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awesome! well done barack!
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I do agree with Barack on this. First, I don't think they should be getting any money, second, even if they are, they should cut out all but the bare necessities.
But could the companies have done this without Barack making the rule? These top execs have employment contracts and very good lawyers. I'm not sure they could have reduced what they were going to give their execs until the president stepped in. -
Could be unconstitutional.
Especially since most of these bailouts operate as loans.
When re-organization occurs in the real world, this does in fact happen very often. Imposed by judges though after a hearing.
I am not sure that the POTUS making a blanket rule is legal.UCF FINatic likes this. -
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They always find a loophole. Always. It's actually Congress' fault that executive pay skyrocketed like it did. Everytime they try to legislate exec comp, they either set a limit higher than it currently is (thereby causing the comp to rise to that level) or cause comp to become creative. The stock options craze you see is a direct result of Congress placing limits on exec pay.
Government as a whole is not smart nor agile. Those working for profit are. And then everyone copies the smartest ones. -
I think the gov't just shouldn't provide bail-outs rather than doing this. Its like solving a problem that wouldn't have been a problem if the gov't didn't give them a bail-out.
If the company doesn't get a bail-out they will cut those costs on their own. Its called BUSINESS for a reason. How long until Obama "regulates" or tells me how much I can make.
My friends our country is slowly becoming socialist...azfinfanmang likes this. -
The government wants more power and is taking it from us. In scarey/dangerous times countries/people are willing to give up a lot of freedoms and rights for more safety. Look at the Patriot Act, etc.
"A country that gives up some of its freedoms for safety, is neither free nor safe." -
I'm not totally against or for it- but it's not going to affect many of the banks receiving money right now. Apparently the loop hole is that this is only going to limit executives of companies who need "exceptional assistance in the future".
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EDIT: I might add, that I'm ok with them limiting compensation, they should NOT be making money hand over fist in such an environment. But $500k really is peanuts when you're talking about these companies. My boss makes over $500k a year (bastid) in a company with only 6 employees. They shouldn't be making tens of millions, but they have to be somewhat competitive.