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Obama to regulate ALL executive pay

Discussion in 'Political Zone' started by sacase, Mar 21, 2009.

  1. sacase

    sacase Well-Known Member

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    Obama will call for increased oversight of 'executive pay at all banks, Wall Street firms and possibly other companies' as part of sweeping plan to 'overhaul financial regulation', NY TIMES reporting Sunday, newsroom sources tell DRUDGE... Developing...

    Well we just lost all of our top executives to foreign firms. No one will want to do business in the US when they can easily work from Dubai and make all the money they want. Obama is destroying the US and its economy. Its amazing how fall we have fallen so fast. Its only been two months, we have to deal with 4 more years of this crap!

    http://drudgereport.com/
  2. TheCount

    TheCount Pixel Pusher

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    I assume this is in relation to companies receiving bailouts?
  3. ThaBigP

    ThaBigP New Member

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    Nope....ALL of 'em.

    This is a textbook "slippery slope". I've said it once, and I'll say it again. The minute you accept the first false premise, along comes the second...then the third...then the fourth...
  4. ABQCOWBOY

    ABQCOWBOY Moderator Staff Member

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    It's all well and good when it's somebody else. When they finally get done with our neighbors and they get round to pulling us out of our own homes, who will be left to stand up for your rights?


    This is how it starts folks.
  5. TheCount

    TheCount Pixel Pusher

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    You wouldn't happen to have a link to the NYT article they mention, would you?
  6. ThaBigP

    ThaBigP New Member

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    NYT? How do you know it's NYT reporting it? This is a "developing" headline on Drudge...and as of yet the link is not active, so I've no idea if it's NYT or what.

    I'm going based on what Drudge is claiming...here's the quoted headline:

    "Obama will call for increased oversight of 'executive pay at all banks, Wall Street firms and possibly other companies' as part of sweeping plan to 'overhaul financial regulation', NY TIMES reporting Sunday, newsroom sources tell DRUDGE... Developing... "

    The headline says "all" banks, WS firms, and possibly other companies. I'm waiting for the live link as well.

    Edit: duh...right there, NYTIMES reporting....
  7. WoodysGirl

    WoodysGirl Do it for the Vine! Staff Member

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    Found this from a yahoo search

    Fed chief calls for scrutiny of pay at financial firms

    By Jack Healy
    Published: March 21, 2009

    Amid public outrage over employee bonuses at troubled firms like Merrill Lynch and the American International Group, the Federal Reserve chairman, Ben Bernanke, called on Friday for executive pay policies created with a company's long-term health in mind.

    "Poorly designed compensation policies can create perverse incentives that can ultimately jeopardize the health of the banking organization," Bernanke said during a speech in Phoenix to the Independent Community Bankers of America. "Management compensation policies should be aligned with the long-term prudential interests of the institution."

    His speech came as lawmakers in Washington tried to claw back some $165 million in bonuses paid to employees at AIG, which has received $170 billion in government aid. The furor over bonus payments at the government-controlled insurance giant prompted the House to pass a bill on Thursday that would tax at a 90 percent rate bonuses paid this year by firms that have received bailout funds.

    In his speech, Bernanke also called for smarter regulation of the financial system that would address the problem of companies deemed "too big to fail." Huge and interconnected institutions like Citigroup and AIG have received billions in government aid to keep their troubles from pulling down other companies.

    Bernanke said that regulators needed to better monitor the financial stability and compensation policies of such companies, and that the government should develop procedures for "safely winding down a systemically important firm rather than keeping it operating."

    He also said regulators might need to modify accounting rules and regulations that set standards for how much capital banks must keep on hand, to ensure those rules did not amplify the natural rise and fall of financial markets.

    In a speech 10 days ago to the Council on Foreign Relations, Bernanke flicked at the idea of reviewing accounting standards that regulate how companies value their assets, known as mark-to-market rules. But he said he did not support suspending those rules, a move that some investors support.

    Bernanke also said he had seen some signs that the Fed's response to the credit crisis had begun to bear fruit. The Fed's Open Market Committee has chopped target interest rates to a record low, near zero percent, and it has set up a range of programs to buy securities backed by mortgages, student loans, commercial loans and other assets.

    This week, the Fed said it would buy some $750 billion in mortgage-backed securities and $300 billion in longer-term Treasury debt, a move aimed at lowering mortgage rates and easing the constricted credit markets.

    "So far, we have generally been encouraged by the market responses, including the decline in mortgage interest rates," Bernanke said. "In addition, our commercial paper facility has helped American businesses finance their payrolls and other operational obligations by significantly lowering rates on the paper and opening access to financing at terms longer than a few days."

    http://www.iht.com/articles/2009/03/21/business/21fed.php
  8. Angus

    Angus Active Member

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    First they came . . .

    When the Nazis came for the communists,
    I remained silent;
    I was not a communist.

    Then they locked up the social democrats,
    I remained silent;
    I was not a social democrat.

    Then they came for the trade unionists,
    I did not speak out;
    I was not a trade unionist.

    Then they came for the Jews,
    I did not speak out;
    I was not a Jew.

    When they came for me,
    there was no one left to speak out for me.

    -------- Pastor Martin Niemöller

    http://en.wikipedia.org/wiki/First_they_came...#Poem_.281976_version.29

    :cool:
  9. DIAF

    DIAF DivaLover159

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    Hahaha. It only took a few posts for someone to Godwin Obama.

    Wasn't this idea kicked around a few months ago already? I seem to remember it being in the news. Yeah, we'll see how this goes. There is absolutely no way this will fly.
  10. ethiostar

    ethiostar Well-Known Member

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    I agree this is a slippery slop, but i wonder if everyone felt the same way when the 'Patriots Act' was passed. Just curious.
  11. iceberg

    iceberg detoxed Zone Supporter

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    i don't really care to keep comparing obama to bush. that's a crutch people use and it's old. if this what obama is wanting to do, it's bad. i don't care what any other sitting president ever did - that's not relevant to what obama is doing now.

    but no. he's not socalist at all.
  12. ethiostar

    ethiostar Well-Known Member

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    I'm not trying to compare Bush to Obama, I don't identify myself with either party so it makes no difference to me. It is a simple question about two separate issues/policies that can potentially lead to an intrusion to other areas of lives. I don't give a **** who attempts to pass the policies. As far as the politicians of either parties are concerned, i don't believe they really give a **** about the average citizen. Partly because the average citizen doesn't pays close enough attention to what is going on in Washington. At the very best SOME go to the polls to cast thier ballot every four years and never look back.
  13. TheCount

    TheCount Pixel Pusher

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    While I agree for the most part, comparing presidents to presidents past is nothing new, so why attempt to abolish the practice now?
  14. ShiningStar

    ShiningStar Well-Known Member

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    Because so many people wanted to rip on Bush, but not let Obama be ripped on for being just as moronic. And Obama is doing more in less time.
  15. WoodysGirl

    WoodysGirl Do it for the Vine! Staff Member

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    I don't see many people in here not letting Obama be ripped. Matter of fact I see it quite regularly online and otherwise.

    When something is considered B.S., I think it's standard protocol to call it tht way.
  16. ninja

    ninja Numbnuts

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    Their pay should be capped.

    As for them going to Dubai, forget it. Do you really think the Dubai banks are salivating at the prospect of a bunch of failed, idiot traders, brokers, and bankers? And just what would they put on their resumes? Lost $500 million at my last job. Just the guy I want to hire. These bankers and traders got nowhere else to go.

    Think Brad Johnson here. Do you think any team is calling him?
  17. ABQCOWBOY

    ABQCOWBOY Moderator Staff Member

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    How little long term perspective we seem to have. You are viewing things from the perspective of 6 months. For many, many years, these bankers were very succesful. They didn't just forget how to do business. Be that as it may, it is a bad idea to cap salaries. I hope I never see the day when an American is limited by her Government. That is not what we are supposed to be about.
  18. ThaBigP

    ThaBigP New Member

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    We have had salary caps for the longest time for failed executives. It's called the free market. You fail, you go out of business. But no! We decided to reward failure by forcing taxpayers to fork over trillions, then have the damn nerve to go about beating our chests over "rewarding failure with high salaries".
  19. ABQCOWBOY

    ABQCOWBOY Moderator Staff Member

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    This really is a true statement. In America today, if you walk off a job, you get nothing. If you are fired for whatever reason, you have benifits waiting for you till cows come home. How does this make any sense at all?
  20. adamc91115

    adamc91115 New Member

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    I can't believe someone really just proposed capping pay for a worker.

    Sure, lets steal the incentive away from the American worker. Brilliant!

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