White House slashes pay for Wall Street executives, page 1
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Topic started on 21-10-2009 @ 06:24 PM by Avenginggecko

White House slashes pay for Wall Street executives


www.politico.com
The Obama administration stunned Wall Street on Wednesday by ordering massive pay cuts for top executives at seven financial firms that still hold billions in U.S. government bailout funds.

The move – which would lower average cash compensation by 90 percent — means the administration is making a frontal assault on Wall Street’s gold-plated compensation culture at a time of growing public anger over the firms’ massive pay and bonuses.
(visit the link for the full news article)


reply posted on 21-10-2009 @ 06:32 PM by poedxsoldiervet
reply to post by Avenginggecko



Does anyone else see a problem with that? THE GOVERMENT IS CUTTING A PRIVATE FIRMS PAY....

A BAILOUT THAT THE people never wanted in the first place.



reply posted on 21-10-2009 @ 06:42 PM by Avenginggecko
reply to post by KrazyJethro



I'm not so sure. This is a pretty big event, seeing as how it hasn't happened before (that I know of). It's kind of setting a precedent and it shows that the government is, in fact, changing the way business is done in the states.


reply posted on 21-10-2009 @ 06:51 PM by Jomina
Originally posted by poedxsoldiervet
reply to
post by Avenginggecko



Does anyone else see a problem with that? THE GOVERMENT IS CUTTING A PRIVATE FIRMS PAY....

A BAILOUT THAT THE people never wanted in the first place.



You kinda hit the nail there, friend. No way the government should be intervening in the pay of a private corporation... that being said, no way the government should have intervened in the financial AID of a private firm, either.


I knew this would be coming sooner or later, though, soon as the bailouts happened, and reports of their bonuses started coming in. Definitely no surprise to me.


reply posted on 21-10-2009 @ 06:57 PM by poedxsoldiervet
reply to post by Jomina



Totaly agree there, I expected this to... Thats why there is no room for big government in buisness. yikes its getting scary.


reply posted on 21-10-2009 @ 07:15 PM by Avenginggecko
reply to post by 27jd



I totally agree with that statement. These firms readily took TARP when it was offered and now the government has come calling when news broke that the companies went on business as usual.

It's a little frightening though. Give the government an inch, and they take a mile. Give the US government an inch, and they take an industry. Most of wall street is probably crapping their pants right now.


reply posted on 21-10-2009 @ 07:24 PM by VitalTimes
reply to post by HunkaHunka



They did not take our money. We gave it to them. Now some of them screwed us this is true, but at least we had the choice to give it to them or not. This is unlike the government who will take our money whether we desire it or not, aka taxation. Then they screw us too. So at least I would rather have a choice about who screws me.

[edit on 21-10-2009 by VitalTimes]


reply posted on 21-10-2009 @ 07:26 PM by RoofMonkey
Originally posted by VitalTimes
reply to
post by HunkaHunka



They did not take our money. We gave it to them. Now some of them screwed us this is true, but at least we had the choice to give it to them or not. This is unlike the government who will take our money whether we desire it or not, aka taxation. Then they screw us too. So at least I would rather have choice.


No... "WE" didn't give it to them, "THEY" gave it to them... despite overwhelming cries from "US" for "THEM" to not do it.

In some cases, the bank CEOs were effectively held hostage until they accepted the funds.
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