Angry senator wants pay cap on Wall Street 'idiots'

[robertpaulsen]

Source: CNN

WASHINGTON (CNN) -- One day after President Barack Obama ripped Wall Street executives for their "shameful" decision to hand out $18 billion in bonuses in 2008, Congress may finally have had enough.

An angry U.S. senator introduced legislation Friday to cap compensation for employees of any company that accepts federal bailout money. Under the terms of a bill introduced by Sen. Claire McCaskill, D-Missouri, no employee would be allowed to make more than the president of the United States.

Obama's current annual salary is $400,000.

"We have a bunch of idiots on Wall Street that are kicking sand in the face of the American taxpayer," an enraged McCaskill said on the floor of the Senate. "They don't get it. These people are idiots. You can't use taxpayer money to pay out 18 billion dollars in bonuses."



Read more: http://www.cnn.com/2009/POLITICS/01/30/executive.pay/index.html

---

Fuckin' A Right!

[frylock]

1. word up!

:bounce:

[DissedByBush]

164. I don't care if they pay a Wall Street mogul $100 milion a year

If the company can maintain profit that way and it thinks he's worth it then be my guest. But if they need my taxes to stay afloat $400,000 might be too generous.

[YOY]

2. Are they idiots or do they truly think they can get away with it?

I think they truly can get away with it...if they cap them then they will find a way around it.

[LostinVA]

14. I agree with you

[aquart]

155. Let's try, anyway. What is the point of wussing in advance?

How dare they behave as if Bush and his criminals were still in office. The entire country wants these guys punished and humiliated so let's go for it!

[JerseygirlCT]

16. They definitely think they can get away with it. And I'm still afraid they will! nt

[Rosa Luxemburg]

123. I want to challenge them to pay the bonus money back

citizens' rights

[Tempest]

22. They've gotten away with it so far

And all Congress has done is throw more money at them.

[mascarax]

63. The Latter - & they think they're *entitled* too

And, yes, they'll spend their time trying to find a way around it to get their "just due", I'm sure. Instead of, say, focusing on their company.

[YOY]

68. Until they actually suffer for doing this it's the obvious answer.

n/t

[loudsue]

120. I agree. And I think they should be thrown in jail for theft.

Because that is just what it is. Or fraud....lying to congress about what you need the loan for, and then using it for something else.

[YOY]

144. But was it really a "loan"? If so, was it the kind of "loan" they would give?

If corporate entityhood as a person is granted in the consitution, methinks this is the equivalent of someone who takes a damn good loan to avoid so claimed bankruptcy and buys a Porche with the dough.

I've had one of Citibanks "student loans" in the past. They floated that rate so freaking high, it felt more like indentured servitude.

[Lucky Luciano]

81. I suspect that a way around it is to have the traders

who are the so called "Big Swinging Dicks" will want to start investment companies in which the banks invest. Then the investment companies pay the bonuses to the BSDs.

[tclambert]

73. They have been getting away with it for a long time.

The difference this time is everybody's watching. And the guy in the White House won't just wink at them and go, "heh, heh, heh."

[rangersmith82]

167. I don't think we should put a cap on success

I think so of the Wall street guys should be in jail, but i don't think we need a pay cap.

This is a free country, if you work hard you can be rich and successful.

If you sit on your ass awaiting your welfare check..thats another story.

Alot of people are hurting in this country, and they to with hard work will recover.

America is not the welfare country....we work hard for the things we have and that is what has made us great.

Times are rough, but through hard work we will be a rich nation again.

[Telly Savalas]

169. Sen. McCaskill doesn't want to put a cap on success.

She's proposing we put a cap on failure. This isn't a pay cap for all executives. It's just the ones who did such a poor job that their banks have to beg the government for a handout.

[Frank Booth]

171. These people got a $700 billion welfare check and used it to buy

Lamborghinis.

The industry has been rife with criminal fraud for years, and thousands of them should be locked up.

[wake.up.america]

122. They are not the idiots. The idiots are the ones who allow them to get away with it...

and believe me .. they will.

Shameful are the bonus takers and givers of such bonuses, but idiots they are not.

[BrklynLiberal]

3. I hope the Senate and the House realize how enraged we taxpayers really are!!!

Thanks Sen McCaskill for saying it for us!!!

[Jakes Progress]

34. Sorry to be so cynical

but I think the members of the Senate and House are like the CEOs that are getting away with it. They figure we will forget about it. They know the story will be buried under the football scores and American Idol results, and that we will drift back to the numb sleep of the recently screwed.

Gosh, I would like to be proven wrong on this. Come on Senator McCaskill. Bring it to the floor and lets have a roll call vote.

[BrklynLiberal]

36. Yes! A rollcall vote!!!

[ronnie624]

129. Absolutely!

They made sure there was no accountability when the legislation for plunder was passed. Most of their political careers are financed by such thieves.

[FailureToCommunicate]

146. "The numb sleep of the recently screwed" !! Or the "constantly" screwed. They-

the Congress -need big money to pay for TV ads to get re-elected, so THEY are unlikely to fight this fight with real conviction, beyond grandstanding.
Change our system so that not just the wealthy can run for office and we might someday see a difference in the laws (and the tax -loophole- codes)
Ask your congressperson to demand again that which once belonged to the people -the TV airwaves- and elections won't cost so much.

[FailureToCommunicate]

148. How enraged ARE we? Europe is taking to the streets. We maybe throw open

a window and yell "We're mad as hell, and we're not gonna take it anymore!" Ah well, I suppose that a start...

[saigon68]

4. The DLC and Mr Emauel will sidetrack this ASAP

No chance the Corporate Dems will ever put up with this

Wall street execs sleep in Castles

Homeless Vets sleep in cardboard boxes

[JayMusgrove]

72. Oh I think you have a totally WRONG fix on the pulse of Americans

This may well pass, Americans are very angry.

The limit maybe raised from $400,000 to $500,000, but that's about it.

America wants these execs to really "suffer" with such low wages. IMO

[ronnie624]

132. I hate to break it to you,

but most Americans live in a perpetual state of apathy and ignorance.

[Le Taz Hot]

136. I think you may be right.

From Reuters:


Obama Unlikely to Toughen Wall Street Pay Rules:

http://www.reuters.com/article/newsOne/idUSTRE50U0R320090131

[66 dmhlt]

158. Maybe - but there's something distasteful when

... the graph of CEO v Average Worker Wage from 1936-2005 morphs into something like this


http://good-times.webshots.com/photo/2723061390082084340gpIIGa>

[Barack_America]

5. Hey America, have you noticed who's fighting for you yet?

And who most assuredly isn't?

[KansDem]

6. "Idiots?" They're walking away with billions of our dollars!

And it looks like no one is stopping them.

"Idiots" indeed!

on edit: I wish I were that "idiotic."

[Why Syzygy]

7. McCaskill rocks!

Could they add a provision for faith based ministers that receive federal money as well?
I'm tied in knots because I just found out Obama plans to continue this practice.

Bill Berkowitz
January 28, 2006
$14 million in federal faith-based money goes to Pat Robertson
Televangelist's claim that Ariel Sharon's stroke was an act of God may have cost him the friendship of some Israelis, but it hasn't prevented his charity, Operation Blessing, from garnering faith-based grants from the U.S. government
...
"More than 380,000 CBN 'partners' who donate a minimum of $20 per month ... are the bedrock of CBN, which attracted more than $132 million in donations in 2004," the Times-Dispatch reported.

Finding funds and thriving through faith-based grants

Despite the near universal condemnations of Robertson's remarks, back in Virginia Beach, Virginia -- where his ventures have their headquarters -- it was business as usual. Especially for Operation Blessing, the charitable entity whose mission is to "demonstrate God's love by alleviating human need and suffering in the United States and around the world."

In January 2001, when President Bush announced his Faith-Based Initiative by issuing an executive order establishing the White House Office of Faith-Based and Community Organizations, and one that instructed the Departments of Health and Human Services, Labor, Justice, Education and Housing and Urban Development to set up Centers for Faith-Based and Community Initiatives within their agencies, the Rev. Robertson -- along with his buddy, the Rev. Jerry Falwell -- roundly criticized the project.
...
Robertson changed his tune the following year, when in October 2002, Tommy Thompson, then the head of the Department of Health and Human Services awarded a $500,000 Compassion Capital Fund grant to Robertson's Operation Blessing International.

Five years later, "the federal government has become a major source of money for Operation Blessing ... In two years, the group's annual revenue from government grants has ballooned from $108,000 to $14.4 million," the Virginian-Pilot's Bill Sizemore recently reported.
http://www.mediatransparency.org/story.php?storyID=108

[LeftHandPath]

8. Idiots and Criminal as well..

They knew these mortgage backed securities were garbage. Goldman Sachs was selling MBS's to municipalities and pension funds in one room, and shorting them in another. It was a conspiracy to defraud. The criminals at the Fed allowed it, and the former Sec of Treasury started the whole ball rolling when he ran Goldman.

Goldman Sachs, financial terrorists committing Jihad right from Wall St USA.

[renate]

59. you're absolutely right, and...

... welcome to DU!

:hi:

[Seldona]

103. That is just about the best summary I've read on this.

Welcome to DU.

[FailureToCommunicate]

149. Add repeal of Glass-Steagall act and you've got your summary

[drm604]

157. Well said.

Perhaps RICO charges can be filed. Maybe some of those municipalities can pursue civil and criminal cases.

[Frank Booth]

173. Yep. RICO could be put to perfect use here.

And should be, though the statute of limitations is running quickly.

[alcibiades_mystery]

9. CLAW BACK toute de fuckin' suite

If the execs want to "leave" for another position, let them go, and I wish them well in finding a financial institution that hasn't been bailed out by the taxpayer.

Fuck them with a stick.

[mbperrin]

12. Yes, CLAW BACK!

The law would read something like the total of all compensation received, whether in salary, in kind, in bonuses, perks of all kinds, including insurance of any kind, deferred payments of any kind, stock or stock options of any kind, in short, the total of any and all value received by each employee of all grades and titles cannot exceed $400,000 per year, and violations of the intent of this policy will be punishable by 10 years in federal prison for each recipient, and 10 years in federal prison for the CEO of the company for each violation, as well. This way, just planning to circumvent it is illegal, not just actually circumventing it.

[NBachers]

116. AND immediate forfeiture of any bailout funds

[LSparkle]

10. AAAAARGGGGHHH! (Primal scream of joy)

At last -- we're going to FIGHT BACK against these greedy
bastards!

CLASS WARFARE -- BRING IT ON!

[Hawkowl]

114. Yes!

I'm laughing out loud, in a mean menacing way!

[Mme. Defarge]

11. K&R!

[benld74]

13. You go girl! I voted for her!

[JerseygirlCT]

15. You go girl!

If you can't manage your company with enough skill to avoid needing such a bailout, then you certainly don't deserve to make more than $400k a year.

If you want to the sky to be the limit, then don't look for handouts from the gov't.

[Juan_de_la_Dem]

17. Maybe they should try to get some of this money back

[wroberts189]

18. k&r

[underpants]

19. Thank you Rush Limbaugh for the final move that got her elected!!!

http://www.youtube.com/watch?v=uEah7_lzsOU

[robertpaulsen]

29. Thanks for that, underpants.

Along with Operation Chaos, proof positive of Limpball's glowing record fighting against the Democratic Party! Keep it up OxyMoran!!!

[dionysus]

159. somewhere michael j fox is rubbing his hands together and going "muahahahaha"

:)

[w4rma]

20. Very good. (nt)

[AwakeAtLast]

21. Angry citizens do, too.

:grr:

[Alhena]

23. I fear this is just getting our hopes up- the fatcats always win ...

prove me wrong, Congress and Obama- please! But I've seen this kind of talk before and at the end of the day the rich have always gotten richer.

[Bryn]

24. I wonder who the real idiots are

I *KNEW* this would happen. That is why I was against the Bailout. I did not believe it would be "trinkle down", but that we would only be peed on and I posted this when it all started ...that we the taxpayers would be peed on.

Why the hell didn't they see it?

[liberal N proud]

25. Go Claire

:bounce:

[marions ghost]

26. Go Ms McCaskill!

Thank her for sticking up for us...

"You can't use taxpayer money to pay out 18 billion in bonuses."

:kick: :patriot: :kick: :patriot: :kick: :patriot: :kick: :patriot: :kick: :patriot: :kick: :patriot: AMEN

[SlingBlade]

27. Straight Up, Time for a reckoning

These asses have ruled the roost for far too long

Off with their heads :argh:

[WV_Biker]

28. I second your response....

FUCKIN' A


Jeff

[sarcasmo]

30. Go get them Claire.

[pleah]

31. K&R Great speach. Now hold them accountable for the taxpayers money!

[8 track mind]

32. Dude! Is this for real? Is this Happening? Please tell me i'm not dreaming!! n/t!

[guitar man]

33. you know, I'm not an advocate of vigilantism

...but if they don't get this crap under control soon, I'll have no objections when an angry mob beats some of these turds to a bloody pulp! Enough!! :grr:

[UpInArms]

35. Rock On, Claire!

For the very first time, she's made me happy to say:

That's MY Senator!

:yourock:

[nichomachus]

37. Didn't the Congress just give itself a pay raise?

More correctly, it failed to stop its automatic pay raise. Congress gets a pay raise every year -- unless it votes to not take it. This year, it didn't vote to turn down the raise.

So, demands for caps on other people's pay -- while I think it's a good idea -- are a little hypocritical.

[Lasher]

135. Every member of Congress gets less than the proposed $400K maximum.

The base Congressional salary this year is $174K. Majority and Minority Leaders get $193.4K. Pelosi gets $223.5K.

I don't think members of Congress are overpaid, particularly when compared to corporate executives.

The proposed cap is a great idea. Executive compensation has gotten way out of hand and I don't see any other way to get it under control.

Edit to furnish link: http://usgovinfo.about.com/library/weekly/aa031200a.htm

[pacalo]

38. Here's what RudyPatooty Giuliani says about taking away these outrageous bonuses...

"If you somehow take that bonus out of the economy, it really will create unemployment," he said on CNN's "American Morning." "It means less spending in restaurants, less spending in department stores, so everything has an impact."

They couldn't make it on $400,000 a year? They obviously have no clue about what the average person goes through.

[robertpaulsen]

41. Send that POS to the head of the class at the Tool Academy.

What an absolute asshat. ThinkProgress had a good column on that:


Even as he was pushing for more billions to be handed out to failing businessmen, Giuliani railed against President Obama’s tax cuts for the poor: “That’s not stimulating the economy, that’s solving some kind of social agenda.” He was more explicit last week, condemning the tax cuts as “welfare” with Fox News’ Sean Hannity:

GIULIANI: Yes, if — somebody is not paying taxes is going to get a check from the government, then that is welfare. You haven’t earned it, that’s a welfare payment. I think he’s going to have to abandon that in light of the economic situation.

HANNITY: Are you thinking that he’s really — he’s going to abandon all these things?

GIULIANI: I think so.

Conservatives raised the “welfare” scarecrow throughout the presidential campaign, even though the claim is bogus. As Factcheck.org pointed out, “a worker can be a ‘taxpayer’ whether or not they owe any income tax.” Nearly every worker pays Social Security and Medicare taxes — “totaling 7.65 percent on every dollar of earnings” — and Americans pay federal taxes every time they buy gasoline or pay a phone bill, for example. Congressional Budget Office figures show that even the lowest-earning households pay about 4.3 percent of their income to federal taxes.

At the end of the CNN segment, Giuliani pushed for more bailout funds for investment banks. In other words, Giuliani is all for Wall Street welfare that fuels a skyrocketing cost of living, but virulently opposed to tax cuts for the poor that help fuel an economic recovery.

http://thinkprogress.org/2009/01/30/giuliani-wall-street-welfare/

[pacalo]

42. Thanks for the article. There's no doubt about where his loyalties are. Pffft.

[knitter4democracy]

84. It's still a lot of money. You're right. This way, the stockholders would make more.

I'm just sayin', isn't that what the stockholders would want? Unfettered markets don't work, and this regulation would put more money in the hands of the stockholders, which was the point of corporations, I thought.

[Lucky Luciano]

91. The employees of the brokerages own a large chunk of the shares.

[knitter4democracy]

101. So, doesn't that mean they'd be okay?

They get a pay cut but make more on their stock dividends, so it all evens out?

[NM Independent]

39. K&R

Kick Ass!

However, I doubt it will go through.

[Usrename]

40. The reverse Robin Hood redistribution of wealth.

Sen. McCaskill gets it right!

[ShadesOfGrey]

43. As an angry taxpayer, I agree with her. k&r

[proud2BlibKansan]

44. McCaskill offers plan to limit executive pay

Source: KC Star

Sen. Claire McCaskill's office says she's offered a bill capping pay at any company accepting federal bailout dollars.

The cap? What the President makes: $400,000 a year. (Barack Obama gets expense money in addition to the regular salary.)

McCaskill's plan would include salary, bonuses, and stock options. We don't know if it would include deferred compensation or perks -- like, say, $1 million to redo an office.

Read more: http://primebuzz.kcstar.com/?q=node/16872#new

[aquart]

45. Should have done this first, not last.

[tabatha]

46. Bush was the president.

I hope they can get the money back.

[bluestateguy]

47. She better plug any possible loopholes that could be exploited

because you know those slimy pigs at the troph will find them.

[Myrina]

48. Absolutely - stock options, parachutes, expenses, gifts, per diems ...

... I'm sure the Fat Cats have their personal accountants and lawyers scouring the statutes already. :(

[Ilsa]

49. Didn't the original bailout include caps? And then Bush wouldn't

sign it unless they took out caps on exec pay? They claimed they needed it to keep their best managers, (like this crap was good management). I say, "let them quit," if they are bummed about not getting bonuses. Where are they going to go? The managers quitting might be the best thing to happen: let newer talent take over and run things more judiciously.

[struggle4progress]

53. The "caps" it retained were essentially meaningless

[Brucie Kibbutz]

78. AFAIK,

executive pay was only limited for institutions that the government bailed out by buying their bad loans. Of course, once Paulson got the money, he decided not to buy the bad loans and just gave banks the bailout funds to do with as they wished. Since the funds weren't specifically being used to buy the bad loans as it was stated in the agreement, that was the loophole executives needed to avoid any caps on their compensation.

[Jefferson23]

98. Yes, and lets hope that the Dems remind Americans about this.

Executives Could Profit Off Bailout Through Loophole

Listen Now <3 min 34 sec> add to playlist

Day to Day, December 16, 2008 · When Congress approved the $700 billion bailout for struggling banks, they made sure to include caps on executive pay. But last-minute changes by the Bush administration have left a giant loophole in the regulations. Alex Cohen talks to Iowa Sen. Chuck Grassley discusses how executives could make off with millions.




http://www.npr.org/templates/story/story.php?storyId=98335056

[stevebreeze]

50. why not just bring back progressive taxation?

Is there any reason to pay $3 or $5 or $50 million a year? It is just a game of who's dick is bigger. take away the incentive for CEO's to screw their employees and the public with their out sized paychecks with far higher top marginal rate.

[Lorien]

100. See posts #87 and 99. nt

[Mz Pip]

51. Finally!

Seems to me that any company receiving tax payer's money to help bailout the company should have salaries that are comparable to those made by tax payer compensated public employees.

Take it or leave it. Where else can these CEOs go?

[proud2BlibKansan]

52. Good point

They don't have a lot of choices. LOL

[valerief]

64. With all the money they have, I'd say they can go anywhere they want.

Working is just a hobby for them.

[Mz Pip]

65. I meant job wise.

Doesn't seem like there's going to be much of a demand for CEOs who expect multi-million dollar salaries and bonuses, especially for ones who have already run one company into the ground.

[valerief]

70. Yeah, but my point was that they're so rich they don't need jobs. nt

[Still Sensible]

54. Good idea, reasonable stock options are okay in my book

because it is a strong incentive to succeed... but bonuses, parachutes, etc., should be off the table until the taxpayers get the money back.

[harmonicon]

55. right on!!

If they don't like it, nationalize their shit companies and put people in charge who care and will do the job for that same money - I'm guessing you'll see far better returns on investment.

[salguine]

56. $400,000 is too fucking much. These people need to learn some goddamn humility even if

it kills them, and I kind of hope it does. Fifty grand a year is PLENTY.

[Lucky Luciano]

92. COme on - $50K even the most junior first year person quits

$50K is not enough motivation for a job as intense and as stressful as that one.

[salguine]

107. I know it's not. That's why I suggested it. These people need to know

what it's like not to make enough money to feel secure.

[wickerwoman]

175. My uncle made about $50,000 a year

teaching special needs kids in the New York school system. He was stabbed twice and came home every week with bruises all over his arms and legs. Are you telling me being a stock broker is more intense and stressful than that?

From where I'm sitting we need good teachers a hell of a lot more than we need good stock brokers. Why should they get paid eight times what my uncle did? And he lived near New York on $90,000 a year for him and his wife quite comfortably.

[AngryAmish]

151. In Manhatten? One cannot live on 50k in Manhatten.

[w4rma]

156. And yet, some people there live on less. (nt)

[sutz12]

57. What they need to cap...

is how much of a single person's compensation is tax deductible by the company. Set that at $400k. Any amount above that is after taxes on the corporate bottom line.

[redqueen]

58. Thank goodness ONE of them up there has the sense to try this.

Let's hope it gets lots of co-sponsors, and passes.

[crunchgarcia]

60. $200K is what they should do...

Personally, I'd rather have our money back, these assholes can go to hell. Since that won't happen, at least the "getting our money back" part, $200K should be the cap. Why? Because it would take at least TWO of these morons to make one Obama, and he only makes $400k. These banks should have died. Natural selection.

[valerief]

61. Uh-oh. The "moron-idiot-tard" police are gonna raise hell with McCaskill for

using the word "idiot."

[barbtries]

62. i hope it passes

right away.

[jeff30997]

66. "bunch of idiots on Wall Street "

There's a word missing:Greedy.Bunch of heartless bastards!

[lonestarnot]

67. Finally!

:woohoo:

[Ilsa]

69. They are not "idiots." They are amoral, selfish, greedy monsters. nt

[Waiting For Everyman]

71. K&R Go Claire!

All of these banks AND the Federal Reserve need nationalizing (as Kucinich is pushing for now), and to start over with another batch of small community banks and credit unions, like the ones we still have which have been doing things right all along. And don't let them even cross state lines ever again.

[FLAprogressive]

74. Hate to pee in everyone's wheaties but she enabled this

She voted for the bailout.

[subsuelo]

75. why stop with just companies receiving bailout money? n/t

[.... callchet ....]

77. Progressive tax on Above $250K Digressive tax for$250k and below

Phase out at $50K

[JerseygirlCT]

86. Because that's the price of a bail-out. If they want to play in the

big wide world of pure capitalism, then the sky is theoretically the limit. But when they cry uncle, it's only logical that there's a price to be paid.

[subsuelo]

89. Problem is

The rich and powerful want socialism for themselves - and that pure, rugged capitalism for the rest of us

[JerseygirlCT]

94. Too often true. nt

[progressoid]

76. Idiots? Are we talking about the Executives or the Congress that allowed it?

Hmm?

[bluedigger]

79. The only fucking thing that they have learned so far,

is that if they are "too big to fail" they are guaranteed to get more government money. Everything we have given them so far has gone into mergers and executive compensation, while the rank and file have been let go, and their stockholders have been ruined. Fuck 'em!

[.... callchet ....]

80. Don't cap it tax it.

They will work harder to make more and we will get money to burn ! :party:
Let them dork for us like we work for them.

[JerseygirlCT]

87. Nah, they'll just find even more clever accountant to find even more

loopholes that we mere mortals never even considered feasible.

[Lorien]

99. Isn't that the truth! Remember when Bush said that it was idiotic to raise

taxes on the rich because "the rich don't pay taxes anyway". ?

[JerseygirlCT]

104. Exactly! nt

[blossomstar]

82. Wallstreet got the paychecks plus the bonuses and a bailout

WE gave it to them... now just who are the idiots?

[knitter4democracy]

83. I love it! Can't make more than the president!

Hahahahaha! That's the perfect answer!

[harun]

85. Cap those looters.

[BeyondGeography]

88. I applaud the forthright nature of the good Senator from Missouri's comments

:patriot:

[OhioChick]

90. You Go Girl!

:fistbump:

[natrat]

93. scumbag gop gonna look bad voting against this en masse

[Seldona]

95. Proudest K&R ever!

Now that's what I'm talking about! Imo if the pukes fight us on this, they won't be able to be elected dog-catcher in my life time.

[ChromeFoundry]

96. OH, HELL YES! K&R

[Lorien]

97. YES! it's time that we all told our Representatives to back the McCaskill bill!

Why would anyone "need" to make more money than the President? Are their jobs more important? Does anyone need more than 400k to be content? ENOUGH IS ENOUGH!

[ihavenobias]

102. K & R

[The Brethren]

105. Well, someone in government should

finally decide they've had enough -- especially they are the ones handing out billions of tax dollars to these a-holes. What Wall Street has been doing is beyond ridiculous!! They should be forced to pay the bailout monies back --- with penalties.

If this kind of crap keeps up we can be the next Iceland, whose banks collapsed in the fall and their govt. collapsed financially this past week due to massive debts; along with revolts by their citizens. We are not immune to the same thing. And that is exactly, in my opinion, where we're heading if someone at the top doesn't start saying "Enough is enough!".

[lelgt60]

106. OK, OK You all win. Stop beating me up. I'll do it for just $400k

Since none of the current bunch will do it for just $400k, I think you're stuck with the likes of me. Let's see. I think I'll head up Citibank. I like the logo, and they have a nice new building near where I live.

Uh...can I hire a chef for the lunch room?

[whistle]

108. STOP THE BAILOUTS!

[Betty]

109. how fast will the repugs line up to oppose this

I imagine the reaction will be swift and unified.

[markbark]

110. Here's a suggestion

Howzabout NOT limiting CEO pay?
(hear me out now...)

Just make it the law that you can't pay your LOWEST paid any less than 1/50th of the TOTAL compensation of the CEO (to account for all those "my 'salary' is $1 a year" types)
Go ahead.. Pay your CEO $250 million. That means the guy you got scrubbing toilets gets 5 mil per annum.

This would only work in curbing the megacorps.. If you are a small bidness you can't pay your guys $100/yr

Whaddiya think?

--MAB

[jwirr]

111. And Exxon makes 40 billion in profits. (First I have to warn you I am

writing this in a VERY depressed state of mind.) I am assuming that most of the stock holders in these companies are claiming to be Americans and that they are claiming they love their country. What are they trying to do in deliberately destroying our nation? Why would they do this?

I have read both of James Howard Kunstler's books: The Long Emergency and World Made By Hand. Do these people, especially the oil groups, know something we do not know? Are they getting what they can as fast as they can before the bottom totally drops out and to hell with the rest of us? I remember when this nation, including its corporations had the goal of making this nation strong not tearing it down. What are they thinking?

They cannot be so blind that they do not see what they are doing. That is impossible. The people of Germany were blinded to what was happening to them but the leaders knew exactly what they were doing. Why would once loyal businesses turn so totally on our democratic experience?

[stlsaxman]

112. Double-plus K&R!!!! THAT'S my Senator!

kicketty-kick and a kick kick kick kicketty- kick and a kick kick kick kicketty- kick and a kick kick kick kicketty- kick and a kick kick kick kicketty- kick and a kick kick kick kicketty- kick...



:kick: :kick: :kick: :kick: :kick: :kick: :kick: :kick: :dem: :kick: :kick: :kick: :kick: :kick: :kick: :kick: :kick: :dem: :kick: :kick: :kick: :kick: :kick: :kick: :kick: :kick: :kick: :kick: :kick: :kick: :kick: :kick: :kick: :kick: :kick:

[skyounkin]

113. Sorry Senator,

How many people told you that you could NOT trust the goddam companies? Serioulsy? You're shocked? Get a fucking clue!! You were warned and this is a big fat

I TOLD YOU SO!!

Now, maybe since you found your spine- do your your goddam job and hold them accountable.

[AllyCat]

115. Nah. They're really smart. They knew the idiots were in Congress

and would let them get away with it. Heck, Congress HELPED them do this.

That said, I agree with McCaskill. I'm glad someone is finally speaking up for us.

[NM Independent]

117. I REALLY love her!! n/t

[defendandprotect]

118. I'm for that --- hook it to the minimum wage . . .

and let's tell Congress to give up their medical benefits which we pay for

until EVERYONE in America has health care!

[usregimechange]

119. Proud to say she is my Senator

[BlancheSplanchnik]

121. THIS WOMAN HAS OVARIES !!!!!!!!!!!!!!! !!!!!!!!!!!!!!! !!!!!!!

YEAHHHHHHHH!!!

I think we've got your back, here!!!!

[knixphan]

124. Claire is wonderful.

You go girl - and keep on!

[JackDragna]

125. This is theft, pure and simple.

It's time to break out the torches and pitchforks.

[bjobotts]

126. At last.Maybe McCaskill has finally found her voice. She didn't under Bush that's for sure

[bjobotts]

127. Capping it now but what about the $18 billion they already took while claiming bailout funds?

[bjobotts]

128. Seize their property and hold them accountable to repay or go to prison for fraud

[bjobotts]

130. Stole bonuses for failures while asking for and getting bailed out for their failures

[bjobotts]

131. Wish McCaskill were yelling"You won't get away with this...not this time".

[OKDem08]

133. actually, we're the ones being taken for idiots n/t

[cherish44]

134. Finally a Democrat with some balls

Ironically she's woman. Give 'em hell Claire

[PADemD]

137. "Idiots" or Robber Barons?

"Robber baron is a term that revived in the 19th century in the United States as a reference to businessmen and bankers who dominated their respective industries and amassed huge personal fortunes, typically as a direct result of pursuing various anti-competitive or unfair business practices."

http://en.wikipedia.org/wiki/Robber_baron_(industrialist)

[lebkuchen]

138. McCaskill is also demanding accountability from Robert Gates

for the DoD's lack of oversight of the America Supports You program, a boondoggle if ever there were one, and at troop expense.

She sent Gates a strong letter this month. An IG report is due this summer. Millions of taxpayer dollars were laundered through Stars & Stripes to "support the troops." Instead, the money went to

1) promote the war in Iraq and

2) pay Susan Davis International, a huge Bush supporter, millions for promoting the war in Iraq per the America Supports You program. Everybody in the Bush administration won big on this propaganda scheme.

[eilen]

139. Easy Peasy way to do this...

Just tax any income over $400,000 a year at 93%.

That will create jobs. Companies will then invest in R&D, provide more benefits and salary for the rest of the employees rather than pay the tax. If they decide to pay the tax, then more for the Obama plan to pay for infrastructure improvements. We need lots of infrastructure here and I don't think his plan allots enough money for it.

[DailyGrind51]

140. If you can't use unemployment compensation to go to graduate school,

you shouldn't be able to use bail-out money for bonuses!

[mod mom]

141. Absolutely but I also think someone needs to go after that $18.4 billion in bonuses.

I watched her speak on KO and felt was was only looking forward. This is not enough. These companies deliberately mislead not only stockholders but the government who then bailed their sorry asses off.

These bastards have no concern for the future viability of their companies. They are in a mad grab to get as much as they can for themselves.

[onlyadream]

142. Awesome! nt

[dcindian]

143. They were quick to let wage be an issue for the union workers to not do so now for the theives

of wall street is just sickening. To not do so is one lost democratic vote in the next election.

[EPIC1934]

147. WHAT IF....

WE had a majority leader who was not a mute morman mummy?

What if we had a party that had was not quieter with majorities in the house and senate than republicans with minorieties.

WHat if there were more than one party in the US...?

By the way Please read JFK and the Unspeakable to remember the last time there was an Opposition party!

[dcindian]

150. Thanks for the suggestion

I will pick one up.

[Shoes For Industry]

145. The little guy gets shafted again

While I agree the people that looted this country should not be rewarded for their
crimes, this measure will shaft the little guy too.

"An angry U.S. senator introduced legislation Friday to cap compensation for employees of any company that accepts federal bailout money"

Sen. Claire McCaskill, D-Missouri should have given this more thought. It isn't just the big company's that stole from us that will
receive federal bailout money, other company's that receive "bailout money" employ the little guy.

[Taxmyth]

152. Reality check

Since this reply is down at the bottom I doubt very many will actually read it anyway but here goes:

These bonuses are necessary. Not all of them, mind you, but the bulk of that $18,000,000,000 was expected compensation for standard performance. Most Americans who have never worked in the Financial sector don't really understand the term "bonus" as it is used in that industry. The monies paid out are not actually a "bonus" but part of an overall compensation package that helps retain high level employees with a firm. These employees are paid a salary throughout the year, a salary that would be considered decent but certainly not excessive. As part of the annual compensation package, these employees are also promised a one time annual cash payout, usually around Christmastime. For instance - An employee of XYZ Financial Services receives a base salary of $100,000 a year and then receives what is called a "bonus" of another $100,000 bringing their annual compensation package to a total of $200,000 a year, which in the Financial services industry is hardly excessive or bloated. This is how the bulk of that 18 billion dollars was spent, given to the day to day working man or woman. If you live in the NY Metropolitan area then you know that $200,000 is not really out of line given the exorbitant prices here for the basics.

Yes, there are those that make much more in the annual salary and "bonus", most of them deservedly so, but there are far more who make even less. News reports of CEO's receiving bonuses for guiding failing firms have tainted the term "bonus" and it makes for fine rhetoric to rail against anyone receiving a "bonus" these days. But make no mistake, this piece of the compensation package is important and needed.

[jordi_fanclub]

160. Misleading information...

Have you noticed the $400k cap?

So your "concern" about ordinary Wall St people seems doesn't work!

[Taxmyth]

166. What is misleading

This is a traditional and expected part of the compensation packages of those who work in the Financial Services industry. Any legislation capping compensation at $400k for those that work for a firm receiving funds as part of TARP would effectively put that firm out of business which is what my "concern" is. This is not an idea likely to gather any momentum in Congress but it does give Ms. McCaskill an opportunity to sound tough for those unfamiliar with the Financial Services industry. I'm not saying that is wrong but I can pretty much guarantee she knows that this is soapbox legislation and not one of import.

[Telly Savalas]

170. So what you're saying is that excessive labor costs are ruining the financial sector.

In normal businesses, it's only the folks at the very top who make more than $400K annually. If it meant the survival of the business, most of these executives would take the pay cut.

Now if what you're saying is true, most people in the financial services sector are unwilling to work for under $400K and that they think it's my responsibility as a taxpayer making a five digit income to subsidize their paychecks.

If they can afford such lavish compensation, then why do they need taxpayers to help provide capital?

[Taxmyth]

174. $400k is not a lot of money

$400k is not a lot of money to someone responsible for tens of millions of dollars in assets on a day to day basis. The ones responsible for that level of assets are not the top executives, more like mid-level management. And it is decidedly NOT an easy job. Most American people outside of the field have no idea of just how stressful and pressure packed these jobs are. You want the best people possible managing and working with these assets just like you would want the best people possible to be physicians and nurses working in healthcare. Limit the amount of income they can make and you will not get the best people.

Many top executives in the Financial Services industry DID forsake their bonus this year saving those firms collectively probably close to another billion dollars plus.

I'm not saying MOST people in the Financial Services sector are unwilling to work for under $400k a year because MOST already do. The Admin staff that receives a $15,000 bonus....the Research Support staff that receives a $25,000 bonus. Tens of thousands of these people receive what is called a "bonus" as part of their compensation package and that is where the bulk of the reported $18,000,000,000 paid out went to. It's not "lavish" compensation, it is a decent wage for what they do.

This is 2009. An entertainer like a professional athlete can earn tens of millions of dollars a year. A movie actor can earn the same for one film. Mid-level executives in many industries earn well over $400k annually and that's nationwide not just here in NY. I work in Public Accounting and there are many in my field that earn well over $400,000 annually also.

[wickerwoman]

176. I got quarterly project based bonuses at my last job

When we had a good quarter and I worked on a successful project, I got a big bonus. When we had a shitty quarter, I didn't get a bonus, regardless of whether or not I worked on a successful project. I wasn't going to quit a job I loved with a great company just because they had a bad quarter and I didn't get the bonus I deserved.

The problem is that people in the financial industry see bonuses as an entitlement. They should be compensated in stock when the company has a rough quarter just like in the software industry (and pretty much everywhere else.) If they work for a struggling company they should suck it up like everyone else.

[SKKY]

153. They want US workers to work for what their Japanese counterparts make, right?

How about applying that to CEOs as well?

http://online.wsj.com/article/SB122782362228562381.html?mod=googlenews_wsj

[defendandprotect]

154. PS: We also need a pay cap on Congressional salaries -- and benefits . . .

Congress can increase their own salaries!

And do so frequently now ---

We should also tell them to suspend their own medical benefits UNTIL

they have passed national single payer health care --- comparable to their own

health care benfits -- for the general public.

They OWE us -- For too long we've been providing for the MIC with no benefits

for citizens -- and a much neglected infrastructure.

A nation that permits its military to get this out of hand -- not to mention

the compounding of intelligence agencies -- is going to get more of the same!

[Titonwan]

161. Why THAT much?

This President didn't cause this shitstorm, so why do they get to make as much as him? $40,000 sounds more like it. What.... still too much?

[Jakes Progress]

162. I'll repeat my celebration

of this introduced legislation. But we need to make sure that it goes to vote. Without a roll call vote, it is only populist grandstanding.

[LeftHandPath]

163. Calling my reps on Monday...

This has to pass.

[SlowDownFast]

165. How 'bout a Congressional pay cut while we're at it? n/t

[yurbud]

168. and a ball peen hammer to the testicles so they don't reproduce

[tom_paine]

172. Error: you can only recommend threads which were started in the past 24 hours

:kick: :toast: