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Job Czar starts capping bonuses, its ze end of ze world!!

December 12, 2009

We knew it was going to happen. Well, I did anyway. When TARP was introduced and passed and money started rolling out to companies like AIG, GM, and CitiBank I knew there were gonna be consequences. The CEO’s of these companies begged congress for this money, they NEEDED it to keep their failing businesses afloat. So congress obliged and now there are MORE strings attached. Um…DUH!!

Obama’s “pay czar”, Kenneth Feinberg, is capping bonuses at $500,000 for the top 25 employees at AIG, GM, GMAC and CitiBank. And boy are people up in arms!! “Ohhhhh the humanity!!!!!!!” Boo-freaking-hoo, I say. I understand that paying your best employees obscene bonuses is the best way to keep them around and hire more talent. But lets be real for a minute, if your top employees were doing their freaking jobs you wouldn’t have needed a multibillion dollar bailout from the government.

The essence of the caps go against every fiber of my being, but if you’re going to lay in bed with the devil you better be prepared to face the consequences. The government wants more of the bonuses to be tied into stock and other long term money incentives. Fine with me. Tie their bonuses to the actual performance of the company and make them EARN it. Most of these executives spent years and years in school, worked their way up from the bottom of the ladder and finally ended up in a job where they’re making millions of dollars every year for keeping a company sub-par?? C’mon!! This isn’t a freaking union, there’s no equal pay in the corporate exec world. You make what you earn. If your company is failing to the point that you NEED a government intervention then you should be lucky to even have a job, let alone a freaking BONUS.

So anyone who is even remotely upset about the bonus capping, shut it, they earned it. All of it.

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5 Comments leave one →
  1. The Underground Conservative permalink
    December 12, 2009 2:29 pm

    Problem is, Congress is eyeing extending government control of wages and salaries to everyone. Bawney Fwank has endorsed a maximum wage of $250,000. I believe he has pending legislation to extend federal control over all of our wages and salaries. The TARP bailout was a bad idea; this is even worse.

    How’s that hope and change workin’ out for ya?

    • December 12, 2009 4:30 pm

      Ha! You mistook me for a liberal, funny and untrue.

      The fact of the matter is this, if barney frank and his pals get this “max wage” bill passed, you’ll see companies moving out of this country so fast your head will spin. Not only that, but most will just shut down and it will be the end of our economy as we know it. I won’t feel the least bit bad about it either. I’ve gotten to the point in this mess that if you’re on the side of the government in any way you’re gonna get burned and you deserve everything you get, even if you did NOTHING, and were Switzerland on an issue, you earned getting your rights stolen from you.

      Its unfortunate but TARP opened Pandora’s box, and there were many of us screaming about that last year, and NO ONE listened. Sadly, its the cost of doing business now. Our only hope is that people will wake up and see what’s really going on, but I won’t hold my breath, all it takes is a Pro-Golfers infidelity to refocus someone’s attention these days.

  2. madwilliamflint permalink
    December 12, 2009 2:30 pm

    Insofar as it’s true that the CEOs were begging for this, you’re absolutely right. But last year there was an awful lot of coercion by Paulson to get them to take that money. Some needed it but some didn’t. (Frankly it’s too far away in my head a year later to remember who was who.)

    This was a strong-arm fed play for nationalization of the financial sector. (see any of the top several results of: not accepting bailout repayment“)

    But yes, when push comes to shove, the ones who didn’t need the money could have said no, and didn’t. They get what they deserve for dealing with the devil and now that the deal is done, full steam ahead.

    • December 12, 2009 4:35 pm

      I can’t really side with any CEO on this subject, they’re smart enough to know better. Hell, I don’t even have a MBA and *I* know better. It will be the joint effort of naive CEO’s, GWB, BHO, Paulson, congress, et al that will be the cause of our economic collapse. Rome?? Yeah, its smoldering a little…

  3. madwilliamflint permalink
    December 12, 2009 2:36 pm

    hmm… a fair number of those “not accepting bailout repayment” articles are older than I’d like. I wonder if the situation has changed.

    Yep. Seems that’s inaccurate. : iBlanket TARP Repayments

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