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katty Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-26-08 12:47 PM
Original message
Popular anger puts fat cat CEOs on the run
more: http://www.breitbart.com/article.php?id=080926123140.jvg3mysz&show_article=1&lst=1
Popular anger puts fat cat CEOs on the run

Sep 26 08:31 AM US/Eastern
WaMu Taken Over By JPMorgan Chase


An angry US public and Congress are pushing to snip the rip cord on golden parachutes used by fat cat CEOs to escape Wall Street's mayhem.
Democrats in Congress -- set to resume emergency talks Friday with their Republican counterparts on a 700-billion-dollar (478-billion-euro) bailout for the financial industry -- insisted that any agreed package include restrictions on executive pay.

They caught the mood of a nation sickened at watching the titans of finance walk away from Wall Street disasters not only unscathed, but enriched.

"The wealthiest people, those... in the best position to pay, are being asked for no sacrifice at all," read a petition to Treasury Secretary Henry Paulson, which by Thursday, after three days, had 32,600 signatures.

The petition, organized by independent Senator Bernie Sanders from Vermont, attacked what it described as the Treasury's attempt to let bungling executives "continue to make exorbitant salaries and bonuses."


Those gigantic pay checks, bonuses, and Midas-like farewells encapsulate what the public sees as Wall Street's greed-is-good philosophy.

For example, the CEO of bankrupt Lehman Brothers, Richard Fuld, received total compensation of 71.9 million dollars in 2007, including stock, bonuses and other pay, according to a survey published by Forbes magazine.

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ljm2002 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-26-08 12:51 PM
Response to Original message
1. "bungling executives"???
Ha! More like "burgling executives"!
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katty Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-26-08 12:56 PM
Response to Reply #1
3. haah! more like executive master crooks!! where's Batman now
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Eric J in MN Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-26-08 12:56 PM
Response to Original message
2. The proposed bill has no cap on executive pay...
...instead, it lets Henry Paulson decide if pay is excessive.

Paulson was paid $37 million in 2005.

=================
http://www.mcclatchydc.com/227/story/53085.html

Executive pay. The Treasury Department would "set standards to prevent excessive or inappropriate executive compensation for participating companies."
=================
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