rssReport: Executive-Pay Cap Could Get the Axe in Stimulus Negotiations
Wednesday, February 11, 2009 at 12:09 pm
- 2 Comments
How’s this for absurdity?
Citing unnamed Democratic officials, The Associated Press reports that there’s “pressure” on Congress to drop the executive pay limits for bailed-out banks as lawmakers reconcile the differences between the House and Senate stimulus bills.
The reason? It would cost taxpayers too much.
That’s right — the federal government has lent or guaranteed trillions to Wall Street firms, many of which remain reluctant to lend the cash, and Congress might drop the executive pay cap because the $10.8 billion it would cost in lost tax revenue over 10 years (as scored by the Congressional Budget Office) is too much.
So: No conditions on lending. No restrictions on executive pay. It looks more and more like The Onion got it right when it said this bailout cash is being dumped into a hole in New Mexico.
2 Comments
Comment posted February 11, 2009 @ 10:24 pm
I hope the media will look into this, and find out which politicians are urging for the executive salary cap to be dropped. I'm sure many of us would like to know which of these politicians are trying to do this, and let the problem of greed in Wall Street continue.
Why just focus our ire on the greedy bankers … why not focus on the crooked politicians that are allowing crap like this to keep continuing? If we know who they are, then we'll know who to get rid off during the next elections.
Comment posted February 12, 2009 @ 6:24 am
I hope the media will look into this, and find out which politicians are urging for the executive salary cap to be dropped. I'm sure many of us would like to know which of these politicians are trying to do this, and let the problem of greed in Wall Street continue.
Why just focus our ire on the greedy bankers … why not focus on the crooked politicians that are allowing crap like this to keep continuing? If we know who they are, then we'll know who to get rid off during the next elections.
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