When President Obama learned that $18 Billion in bonus money was handed out in 2008 on Wall Street, he said the following:
Check out 1:50 in the clip:
“There will be time for them to make profits, there will be time for them to get bonuses, now is not that time…”
Really? You don’t want them to make profits right now? How are they supposed to pay back your precious TARP money then?
Well today he and others are stating that they will be issuing new proposals to restrict chief executives’ compensation.
"If the taxpayers are helping you, then you've got certain responsibilities to not be living high on the hog," President Barack Obama said in an interview Tuesday with "NBC Nightly News".
The president and members of Congress are weighing various proposals to restrict chief executives' compensation as one of the conditions of receiving help under the $700 billion financial bailout fund.
Obama, who did not reveal details of the administration's compensation caps, plans to announce the new limits Wednesday at the White House with Treasury Secretary Timothy Geithner. The White House disclosed the event Tuesday night.
So they already have dolled out the money, and now they want to go back and add rules? Where have I seen this before……. Oh yeah, TMI and the NRC.
After the accident at Three Mile Island, the NRC started adding retroactive engineering changes to the many nuclear power plants that were being built and that were on the boards, and many of these changes were revised multiple times. Take an expensive project, that normally will not come in at budget and now start to do major redesigns over and over and over. Now you know why we use so much coal and why no power company will touch a nuclear power plant with a ten foot hafnium control rod. (Not even touching on the stake through the heart dealt by the idiot, former Nuclear Navy Officer/ President Carter, killing the spent fuel program)
So the current administration feels that they should dictate compensation for companies that received funds, even though those stipulations were not present at the outset, even though the congress was by their own bill supposed to oversee the funds, and they didn’t, even though the funds were originally supposed to go to do one job, but as soon as the ink dried on the bill the funds were used totally differently.
I can kinda see his point though, you know here you have a troubled industry that according to him needs the Government to come in and throw the golden lasso. Kind of like the health care industry, maybe while they are at it they can limit the compensation of health care industry semi-lobbyists? After all Tom Daschle getting over 5 million over two years to consult with healthcare companies seems a bit out of hand to me. (Yeah the tax thing was bad, but to me the fact that since he got sent home two years ago he’s raked in over 5 million from health care companies THAT is why he shouldn’t be HHS Secretary)
Hey while we are at it, Former Presidents should have their compensation limited or at least a significant portion of their speech money should go back to the people that he served.
Daschle was never below dirty pool when he was in the Senate, to see him get blocked after all the crap he has pulled is justice in spades, now all we need to do is outlaw healthcare lobbyists like him, put him in jail for tax fraud (shared cell with Rep. Charlie Rangle and the Treasury Secretary, Blago, William Jefferson, Barney Frank, Chris Dodd) and we might be heading toward change I can believe in.
