ACOT Message Board

 now it was not front page news (and I am asking why):  "Executive Pay Limits 'all but gone' with Bush's change to bailout bill".

DISCLAIMER:  I am strongly opinionated as I was raised by a single parent who survived because of her involvement with the typographical union so that she got equal wages long before equal rights, k? 

Basically what the article says is that while Congress wanted to limit the companies who applied for and accepted the bailout money (our money), none could go for the executives.  Bush has made a change to the bill presently before Congress that would "effectively repeal the only enforcement in the law dealing with lavish pay for top executives". 

The original bill "...limited incentives that encouraged top executives to take excessive risks, provided for the recovery of bonuses based on earnings that never materialize and prohibited 'golden parachute' severance pay...most effective provison WAS( caps mine)the ban on companies deducting more than $500,000 a year from their taxable income for compensation paid to their top executives"  (from the Washington Post in today St. Petersburg Times /4A)


I am fuming...this means that the very men who led the companies that are in dire trouble, want us to pay for large bonuses for their incompetence and Bush is pushing this through Congress as one of his last hurrahs!

I am writing my congressman NOW!

 

 My congressman is a lame duck.... I don't know if it would do any good to write him, even though he is a Democrat.

 i'm going to write my congressman as well!

 This whole thing is driving me crazy!!! I am tired of bailing them out.  Then they give the car companies a hard time and are donw on the unions, trying to protect the woking men and women. (Though there are some things in the unions there that I disagree with also...)

I am tired of these people screwing up and us bailing them out. 

maybe it's just me, but i don't think execs deserve a bonus if they led a company into bankruptcy.  they knew this recession was coming and didn't take steps several years ago to adjust their workforce standards to prepare for it.  my DD works in the auto industry and will probably not have a job after her maternity leave.  grrrrrr.  but why should the big wigs get chauffuers, private jets, etc. if the company can't afford it...not to mention the monetary bonuses.  it's not fair to the working guy/girl who keeps the company running.  jmho.

 Is anyone really surprised? Bush is for big businesses.