While Wall Street is pissed, we the tax payers are happy that the fatcats are made to follow rules and regulations, if they want to borrow our money. If Wall Street finds the new measures in the stimulus bill not to their liking, they can let the door knob hit 'em as they walk out the door with NO MONEY.
I am with millions of Americans just stunned and angered by the no-carish attitude of Wall Street and their business as usual after coming to Capitol Hill begging for money. This is a prime example of a corrupt, yes corrupt culture of excess totally out of touch with the common man. I am all for working hard and making good, we all are, to go further we don't care what kind of bonuses they pay themselves, as long as it is not coming out of our pockets. That is what the power magnets of Wall Street failed to understand. With jobs, businesses, home owners, sliding by the waist side daily, the last thing the American Public will tolerate is a bunch of fatcats living off the high hog on our dime, while they continue their greedy business as usual. It is criminal at this time, especially when we continue to see the Bernie Madoff's of this country swindle folk out of their livelihood and many Americans a paycheck from the street.
Wall Street if you don't like the new rules on borrowing our money, tough shit, don't take the money. Your choice to sink or swim.
The provision, inserted by Senate Democrats over the objections of the Obama administration, is aimed at companies that have received financial bailout funds. It would prohibit cash bonuses and almost all other incentive compensation for the five most senior officers and the 20 highest-paid executives at large companies that receive money under the Treasury's Troubled Asset Relief Program, or TARP.[...]
The pay restrictions resemble those that the Treasury Department announced this month, but are likely to ensnare more executives at many more companies and also to cut more deeply into the bonuses that often account for the bulk of annual pay.
The restriction with the most bite would bar top executives from receiving bonuses exceeding one-third of their annual pay. Any bonus would have to be in the form of long-term incentives, like restricted stock, which could not be cashed out until the TARP money was repaid in full.
The Washington Post, which notes that the measures in the stimulus bill go "much further than restrictions proposed by the Obama administration last week," reports that, not surprisingly, Wall Street is worried about how this will affect its ability to retain top executives...
And Wall Street is worried about retaining top executives? This is a laugh, like the CEO pay cap of $500,000 suggested by President Obama was laughed and mocked at by Wall Street. This suggestion was not laughed and mocked at by the American public, in fact who in America cannot live on $500,000, but more importantly most of America don't even rate $100,000 for a family income. No pity party for Wall Street here, again don't like the rules, don't take the money.
Simple as that.