Comments on: Obama Caps Exec Pay in Bailout Plan: Will It Make a Difference? http://www.taxgirl.com/obama-caps-exec-pay-in-bailout-plan-will-it-make-a-difference/ Paying taxes is painful... but reading about them shouldn't be. Sat, 21 Nov 2009 20:16:58 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Skip McQuaid http://www.taxgirl.com/obama-caps-exec-pay-in-bailout-plan-will-it-make-a-difference/comment-page-1/#comment-8830 Skip McQuaid Wed, 11 Feb 2009 04:48:26 +0000 http://www.taxgirl.com/?p=2513#comment-8830 Kelly - I asked for some bail out money - sent an e-mail to Jeff Sessions - no response - and I noticed that I am not in the Senate nor the House bill - imagine that. E-mail must have gotten misdirected. And I didn't want 700 B - just a million or so...pocket change..... Kelly – I asked for some bail out money – sent an e-mail to Jeff Sessions – no response – and I noticed that I am not in the Senate nor the House bill – imagine that. E-mail must have gotten misdirected. And I didn’t want 700 B – just a million or so…pocket change…..

]]> By: Kelly http://www.taxgirl.com/obama-caps-exec-pay-in-bailout-plan-will-it-make-a-difference/comment-page-1/#comment-8773 Kelly Sat, 07 Feb 2009 22:50:44 +0000 http://www.taxgirl.com/?p=2513#comment-8773 Skip - I agree re the salary... That's why I work for myself! ;) But then I didn't ask the government for any bailout money this year... If they give me $700 billion, I promise to limit my compensation to $500,000. Skip – I agree re the salary… That’s why I work for myself! ;) But then I didn’t ask the government for any bailout money this year… If they give me $700 billion, I promise to limit my compensation to $500,000.

]]> By: MommyNamedApril http://www.taxgirl.com/obama-caps-exec-pay-in-bailout-plan-will-it-make-a-difference/comment-page-1/#comment-8761 MommyNamedApril Sat, 07 Feb 2009 14:09:12 +0000 http://www.taxgirl.com/?p=2513#comment-8761 It feels like a double edged sword to me. On one hand I loathe the idea of the government having control over salaries and other such things in the private sector. But on the other hand, if companies are going to accept government money, there should be limitations and constraints. I mean, you'll never see a mortgage without twenty odd pages of associated rules. My proposed solution, though, is unpopular, I think the government should step out and not offer any money. Let the markets correct themselves, those who do bad business SHOULD tank. I think we're only prolonging the suffering by allowing the government to keep failing businesses (and industries in some cases!) on life support. America needs a full-on overhaul, not a little spackle. Let's do what we can to encourage industry in business back to the U.S. - take a page from Delaware and Dakota - and make it a hospitable environment for running and growing businesses. It feels like a double edged sword to me. On one hand I loathe the idea of the government having control over salaries and other such things in the private sector. But on the other hand, if companies are going to accept government money, there should be limitations and constraints. I mean, you’ll never see a mortgage without twenty odd pages of associated rules.

My proposed solution, though, is unpopular, I think the government should step out and not offer any money. Let the markets correct themselves, those who do bad business SHOULD tank. I think we’re only prolonging the suffering by allowing the government to keep failing businesses (and industries in some cases!) on life support.

America needs a full-on overhaul, not a little spackle. Let’s do what we can to encourage industry in business back to the U.S. – take a page from Delaware and Dakota – and make it a hospitable environment for running and growing businesses.

]]> By: Skip McQuaid http://www.taxgirl.com/obama-caps-exec-pay-in-bailout-plan-will-it-make-a-difference/comment-page-1/#comment-8755 Skip McQuaid Sat, 07 Feb 2009 02:08:44 +0000 http://www.taxgirl.com/?p=2513#comment-8755 I never, never, never, never want anyone to tell me how much money I can make - under any circumstances whatsoever. I should be able to make what I am able to. Provided it is legal. Not moral, just legal. Period, paragraph. Having said that - CITI gave up their plans to buy a new jet that had already been built. Everyone said that was great. It probably was for some folks but I would imagine the folks at the airplane company were a little less enthusiastic about it. For every action there is a reaction. Wonder if anyone got laid off at the airplane factory because they didn't sell that plane? But it did look good in print, didn't it? Skip I never, never, never, never want anyone to tell me how much money I can make – under any circumstances whatsoever. I should be able to make what I am able to. Provided it is legal. Not moral, just legal. Period, paragraph.

Having said that – CITI gave up their plans to buy a new jet that had already been built. Everyone said that was great. It probably was for some folks but I would imagine the folks at the airplane company were a little less enthusiastic about it. For every action there is a reaction. Wonder if anyone got laid off at the airplane factory because they didn’t sell that plane? But it did look good in print, didn’t it?

Skip

]]> By: Wayne Phillips http://www.taxgirl.com/obama-caps-exec-pay-in-bailout-plan-will-it-make-a-difference/comment-page-1/#comment-8738 Wayne Phillips Fri, 06 Feb 2009 13:48:38 +0000 http://www.taxgirl.com/?p=2513#comment-8738 Not so fast, right! Most of th Obama constraints to bank execs is cosmetic. Even when the auto guys got in trouble, the high dollar exec's decreed a salary of a dollar a year for themselves (doubt that bothers their cash flow accumalated from past years). A interview on NPR this week explained that there are 1000's of non-execs that get paid above $500,000 / year. And it this bank doesn't pay that salary they jsut resign and go elsewhere. One thing that got my craw, was the person being interviewed, a consultant for executive salaries in NY, said that it was unfair to expect these folks to accept cuts in their salaries and bonuses. They had developed a lifestyle that that should be able to maintain. Petty, self-centered and greedy to the bone!! Since when do these folks think they are entitled to high dollar compensation when the rest of the country is loosing jobs, homes and their retirement. Thousands the man said, making in excess of $500,000 and they shouldn't "feel the pain" with the rest of the country. Maybe when the banks dry up because the working man and the victims of Madoff haven't any assets to put in bank, and these folks can't get a job flipping burgers on a grill, their conscience will kick into gear. I seriously doubt it!! Greed breeds greed. I enjoyed the political cartoon in our local New York Time owned "rag" showing along line around the block to a soup kitchen, and two guys walking alone across a snowy street. One says to the other, " I didn't see any unemployed bankers in that line". Nor will you! Banker, politicians, used car lot salesmen, the Madoff's of the planet, you rate them. (Notice I did not add lawyers to the list, because I know four ethical lawyers, and two are related and highly thought of in family circles). Not so fast, right!
Most of th Obama constraints to bank execs is cosmetic. Even when the auto guys got in trouble, the high dollar exec’s decreed a salary of a dollar a year for themselves (doubt that bothers their cash flow accumalated from past years).
A interview on NPR this week explained that there are 1000’s of non-execs that get paid above $500,000 / year. And it this bank doesn’t pay that salary they jsut resign and go elsewhere.
One thing that got my craw, was the person being interviewed, a consultant for executive salaries in NY, said that it was unfair to expect these folks to accept cuts in their salaries and bonuses. They had developed a lifestyle that that should be able to maintain. Petty, self-centered and greedy to the bone!!
Since when do these folks think they are entitled to high dollar compensation when the rest of the country is loosing jobs, homes and their retirement.
Thousands the man said, making in excess of $500,000 and they shouldn’t “feel the pain” with the rest of the country. Maybe when the banks dry up because the working man and the victims of Madoff haven’t any assets to put in bank, and these folks can’t get a job flipping burgers on a grill, their conscience will kick into gear. I seriously doubt it!!
Greed breeds greed.
I enjoyed the political cartoon in our local New York Time owned “rag” showing along line around the block to a soup kitchen, and two guys walking alone across a snowy street. One says to the other, ” I didn’t see any unemployed bankers in that line”. Nor will you! Banker, politicians, used car lot salesmen, the Madoff’s of the planet, you rate them. (Notice I did not add lawyers to the list, because I know four ethical lawyers, and two are related and highly thought of in family circles).

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