Bank Executive Pay - Almost Laughable if it wasn't so Outrageous!

[Orion_70]

Cnn posted the top executive pay of the Banks that have received the most in TARP (Taxpayer bailout funds) I'd say there's a little disparity here as to what most people make....
They were making this money while losing billions of dollars ... My dog could do that good

http://money.cnn.com/news/specials/s...pay/index.html

[wtnhunt]

Really is quite disgusting imho. And to think Obama is about to take $900 billion more taxpayer dollars, of which how much is actually going to go to stimulate the economy after we just had this huge bailout package. Hearing that a fraction of that will eventually go back to the people who are paying on it in the way of tax credits. I have to do a little research to find out what happens to the Bush tax cuts, last I heard on that topic, Obama wanted to repeal them.

Seems this slight of hand has an awful lot of people fooled. We really are in trouble, and I am afraid as Robert Gibbs(Obama's monkey er uh press sec.) has suggested it is going to get worse before it gets better, my fear however is that it is going to get worse and not get better any time in the near future.

[Texan_Til_I_Die]

I'm really uneasy about this. While I agree that its very bad business for a company to pay huge salaries and/or bonuses to executives when the company is failing, I still don't like the idea of the government telling a private business what it can pay its employees.

Yeah, I know there's a minimum wage, but this is a maximum wage. If you are a teacher, how would you like it if the government came in and said "teachers can't make more than $25,000 per year if the school district accepts federal funds." ????

While this particular case with the bank executives may not be too bad, I think it sets a dangerous precedent.

[wtnhunt]

I'm really uneasy about this. While I agree that its very bad business for a company to pay huge salaries and/or bonuses to executives when the company is failing, I still don't like the idea of the government telling a private business what it can pay its employees.

Yeah, I know there's a minimum wage, but this is a maximum wage. If you are a teacher, how would you like it if the government came in and said "teachers can't make more than $25,000 per year if the school district accepts federal funds." ????

While this particular case with the bank executives may not be too bad, I think it sets a dangerous precedent.

Heard a little about this on the news yesterday, from what I heard I don't think that it is right either. If I heard right the government will set a $500,000 salary cap?

No doubt when some of these execs making huge salaries and lucrative bonus deals while the companies are going under is wrong, but don't think it the place of the govt to set caps, nor do I think it right for the govt to expect the taxpayers in this country to bail out those companies when this type of thing is happening. Let them fail so new business can flourish.

[Orion_70]

I don't like goverment regulation any more than the next person, but the blatant disregard for shareholders rights by doling out huge bonuses while losing money called for someone to step in. It's obvious the board of directors of these companies were either unwilling or unable to reign in the outrageous acts of the executives. They're all getting perks and compensation too, so there really was no incentive. Doling out bonuses and excess compensation such as this while laying off thousands of lower ranking employees and taking tax payer money borders on criminal in my opinion. The lowly shareholder of these companies has little to no voice, with the taxpayer shelling out billions of dollars to these firms, the gov. can then be that voice, a big voice and say enough is enough.
As far as private companies go, as far as I know, if you're making money you can reward yourself with a bonus and enjoy all the perks of capitalism, if you're losing money, you're screwed, there is no taxpayer/shareholder coffer to dip into.

[slugshooter]

Should have been a banker.

[muggs]

I'm really uneasy about this. While I agree that its very bad business for a company to pay huge salaries and/or bonuses to executives when the company is failing, I still don't like the idea of the government telling a private business what it can pay its employees.

Yeah, I know there's a minimum wage, but this is a maximum wage. If you are a teacher, how would you like it if the government came in and said "teachers can't make more than $25,000 per year if the school district accepts federal funds." ????

While this particular case with the bank executives may not be too bad, I think it sets a dangerous precedent.

Agreed. 100%...opening a pandora's box.

[oldksnarc]

I'm really uneasy about this. While I agree that its very bad business for a company to pay huge salaries and/or bonuses to executives when the company is failing, I still don't like the idea of the government telling a private business what it can pay its employees.

Yeah, I know there's a minimum wage, but this is a maximum wage. If you are a teacher, how would you like it if the government came in and said "teachers can't make more than $25,000 per year if the school district accepts federal funds." ????

While this particular case with the bank executives may not be too bad, I think it sets a dangerous precedent.

They can't even run the government efficiently and they presume to tell private business how to run their business.

I agree companies shouldn't provide golden parachutes to CEOs when they run their companies into the ground. But, who is congress to control golden parachutes when they have their own golden parachutes? They win a seat in congress (either a 2 year seat as a representative or a 6 year seat as a senator) and they receive that salary, benefits and insurance for the rest of their life. Not bad for 2 (6) years service.

Yet, they have "borrowed" (stolen) from the social security fund (or they have given it to those who haven't paid into it) to the point most of us will never see it after having paid into it all our lives. Yet, they are set for life.

[slugshooter]

I haven't looked into the issue enough to know if the government is telling the banks how much to pay their executives overall, or just with the bail out money. The government interfering with business negates the whole "Free Market" concept and inches towards Fascism.

Now, if what the new administration is trying to prevent is banks paying their executives these huge compensation packages with the bailout money, when they should be using it to bring them back into the black, well then, our government SHOULD be telling companies how to spend OUR tax dollars.

If however the new admin is trying to force banks not to pay executive salaries now and in the future with their own funds, then they need to back off.

[slugshooter]

They win a seat in congress (either a 2 year seat as a representative or a 6 year seat as a senator) and they receive that salary, benefits and insurance for the rest of their life. Not bad for 2 (6) years service.

http://usgovinfo.about.com/library/weekly/aa031200a.htm
"Members of Congress are not eligible for a pension until they reach the age of 50, but only if they've completed 20 years of service. Members are eligible at any age after completing 25 years of service or after they reach the age of 62. Please also note that Member's of Congress have to serve at least 5 years to even receive a pension.
The amount of a Congressperson's pension depends on the years of service and the average of the highest 3 years of his or her salary. By law, the starting amount of a Member's retirement annuity may not exceed 80% of his or her final salary.
According to the Congressional Research Service, 413 retired Members of Congress were receiving federal pensions based fully or in part on their congressional service as of Oct. 1, 2006. Of this number, 290 had retired under CSRS and were receiving an average annual pension of $60,972. A total of 123 Members had retired with service under both CSRS and FERS or with service under FERS only. Their average annual pension was $35,952 in 2006."

[Newarcher]

Agreed. 100%...opening a pandora's box.

The ink hasn't even dried from the limitations on the companies receiving TARP money...

http://www.financialweek.com/apps/pb...plate=printart

He said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies. (Barnie Frank that is).

New

[wtnhunt]

The ink hasn't even dried from the limitations on the companies receiving TARP money...

http://www.financialweek.com/apps/pb...plate=printart

He said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies. (Barnie Frank that is).

New

Welcome back again New.

Really not a fan of Barney Frank, the guy disgusts me.

[Newarcher]

Welcome back again New.

Really not a fan of Barney Frank, the guy disgusts me.

Thanks!

He is largely the creator ( I won't use the word cause because I believe this was a manufactured crisis purposefully implemented to regain power) of this mess we find ourselves in. In the 1940's he would probably be tried by now.

Isn't it amazing that in less than four months, our banks, mortgage industry, insurance industry, and now healthcare are all being owned/run by the government?

New

[Flintlock1776]

For transparency sake perhaps there should be a rule where current and former Presidents don't bankroll their story as President into mutli-million dollar book and speaking deals

[Newarcher]

Yeah, I don't like the high executive salaries any more than the rest of them. I believe they are overpaid and after seeing things like a company doing a cash option on the pension plan to pay the bonus for an executive, I am sick. However, I am in no way ready for the government to be telling me how much I can make.

That's next folks. First the executives and then the lowly janitor at your work is going to plead his case that it isn't fair that you make 4 to 5 times what he does....never mind your expertise and achievement, it isn't fair.

Soon the government will be telling you that you can't make that much money.

Forget the government and ever politician in it. I wish every one nothing but a life of torment and a painful, long death. I know a horrible thing to say but they richly deserve it.

I love it how the Congress men and women have the gall to stand up on capital hill and demand pay cuts for these executives when these same Congress men and women are the ones that made the executives doll out the bad loans in the first place via the Community Investment Act.

New