President Barack Obama on Wednesday imposed $500,000 caps on senior executive pay for the most distressed financial institutions receiving federal bailout money, saying Americans are upset with "executives being rewarded for failure." [snip] "This is America. We don't disparage wealth. We don't begrudge anybody for achieving success," Obama said. "But what gets people upset — and rightfully so — are executives being rewarded for failure. Especially when those rewards are subsidized by U.S. taxpayers." [snip] Obama said that massive severance packages for executives who leave failing firms are also going to be eliminated. "We're taking the air out of golden parachutes," he said.
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There really is not much I can say to this except, GObama! I am no Huey Long, and I am not interested in Communism or Socialism, but I also fully, passionately, believe that our current version of Capitalism is rigged for those at the top and until We The People put a stop to it, the looting and pillaging will continue at our expense. To the greedy bastards at the top, I say, if you want to have your hand in my pocket then you damn well better expect me to have a say in what goes on.
I could not be happier with Obama than I am right now. He da Man!
Wednesday, February 4, 2009
It is about #@$%^&* time!
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While I believe less is more when it comes to government intervention, on this issue I wholeheartedly agree that income and perks should be limited for those who participate in the bailout until the money has been repaid. A good start but It's time to do more. How about the stocks and other options that could easily add up to millions of dollars?
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