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April 4, 2009
WTF?
Geithner, Summers and the president have to immediately account for this:
The Obama administration is engineering its new bailout initiatives in a way that it believes will allow firms benefiting from the programs to avoid restrictions imposed by Congress, including limits on lavish executive pay, according to government officials.
What makes it especially stomach-churning is this:
At first, when the initiative was being developed last year, the Bush administration decided to apply executive-pay limits to firms participating in this program. But Obama officials reversed that decision days before it was unveiled on March 3 and lifted the curbs, according to sources who spoke on condition of anonymity because the discussions were private.
Filed under: Bailout || Tim Geithner Economic Plan
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Posted By Bob Cesca | April 4, 2009 11:15 AM
Comments
I want to hear an explanation of this very soon.
This is not change I can believe in. This is the same old shit on a different day.
The executive pay limits are a requirement, they are not optional.
Posted by: SillyRatfacedGit at April 4, 2009 12:05 PM
There has got to be a logical explanation. No one is as stupid as the article made the Obama admin to look. I'm getting the impression that there is bailout money left over, and the Administration is desperately trying to give it away.
Of course, I could be wrong.
Posted by: politicalpartypooper at April 4, 2009 1:08 PM
Huh????? Something is screwy here...
On another subject the retention bonus money for the folks at Fannie Mae and Freddie Mac is coming up real quick. More than AIG, I believe it's around $210 million dollars worth.
http://uk.reuters.com/article/marketsNewsUS/idUKN0335729620090403
Posted by: GeorgeJungle at April 4, 2009 3:31 PM
Bob, stomach-churning is an apt description when you find the Bush admin. tried to do the right thing, and it was our wonder boy of change that seems to be letting his Goldman Sachs crew continue the activities of elitism.
America hasn't always been a place where the financial elite and Captains-of-Industry were paid several hundreds time the average compensation. I don't think their compensation is either sacred or a forbidden topic to be avoided.
All of the financial products that brought down this system and exposed the greed such as the Mortgage-backed securities, collaterized-debt obligations, derivatives and the like were born from deregulation of the financial industry.
Mere stimulus and spending programs do not address the fundamental issue here. Deregulation caused this mess. Why isn't re-regulating these firms and industires part of the solution?
Thanks for calling Obama on this.
Posted by: NorCalNative at April 4, 2009 5:21 PM
