September 23, 2008
Listening to NPR this morning I was amused to hear that various republicans were outraged that house and senate democrats wanted to put paycaps on executive salaries of the companies that the government would be bailing out of this whole fiasco. I was more amused to then here that the various republicans were in positions to benefit from their NOT being paycaps. It’s sad when the party that wrecked america (the republicans in case it wasn’t clear) can be so blantantly and bald-faced greedy.
I support the democrats who wish to put more controls on the industry and to allow bankruptcy judges to rewrite the terms of bad loans. However, I’d like to add an addendum to the paycap rules. It would go something like this: If you’re an executive of a company being bailed out then you have failed to do your job. Therefore, your options are limited. You may: 1. resign w/no severance and no golden parachute – you simply get to walk away. If you choose this option you are restricted from working in any field related to finance for the next 10 years. 2. You may choose to stay on, but you are now working for the US Gov’t and you will be paid commensurate with a private in the us. army. You are drafted into service of the gov’t and you are not allowed to leave until your term of service (4 years) is up.
In short, I’d just like to say that I understand the need to shore up this industry with tax payer money but I will be goddamned if I’m going to tolerate someone bringing in a 2 million dollar salary from tax money b/c they did a crappy job.