Pay Limits in Stimulus May Cause Brain Drain, Industry Says

Pay Limits in Stimulus May Cause Brain Drain, Industry Says

www.bloomberg.com

New restrictions on executive pay at U.S. banks receiving federal aid may cause talented managers to flee to hedge funds and foreign-owned banks, say critics of the measure.

The limits, championed by Senate Banking Committee Chairman Christopher Dodd, were tucked into a $787 billion fiscal stimulus bill approved yesterday by Congress. President Barack Obama plans to sign the measure early next week.

(visit the link for the full news article)

Wall Street execs have for the last decade taken bonus and salaries far and above the profits they have steered for the stock holders. Now that many of these companies have asked for a bail out, and have taken the Goverments money, as a taxpayer, I am appalled at the thought of continued million dollar bonuses being paid to these executives.

What is disturbing is that this leaves the Goverment with their tentacles in more and more legislation that is intertwined with the private business sector. Soon, where will we draw the line of seperation between the Goverment, and Private Business?

www.bloomberg.com
(visit the link for the full news article)

You mean all of those talented managers that have played a part in the entrenched system of greed and legalised corruption? Good riddance. These companies and their executives are like leeches on society.

reply to post by Snappahead


Lol. Exactly. As if there arent tons of people who are currently locked out of that good old boys club that have more brains, talent, and ethics than the current crop does, and who are just chomping at the bit to have a chance to show themselves.

If the brains who created this mess are the ones being drained, whats the problem? And if other companies in other countries want to "steal them away" from us more power to them.

[edit on 14-2-2009 by Illusionsaregrander]

reply to post by burntheships


Actually that will be a blessing if they flee to foreign banks...with their "talent" they should be bringing down foreign banks real soon!! A total global monetary collapse!!!

reply to post by burntheships

True ! We might get ppl so dumb that they screw up and collapse
the entire economy and cause some kind of financial disaster.

Oh wait ...

Originally posted by burntheships



What is disturbing is that this leaves the Goverment with their tentacles in more and more legislation that is intertwined with the private business sector. Soon, where will we draw the line of seperation between the Goverment, and Private Business?

You got it bass akwards, friend.

No, what is disturbing is that lobbyist & corporate campaign contributors
have erased the line of separation between the Government and private Business.

I thought that they took that out of the stimulus bill, I heard on cspan just resent that they took it out. confirmation anyone........

Originally posted by tiso_us
I thought that they took that out of the stimulus bill, I heard on cspan just resent that they took it out. confirmation anyone........

Nope, they added it back in after changing quite a few things.
Source: www.washingtonpost.com...

Why would foreign-owned banks want them?
Are foreign-owned banks that stupid too?

It's just a pathetic and desperate bluffs. I'm not buying it.