Posted on 06/11/2009 7:55:47 AM PDT by mikelets456
WASHINGTON (AP) -- The Obama administration says executive compensation must be better managed to prevent the sort of risk-taking that jeopardizes the economy.
Gene Sperling, who advises Treasury Secretary Timothy Geithner, said Thursday the administration does not want to impose caps on executive pay. But he also laid out for the House Financial Services Committee a list of guidelines calling on publicly-held companies to link compensation to long-term performance, not short-term gains.
Sperling said in prepared testimony that the administration believes compensation practices "must be better aligned with long-term value and prudent risk management at all firms, and not just for the financial services industry."
(Excerpt) Read more at finance.yahoo.com ...
Rein in private sector - as in UAW?
Does that mean Hollywood, the music industry and sports figures are going to have their salaries reined in?
How much does Letterman get paid? How about Olberman? Welcome to Russia.
Yeah, start with Oprah!
Good point. Let’s go for the low-hanging fruit(s) first. Let Norman Lear, Rob Reiner, Babs Streisand, Oprah, Whoopi Goldberg, and Letterman be the first up to bat and have Obombah tell them how much they should be paid. If they do that, maybe I’ll listen (not really) to what they propose for others.
Of course paying million dollar bonuses to politically connected heads of Fannie Mae and Freddie Mac was just peachy.
“...Does that mean Hollywood, the music industry and sports figures are going to have their salaries reined in?....”
The way this administration works....I would think not. They will pick and choose who to put limits on. That’s how corrupt they are....
I hate to say it, but everything these people say is a LIE. That’s why I never listen to them, they are complete liars who care about nothing except money and power...for their own!
First Oprah, and then go all the way down the line...let’s see what the ladies on The View have to say about that.
Obama is playing off the generalized resentment when you hear of an executive receiving a huge bonus or golden parachute after they have done a terrible job.
To curb that abuse Congress could consider limiting the deductability of the bonus. Like charitable contribution or casualty losses are not written off 100%, but only as a percentage of overall income etc. But Obama’s guys just go w-a-y overboard.
He is definately a Marxist.
But acts more like the Marx Brothers.
Or Bozo the Clown.
If you are an executive and working for a TARP recipient company, find another job! Time to shrug.
You have no rights any longer.
Leave the company to dry up from lack of talent. It will.
If you are worth what you are being paid, you will find another job for a company not taking TARP.
If the government goes after your pay later, you then have rights to fight (of course, that is dependent upon the day of the week).
That is my plan if my company gets into the sites of Geitner.
Another way of socialistic control
Diktator der energie entscheidend Timothy Geithner
Is that better Timmy?
When the Nazis came for the communists,
I remained silent;
I was not a communist.
When they locked up the social democrats,
I remained silent;
I was not a social democrat.
When they came for the trade unionists,
I did not speak out;
I was not a trade unionist.
When they came for the Jews,
I remained silent;
I wasn’t a Jew.
When they came for me,
there was no one left to speak out.
Hollywood will not be effected....they are part of the commie propaganda machine.
According to published reports, Katie Couric makes in excess of $13 million annually. I would wager a week's pay, that $13 million in total annual compensation is more than any CEO makes for over 95% (or higher) of the US publicly traded companies.
It is disingenuous to have any discussion about this topic if you aren't going to include ALL highly compensated employees. Furthermore, CEO (and other company officers) actually place themselves in legal jeopardy every time they issue an SEC filing.
Because of changes to US Federal and State laws after Enron, CEOs and CFOs swear under oath, and under the threat of criminal prosecution that the SEC filings are not artificially manufactured. This exposes them to possible criminal liability, even if they didn't direct or agree to these accounting improprieties. Essentially, they're own incompetence could send them to jail, or at least send them home with huge civil fines.
Katie Couric, David Letterman and others, don't face anything like that. Couric is incompetent every night, but she still enjoys her massive annual salary.
Having said all that. This is America. It's none of the Government's damn business what anyone makes, and it certainly isn't my business what someone else makes.
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