obama administration is expected to impose a cap of $500,000 for top executives at companies that receive large amounts of bailout money, according to people familiar with the plan.
Executives would also be prohibited from receiving any bonuses above their base pay, except for normal stock dividends.
President Obama and Treasury Secretary Timothy F. Geithner plan to announce the executive compensation plan on Wednesday morning at the White House.
Then farther down you read this:
Executives at companies that have already received money from the Treasury Department would not have to make any changes.
That little detail makes the proposed compensation cap about as effective as a morning-after condom.
Filed under: General
Tricky bastards ain’t they?
Response to comments on the last thread:
All Obots, like Matt Taibbi, who want to be saved from damnation must spend a night in Captain Spaulding’s basement being slapped across the face with a dead fish!
I’ve never gotten over that image, myiq. It’s so funny!
yep they are morning all hate to dash but the work wheel calls me!
what if those same banks need more cash?
what if those same banks need more cash?
Don’t worry, they’ll find another loophole
If it’s not retroactive, it is radioactive. I don’t know what I mean there, but it feels right.
Seriously, they need to ask for all bonuses and severances back from anyone with a VP title or higher, dating back to CEO Stanley O’Neal who jumped ship from Merrill a year ago with a 200 million dollar severance. He started the domino, we can make him the starting point for the retroactive collection. Anything less is unconscionable.
“Morning-After Condom” would be a GREAT name for a rock band.
Nice effort but not enough.
“Executives would also be prohibited from receiving any bonuses above their base pay, except for normal stock dividends.”
Since many reporters are clueless when it comes to financial terminology, I’m just wondering if by “stock dividends” the reporter didn’t actually mean that the executives will continue to receive *awards of stock* as bonus pay. This would merely be a continuation of typical compensation packages for executives in which the execs receive stock options or phantom stock, none of which is required to be declared or valued on the companies’ audited statements. In other words, business as usual. It would be illegal, as far as I know, to tell any legitimate holder of a company’s shares that the person is not entitled to receive declared dividends on that stock.
Things are looking up. The ex Oregon Gov. Kitzhauber is being considered for health czar. He is the best person for the job bar none. This former doctor divised a health plan in Oregon that has been successful for many years…He was a 2 term governor and popular. He’s a male Gov. Palin.
Ame(les)s:
You’re a putz. The point of the post is that Obama is taking credit for locking the barn after the horses died of old age.
It doesn’t matter when they died, they’re dead.