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New Executive Pay Limits Added to Senate Stimulus
TPM Election Central —
... And very quietly, by unanimous voice vote, McCaskill's plan was added to the stimulus last night. The Senate also added Banking Committee Chairman Chris Dodd's (D-CT) similar executive pay constraints to the bill. So it seems that GOPers may talk about not wanting government in control of private business; but when push comes to shove, even they can no longer defend the excesses of Wall Street. ...
GOP targets bailout salary caps
Political Animal —
... to "impose a cap of $500,000 for top executives at companies that receive large amounts of bailout money." It's an idea that's bound to have some populist appeal, so the GOP would have to tread carefully. Who's going to stick up for exorbitant salaries for executives of failing companies that are already on the public dole? A few Republican lawmakers are willing to give it a shot . "Because of [the executives'] excesses, very bad things begin to happen, like the United States government telling a company what it can pay its employees. That's not a good thing in America," Kyl ...
Just Plain Clueless
Balloon Juice —
According to the Huffington Post, many Republicans oppose placing limits on CEO pay:
Senate Minority Leader Jon Kyl (R-AZ) blamed the “tone deaf” bankers for creating the political environment that allowed Obama to call for a cap.
“Because of their excesses, very bad things begin to happen, like the United States government telling a company what it can pay its employees. That’s not a good thing in America,” Kyl told the Huffington Post.
“What executives have done is troubling, but ...
You'll thank us
The Reaction —
By Mustang Bobby. True to form, the Republicans are objecting to the idea of capping the salaries of executives that get federal bailout money. "Because of [the executives'] excesses, very bad things begin to happen, like the United States government telling a company what it can pay its employees. That's not a good thing in America," Kyl told the Huffington Post. "What executives have done is troubling, but it's equally troubling to have government telling shareholders how much they can pay the executives," said Sen. Mel ...
Rhetoric v. Reality
Balloon Juice —
... for the GOP to separate itself from the Bush administration as well as the Obama administration, who together have been responsible for an incompetent and improvident bailout? Figuring out the right policy going forward with respect to toxic assets and the rest is, of course, a major intellectual task. But being on the side of a healthy populist reaction to the AIG situation is at least a good political start.
Good luck with that:
Senate Minority Whip Jon Kyl (R-AZ) blamed the “tone ...
AIG: The Commentary
Obsidian Wings —
... Mel Martinez has one of the dumbest comments on the whole affair: ""What executives have done is troubling, but it's equally troubling to have government telling shareholders how much they can pay the executives," said Sen. Mel Martinez (R-FL)." ...
AIG: The Commentary
Political Animal —
... called "The Case For Waterboarding AIG Execs". (No, he's not serious either.) Mel Martinez has one of the dumbest comments on the whole affair: ""What executives have done is troubling, but it's equally troubling to have government telling shareholders how much they can pay the executives," said Sen. Mel Martinez (R-FL)." Um, Senator Martinez: who exactly do you think owns 79.9% of AIG's shares? Or do you just object to the government talking to itself? All very peculiar.— ...
Republicans Who Opposed Wall Street Salary Caps Last Month Now Condemning ‘Outrageous’ AIG Bonuses
Think Progress —
... However, when Congress debated limiting executive pay last month, these same key Republican lawmakers stood firm in opposing such caps. McConnell argued against the “temptation” to “dictate” business practices when it comes to salaries and bonuses: ...
Mitch McConnell Now Concerned About Executive Compensation
Crooks and Liars —
... about what they can do. Then you truly have nationalized the business. So it is a delicate dance to try to prevent blatant abuses and still not have the government as a result of taking an equity position in the government telling them, for example, you can't pay dividends or you can't -- I mean, things that are just ordinary business practices. We have to resist the temptation to basically dictate to these businesses how to run every aspect of their operation.” As noted as the Huffington Post back in February , the leaders of the GOP were railing against President Obama's ...
Republican Lawmakers Who Opposed Salary Caps Last Month Are Now Attacking AIG Bonuses, Part II
Think Progress —
... INHOFE: “I thought, is this still America? Do we really tell people how to run [a business], and who to pay and how much to pay?” [Huffington Post, 2/6/09] ...
Rediscovering their love of compensation limits
Political Animal —
... the original bailout bill as "pure socialism," characterized executive pay caps as a dangerous government intervention. "I think it's a sad day in America when the government starts setting pay, no matter how outlandish they [sic] are," DeMint told the Huffington Post . "This is just a symptom of what happens when the government intervenes and we start controlling all aspects of the economy." DeMint's right-wing compatriot, James Inhofe, also ...
We're all socialists now
Political Animal —
... for limits on executive compensation is as broad as it is one-sided. Consider the partisan breakdown: 89% of Democrats support limits, as do 80% of Independents, and 75% of Republicans. Yep, three out of four self-identified Republicans want to see "the government ... limit the amount of money that companies that are taking federal funds pay their executives." In February, when some Democrats recommended tying compensation limits to federal bailout money, Sen. James Inhofe (R-Okla.) asked , "[I]s this still America? Do we really tell people how to run [a business], and who to ...
Barack Obama: Gordon Gekko For the People
Politics Daily —
Filed under: Barack Obama, Economy, Obama Administration Barack Obama has come under fire lately for using hardball tactics when dealing with businesses being bailed out by taxpayers. Not surprisingly, most of this comes from the right.
We all remember the Republicans' reaction to restrictions on bailed-out CEO compensation. Then, they showed solidarity with homeowner-mocking futures traders. And who can forget the sanctity of a bonus contract, versus a union agreement?
More recently, my nornally ...
Republican Senator Robert Bennett Seeks to Permanently Sunset TARP Program
Capital Eye —
... Industry Favors: As Congress debated limiting executive compensation at companies that received bailout funds in March, Bennett joined with fellow Republicans in expressing skepticism. An executive at a bank "is a free agent who can leave the bank and go to work someplace else," Bennett told the Huffington Post. "You run the risk of having a brain drain at the bank of their top talent." No matter how logical wage control measures such as those being considered by lawmakers then sounded, Bennett said, he didn't like the idea of government intervene so much in ...
