BS: $500,000 cap

Subject: BS: $500,000 cap
From: Q (Frank Staplin)
Date: 04 Feb 09 - 08:28 PM

This is laughable.
The blah-blah boys on CNN and other talking head networks holler about compensation for executives, while they make millions in salary.
The estimated salary for blow-hard Lou Dobbs is $10,000,000 per year. Even an anchor on a large station like WPIX gets $1,000,000 plus.

The cap on compensation is a feel-good proposition that has no effect on the economic crisis, yet Joe Blow eats it up.

Subject: RE: BS: $500,000 cap
From: pdq
Date: 04 Feb 09 - 08:47 PM

Perhaps this will lead to a $500,000 cap on Major League Baseball salaries.

At least Joe Blow might be able to afford a ticket.

Subject: RE: BS: $500,000 cap
From: Rapparee
Date: 04 Feb 09 - 08:57 PM

I'd like to make $500,000 a year....

Subject: RE: BS: $500,000 cap
From: Alice
Date: 04 Feb 09 - 09:06 PM

My taxes are paying for their bailout. I think they could live within $500,000 a year. At least they are not living in a tent or car like some people who have lost their home to a foreclosure.

Subject: RE: BS: $500,000 cap
From: Rapparee
Date: 04 Feb 09 - 09:26 PM

I honestly have little or no sympathy for them. If they overbought during the good times it shows lack of foresight.

It's my tax money being used and I see no reason not to have a say in how it's spent.

And besides, it's only until the companies repay the bailout money....

Subject: RE: BS: $500,000 cap
From: Q (Frank Staplin)
Date: 04 Feb 09 - 09:43 PM

Laura Rowley, article "Is your spending immune to 'social contagion'?," estimated that the top one percent of Americans received $1.1 million or more in 2005. I can't verify that, but U. S. income tax statistics are hard to for me to interpret.
1.7 million Americans received $250,000 or more according to the tax figures I could find.

Rowley- Rowley

"Bailout"- It really is a first step towards restructuring, with partial government ownership of financial institutions and major businesses.
All the EU countries, and China, Japan, Russia, etc. are in the same boat. All are pouring their own billions into the attempt at stabilization. Intergovernmental cooperation is needed as never before. If it doesn't happen, collapse is possible.

Subject: RE: BS: $500,000 cap
From: Rapparee
Date: 04 Feb 09 - 09:53 PM

Is that in money paid back to them because they overpaid their taxes (a tax refund), or is it their adjusted gross income (upon which they pay taxes)?

It's quite possible that financial institutions will be at least partially nationalized -- theoretically, the ones in China already are.
And perhaps it's time some things were restructured -- Voltaire's "social contract" seems to have been torn up and Bentham's "greatest good for the greatest number" seems to have been forgotten.

Subject: RE: BS: $500,000 cap
From: Q (Frank Staplin)
Date: 04 Feb 09 - 11:28 PM

Adjusted gross income $1.1 million or more (Rowley article).
Adjusted $250,000 gross income or more for 1.7 million Americans.

Subject: RE: BS: $500,000 cap
From: olddude
Date: 04 Feb 09 - 11:44 PM

Well if it were up to me it would be far less. they ran their companies into the ground, cost people their jobs and homes and then cry to the government IE taxpayer to bail them out. Yet there is no penalty for them personally, they get the money and then give themselves 20 billion in bonuses. You bet they should have to pay for their mistakes for the mess. You did this mr. executive, now you lose your 10's of millions and live off this since it is now taxpayer money.

No tear for those guys from me. I think it is too 500k is too high.

the talking heads didn't lose everyone's pensions from cooked up schemes like the sub par prime lending yada yada.

ball players, if someone wants to pay them that much and have to charge tickets that high people sooner or later will not go but these guys cost people their jobs, and their homes and kids college tuition money and the lists of damages go on

Subject: RE: BS: $500,000 cap
From: Barry Finn
Date: 05 Feb 09 - 12:58 AM

Does anyone else know what other restrictions are in the package. I heard something about restrictions on the uses of corprate jets & something about plush suites but it went by so fast I could get it? What about banking borrowers that have to start giving out credit, bastards.
Obama has started putting reins on the galloping horse that Bush let out of the corral, now what we're looking for is a saddle.

Barry

Subject: RE: BS: $500,000 cap
From: Rapparee
Date: 05 Feb 09 - 08:02 AM

It only applies to companies that get bailout money (TARP) or other help from the Feds. An investment banker could quit the company and join another or even go out on their own and be exempt. It stops the massive "bonuses" given to the "senior members" of these companies, and it only APPLIES to "senior members" -- in short, the guy who does the work could be making millions while the CEO is capped.

Subject: RE: BS: $500,000 cap
From: Bee-dubya-ell
Date: 05 Feb 09 - 09:44 AM

Yeah, it'll probably run the current crop of CEOs and other upper level bigshots to other jobs where they can still make the millions to which they've become accustomed, but so what? Somebody else who's willing to do the job for $500K will rise up through the ranks and do at least as good a job. It's certain he or she couldn't do a worse job.

Personally, I don't think any hired exec should be paid more than about ten times what the average full-time employee in his company makes. If someone thinks he's sufficiently skilled to merit more than that, let him put his money where his mouth is and start his own company.

Subject: RE: BS: $500,000 cap
From: dick greenhaus
Date: 05 Feb 09 - 10:36 AM

Considering that bonuses added up to $18,000,000,000 last year, it's a bit more than a drop in a bucket.IUs someone really in favor of having tax money go to lavishly reward failures?

Subject: RE: BS: $500,000 cap
From: Q (Frank Staplin)
Date: 05 Feb 09 - 01:16 PM

In the bill, The Cap, it seems, is on salary but not on stock.
The executive may receive additional payment in stock. If, say, the current price is $1.00 a share in these recessional times, a few years from now, if the company recovers, the stock could be worth $100 a share.

Now if I were awarded 100,000 shares at $1.00 value each, and five years from now the shares are worth $100 each, I would have earned a tidy sum indeed. Could almost retire on that.

Subject: RE: BS: $500,000 cap
From: McGrath of Harlow
Date: 05 Feb 09 - 03:18 PM

I imagine they'll find ways to cheat it and steal the money some other way.

Maybe they could just appoint some naive patsy to the CEO post, with the idea being the actual crooks in chief would be in subordinate positions not covered by the ban and therefore able to be paid more.

Of course in a film the naive patsy would end up sorting everything out and purging the company of the people who'd been ripping everyone off for years...

Subject: RE: BS: $500,000 cap
From: kendall
Date: 05 Feb 09 - 07:41 PM

Sure, he wants to cap salaries for CEOs, but he thinks nothing of using Air Force One to fly from DC to Williamsburg VA. to meet with democrats. That pisses me off.

Subject: RE: BS: $500,000 cap
From: Bill D
Date: 05 Feb 09 - 08:05 PM

aww...Kendall, they would not ALLOW him to fly on anything else. And it's too far to drive efficiently. There is just a certain amount that must be spent when the president does anything, for security & command communication.

As to salaries...most of these guys have plenty socked away from previous years. They won't suffer. And I'll bet that it IS possible to find competent CEOs who will work for 500,000. (That's competent about running a company well, not just generating cash in any way possible.)

Subject: RE: BS: $500,000 cap
From: McGrath of Harlow
Date: 05 Feb 09 - 08:07 PM

Mightn't that well be a matter more to do with security than with luxury?

Subject: RE: BS: $500,000 cap
From: pdq
Date: 05 Feb 09 - 08:38 PM

In 2007, Oprah Winfrey made $260 million dollars. I say break up Oprah!

If her annual income were divided into the suggested $500,000 allotments, it would be enought to pay every executive in the Fortune 500 with 20 allotments left over to give to charity.

Subject: RE: BS: $500,000 cap
From: Rapparee
Date: 05 Feb 09 - 08:54 PM

She's not getting support money from the taxpayers.

Subject: RE: BS: $500,000 cap
From: GUEST,Susu's Hubby
Date: 05 Feb 09 - 09:32 PM

Well before you start dancin' in the streets about this new "development" just keep in mind that the big banks that have already gotten billions of the first package are immune from his "too little, too late" legislation.

Their loans are already done and can't be re-negotiated.

So as usual.....

All talk.....

No action.


Hubby

Subject: RE: BS: $500,000 cap
From: Rapparee
Date: 05 Feb 09 - 09:42 PM

Yep, they've already gotten half the TARP money from the Bush Administration. All Obama can do is protect what's left and do what should have been done to start with.

What ever happened to "accountability" and "responsibility", anyway?

Subject: RE: BS: $500,000 cap
From: pdq
Date: 05 Feb 09 - 09:53 PM

The legislation was written, proposed and passed by a Congress which had a bully majority of Democrats.

The proposals were deemed essential to save this country by Barrack Obama, not George W. Bush.

If the people who wrote and passed this legislation did not put enough protection in it, send an email to Nancy Pelosi or Harry Reid.

Subject: RE: BS: $500,000 cap
From: Rapparee
Date: 05 Feb 09 - 10:18 PM

No, I don't talk to folks like that.

Subject: RE: BS: $500,000 cap
From: pdq
Date: 05 Feb 09 - 10:21 PM

Just as well. They never listen to the working people anyway.

Subject: RE: BS: $500,000 cap
From: Sawzaw
Date: 05 Feb 09 - 10:49 PM

"Perhaps this will lead to a $500,000 cap on Major League Baseball salaries."

If the team or league asks for a bailout, they should have to accept a cap too. And their pay should be commensurate with the profits.

Same way with actors working for studios.

Let'em eat Oscars.

Subject: RE: BS: $500,000 cap
From: Teribus
Date: 06 Feb 09 - 11:08 AM

This cap is a cosmetic measure to make people think that something is being done. It will have no real effect.

Subject: RE: BS: $500,000 cap
From: McGrath of Harlow
Date: 06 Feb 09 - 06:12 PM

Why does anyone want that kind of money anyway?   Seriously, the only way you could spend it would be to buy loads of things you couldn't really use for vasly inflated prices. Which is what they do, I suppose.

Subject: RE: BS: $500,000 cap
From: Rapparee
Date: 06 Feb 09 - 09:44 PM

It's already had the effect of having the Bank of America stop taking TARP funds.

Subject: RE: BS: $500,000 cap
From: pdq
Date: 07 Feb 09 - 12:46 PM

"America's greatest pastime will continue without stoppage through the 2011 season, thanks to a Collective Bargaining Agreement announced before Game Three of the World Series.  The new CBA means at least 16 years between labor stoppages, an improbable length of time in today's sporting world.

{large portion skipped}
  
...other major change to the CBA is a rapid escalation of league minimum salary.  In 2006 minimum wage for Major League players was $327,000.  In 2007, minimum wage for Major League players will be $380,000.  That makes for a 16% jump from 2006 to 2007, and by 2009 the minimum salary will be $400,000". 

{note: most player make huge money on endorsements, ball-signing and such, all in addition to their fixed salary}
 

Subject: RE: BS: $500,000 cap
From: Rapparee
Date: 07 Feb 09 - 05:50 PM

I'd like to make $380,000 a year....