President Obama to Announce New Boss Salary Restrictions for TARP-Receiving Companies

Why do the banks,car companies, and insurance companies need to give these bonuses to employees. Hire anybody off the street and give them a large bonuses to make sure the company they are employed loses money . Give anybody a million dollar bonus to make sure their company loses 5 million. Any body can help a company lose business. I thought bonuses for employees who increase business or lower the cost of doing business. Again Congress, Give us your incompetent,unscrupulous,and terrible executives and we shall give them taxpayer's money. If President Bush was for oil companies, then the democrats are for big banks,insurance companies, and car companies see bailoutsif you do not believe.

The bailout is backwards, it should be going to the people that are supporting these "institutions", the people that are actually working hard for the money. The banks get their cut in interest. It is their fault for lending to people and educating them on the fact instead of taking advantage of them for a quota.

The banks did not do this to themselves. The american people (the "taxpayers") did it to the banks by taking out loans and not paying them back!!

Also, you (the "taxpayers") do not own the banks and you are not their bosses. You simply bought preferred stock in the banks. Only AIG has been "bailed out" at this point.

You want to fix this crisis - pay back the money your borrowed!!

I agree with this cap and am tired of the CEO's claiming they need the compensation packages to keep good employees. Well in this economy why are we rewarding people that are not doing their jobs and where are they going to go, who is hiring. Maybe if they where laid off like the employees at the bottom of the pay scales their company would better understand what they have done to the America economy.

Companies need to lay off more top exec
utives and save more jobs at the bottom. You can't keeping laying off at the bottom without getting rid of some at the top. Besides a few executives going will free up way more money in any company. Maybe the ones that messed up a company need to be the let go faster than the poor guy at the bottom doing his job.

You could have teams of regulatory people watching them, and even if they were good ones, like the one that whistle-blew on Madoff, these executives will still find 12 dozen ways around this. It's a waste of time to look at their compensation.

What I can't understand about this is how a bank exec can go in front of his board and keep his job when their shares are tanking this bad. That's what I just can't understand.

If a president can cap salary for executives receiving aid from the government who have failed their companies, why can't a guaranteed for a base livig wage for every american of 15-17+ dollars per hour be implemented and tax incentives for corporation will be included to guarantee the new base wage structure for all tax payers...The extra disposable income can really stimulate the economy. Why isn't this explored more?

Why are so many public officials having tax difficulties?

Since the economy is not doing well, the members of the Congress should be trying to economize. In additoin to giving back the $4,000 raise, they could give up the private jets that the tax payers are paying for.

I see a lot of neocon carping trying to hide it, but President Obama did the right thing. He -had- to put a cap on their salaries, since the job market for CEO jobs is rigged: they are being highly overpaid for low quality work because of this rigging.

If they really believed in a free-market, they would stop relying on their buddies on the board to rig the market. A free-market price for CEO positions would NOT give out huge bonuses to CEOs who just ruined the company.

But anyone who has been following the news knows these obscene bonuses have been the rule for years now, not just during the latest crisis.

Dilbert was right: the entire management culture has been taken over by a gang of immoral fools, who maintain their grip on power by a host of disgusting, dishonest techniques. There is no free market for their positions. There hasn't been for decades now.

so, RyanC, where do you teach??

my favorite new bumpersticker:

if you voted for obama, thank a teacher

"If we are suppose to hate all those evil rich people, how about the Clinton's?"

Not all rich people.

Just the ones who ran their companies into the ground, begged the government for a bailout then collected enormous compensation packages using taxpayer money.

Ya know the heroes of the right wing.

I seem to remember Barney Frank's buddy who ran Freddie Mac got paid a tremendous bonus in 2005 becuase he made all those great loans to people buying houses.

Unfortunately, he didn't pay any attention whether they could pay the loans back or not, but that is irrelevant.

It's still all George Bush's fault.

has anyone else noticed? great leader is completely naked!

"but they told me these were the finest threads in town!"

It's about time someone put an amount of $ CEO's
can earn when it concerns tax payers money. The nerve of those jack asses, it's just mind boggling.
Greed begets greed, and that's what CEO's are all about. How many millions, or billions of dollars does one person need?
Oh and I just love how the right goes on about
President Obama being a socialist, I guess when
when Wall street is profiting it's all good but when
the market is down they go begging for a bailout by tax payer money, hmm socialist?

If we are suppose to hate all those evil rich people, how about the Clinton's?

Did the media forget that they reported $100 Million in income last year combined?

I'm sure they earned it becuase Bill is such a great speaker.

I would like to see a list of every CEO involved and their current salary.

This all sounds good and just but I can't correctly grasp how much this plan will screw the screw-balls.

HOORAY FOR OBAMA

No doubt many of those in bailed out firms were not worth the megabuck salaries and bonuses they received. Many others, however, were worth every penny. Within a short while after the institution of this policy, those who were worth megabucks will have migrated to firms thay can pay them what they are worth. Those that were not worth the money? They will still be running the failing enterprises, further increasing the likelihood that the firms will eventually and inevitably fail completely, costing the taxpayers more billions of dollars.

Re "It's not right to give the banks money every time they cry but make the auto workers suffer-- they can't even afford the cars they make. "

Hie thee to Google, fool, and get educated. You just embarrassed yourself.

Re "the slime and stench of the greed driven, unpricipled, unethical Wall Street CEO's and Bankers has been cleaned up. These men and women must be prosecuted, jailed and prevented from ever holding any resposible position in the future."

Yeah, that's the ticket: verdict first, trial afterward. What crime, EXACTLY, did they commit? Did they plan on bankrupting their companies? Are they the skin of evil, and not just bosses that -- like every member of Congress -- got caught flat-footed?

Tell us, oh self-righteous Red Queen!
Enlighten us!

Gringo sez: fine print: when does it go into effect? will the government amend existing contracts - or will the measure impact contracts on their renewal?

More to the point: Does Congress even have the Constitutional authority to unilaterally void private-sector contracts in cases where no crime is alleged?

Those of you who say "Yes" should keep in mind Pastor Niemoller's warning. (Google it.)