Wednesday, February 4, 2009

Obama Administration reigning in the "fat cats", CEOs at these bailout banks

Lady Claire, that is Senator Claire McCaskill was on point when she went OFF on these bailout banks CEOs taking taxpayers monies and still spending it like "champagne and caviar".

Now reality is setting in. Obama was outraged at the lavish and excessive spending of these bailout out banks CEOs, these are the same bandits that ran to congress in September on the brink of full destruction; it was these same men who ran their banks irresponsibly to the ground but wanted a bailout.

We know what happened to the first half of the bailout money to these banks, NOTHING. They sat on the money, paid themselves bonuses, patted themselves on the back for getting the bailout money, have not eased the credit crunch and continue with tax payer’s money with the attitude as business as usual.

Now the Obama Administration is moving to cap these CEOs pay, as long as they come groveling to us, the taxpayers for bailout money.
President Barack Obama wants to impose a $500,000 pay cap on executives whose firms receive government financial rescue funds, a dramatic intervention into corporate governance in the midst of financial crisis.

The new restrictions, described by an administration official familiar with the new rules, are to be announced Wednesday morning at the White House. The steps set the stage for the administration's unveiling next week of a new framework for spending the money that remains in the $700 billion financial rescue fund.

"If the taxpayers are helping you, then you've got certain responsibilities to not be living high on the hog," President Barack Obama said Tuesday.

The move comes amid a national outcry over extravagant bonuses for executives heading companies seeking taxpayer dollars to remain solvent.

Call it the maximum wage for some high-earners.

Wow, maximum wage, but that is the reality. Folk in these high positions are there to become multi-millionaires, billionaires not a 150K a year guy. That is how they roll on Wall Street.

This move is one in the right direction. Why? Well, if the bailout banks CEOs don't like it, don't take the money and use your brains and resources to get YOURSELVES out of the hole that you PUT YOURSELVES in. Simple as that. These CEOs can whine, cry, get pissed to high heaven but the perception and the American Public don't care. There are too many folk out on the limb in this country, many losing their jobs, lost their savings/401Ks, losing their homes, can't afford to send their kids to college, and struggling to survive daily. There is no sympathy for these bailout banks CEOs and their continual business as usual attitude, when their own organizations are giving out pink slips in the thousands to their own employees.

At this point, these bailout banks can cry me a river; there is no one to willing to save you if you are not willing to save yourselves.


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