Administration plans big pay cuts at bailout firms - Yahoo! News i thought this was pretty cool, and probably should have been done before the bailouts.
In this situation, i have no problem with it. IF you took the bailout money, you have to follow certain rules UNTIL you pay every thing back. Once you are back on your own money, do what you want.
i guess if our socialist government is gonna run these companies they might as well go all out socialist.
The businesses will fail due to lack of competent leadership and the fed will never get their money back but phuck that. It's politically expedient and could translate into votes down the line.
Re: exec pay cut Fine. No problem with that, but it's pissin' in the ocean. It's purely symbolic and political. Cutting executive salaries won't affect the bottom line one iota. However, running off talent will affect the profit/loss statement and what will be gained? The bailout money is wasted and the payback prospects are lessened. But it looks good to the left and Obama is doing whatever he can to keep them happy. Also, it's another sleight of hand play just like the "War on Fox". While we watch the left hand, the right hand is picking our pocket. Here's an idea. Spend the time figuring out what the hell we're going to do about Afghanistan, actually stimulating the economy and reforming healthcare without bankrupting the future of America in the process. Obama has accomplished nothing to date yet he's managed to keep his drooling faithful lapping up the hope and change BS. Quit running for President, Barry and start being a GD President.
The only problem is that the government will not allow anyone to pay back the money. They threatened to take over if companies didn't take it...they won't take it back from companies that don't want it...and they're charging 8% on the money while refusing repayment. This mess is phucked up.
JPMorgan and 9 Other Banks Repay TARP Money June 17, 2009 These 10 banks were informed by regulators last week that they were considered financially stable enough to return the government’s money.
