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Wall Street bankers, with their $18 billion in bonuses, private jets and gaudy conferences, are causing headaches for the GOP.
President Obama has proposed capping compensation for executives at banks that take taxpayer bailout money at $500,000. Republicans hate the idea -- a position puts them uncomfortably on the side of people currently about as popular as child-porn producers and subprime mortgage brokers.
Senate Minority Leader Jon Kyl (R-AZ) blamed the "tone deaf" bankers for creating the political environment that allows Obama to call for a cap.
"Because of their excesses, very bad things begin to happen, like the United States government telling a company what it can pay its employees. That's not a good thing in America," Kyl told the Huffington Post.
"What executives have done is troubling, but it's equally troubling to have government telling shareholders how much they can pay the executives," said Sen. Mel Martinez (R-FL).
The last thing we need is for the government to be telling private businesses how to operate.
Originally posted by ConservativeJack
This shouldn't even be an issue because the Businesses should have been left to fail.
Thus, no tax payer money for golden parachutes from Brother-in-laws. I mean America is really losing her way......
Originally posted by CaptGizmo
That would not have been very good for the economy and would have put a nail in this countries coffin actually. You would have gone from 7% unemployment to 30% unemployment over night. That is why the bailout had to happen. The problem has been that with the initial bailouts there was no oversight or regulation put in place to monitor what was being done with OUR money.
Originally posted by jtma508
First, the Federal Government demanded the authority of oversight for banks, the markets and lending. Therefore, they have the responsibility for what happened because they were derelict of their fiduciary responsibility. (which seesm to be a trend among federal agencies --- take the power and then fail at your mission.