Obama: Wall Street Bonuses "Shameful"

[Red Ranger]

People,

Obama took Wall Street to task for doling out $18 billion in bonuses last year, despite coming to Washington, hat in hand, for money, after messing up the financial markets:

http://news.yahoo.com/s/ap/obama_bonuses

I agree. Glad Obama is using the bully pulpit to dress down the same people who helped bring us this mess. And I hope he's able to place clawback provisions on the bailout funds.

Red Ranger

 

[TheRealNaveed]

So cool! And I'm so pumped for Obama visiting my city next month, if I can I'm totally going to wherever he might pop his head in.

 

[Non Sync]

And banks wonder why consumers don't trust them...

 

[RJDiogenes]

He's absolutely correct. That kind of pay for the work they do-- even if they were competent-- is ridiculous.

 

[Locutus of Bored]

Not much to say here except good for him.

Off topic, TheRealNaveed, where'd that picture of Worf with the eyepatch in your avatar come from? That's pretty cool.

[edit] Never mind, I found it.
http://trekmovie.com/2008/10/21/trekink-preview-of-the-last-generation-series/

 

[Alpha_Geek]

For once the Obamanation said something I can agree with.

 

[USS Triumphant]

For once the Obamanation said something I can agree with.

Get used to it. I've been saying since the middle of the campaign that as regards Obama, I don't think liberals knew quite what they were campaigning or voting for, or that conservatives knew quite what they were campaigning or voting against.

But I've known - all you had to do was tune out everything other people were saying, and just listen to what he himself had to say. And I LIKE it!

 

[Alpha_Geek]

Don't go singing Kumbaya yet. I'm certainly not. One plank does not a platform make.

 

[Neroon]

Big money goes around the world
Big money give and take
Big money done a power of good
Big money make mistakes
Big money got a heavy hand
Big money take control
Big money got a mean streak
Big money got no soul...

 

[Garth Rockett]

Big money goes around the world
Big money give and take
Big money done a power of good
Big money make mistakes
Big money got a heavy hand
Big money take control
Big money got a mean streak
Big money got no soul...

I'm still not sure why giving such irresponsible people more money was a good idea.

I wasn't an Obama supporter but post-election he's said some good things. The proof will be in the pudding, though. Here's hoping we can get this ship turned around soon.

 

[Plecostomus]

I'd like to see a limitation in CEO bonus and compensation law passed through congress.

Kodak is about to ax ANOTHER 2,000 local workers, they canceled bonuses and raises for the workers... I'm sure Antonio Perez and the upper layer aren't going without.

Notice the bottom layer, the WORKERS who produce product are the ones let go, not the upper management layers?

This is what is wrong with America, no one wants to actually do any work, we want to be in management positions telling other people what to do. That is the great ambition, get away from actually DOING something and park yourself behind a desk telling other people what to do.

Given the choice between improving production by spending money on new tools, computers, equipment... most of these managers and their bosses just cut another batch of workers to protect themselves.

Land of the free? No land of tens of thousands of petty dictators ruling over the ashes of our once great economy.

 

[Neroon]

I'm still not sure why giving such irresponsible people more money was a good idea.

I think what upsets most "common folk" like me is this idea that so many of these highly-paid executives are still getting huge payouts, while the average employee suffers from reduced, work hours, reduced benefits, layoffs and more. Doesn't it make sense if your company is losing money that expenses be cut from areas that can afford it more? Naive... yeah, that may be, and I recognize how the higher ups are saddled with more responsiblity to a certain extent. But still.....

I wasn't an Obama supporter but post-election he's said some good things. The proof will be in the pudding, though. Here's hoping we can get this ship turned around soon.

Ditto. On all of what you said there.

 

[John Picard]

I'd like to see a limitation in CEO bonus and compensation law passed through congress.

Kodak is about to ax ANOTHER 2,000 local workers, they canceled bonuses and raises for the workers... I'm sure Antonio Perez and the upper layer aren't going without.

Notice the bottom layer, the WORKERS who produce product are the ones let go, not the upper management layers?

And what's to stop the Congress from limiting your pay? Start at the top and work their way down. High pay is fine, but not if your company is receiving bailout funds (TAXPAYER MONEY). I'm *STILL PISSED* that the idiotic Congress passed that TURD.

This is what is wrong with America, no one wants to actually do any work, we want to be in management positions telling other people what to do. That is the great ambition, get away from actually DOING something and park yourself behind a desk telling other people what to do.

Given the choice between improving production by spending money on new tools, computers, equipment... most of these managers and their bosses just cut another batch of workers to protect themselves.

Land of the free? No land of tens of thousands of petty dictators ruling over the ashes of our once great economy.

I've worked for a company where the upper echelon ran it into the ground. The higher ups washed their hands of it and went on to other high paying jobs, while we workers were laid off and had to find new work. It is sad that corporations are all short sighted and are concerned with money RIGHT NOW rather than long term growth and sustainability, like days past.

 

[Alpha Romeo]

I'd like to see a limitation in CEO bonus and compensation law passed through congress.

Who are you to dictate how much I make a year? Or how much money I get in a bonus?

It's one thing when the bonus comes out of a bail out. I agree with you there.

But a blanket statement like that is just plain wrong.

 

[Nerys Ghemor]

People,

Obama took Wall Street to task for doling out $18 billion in bonuses last year, despite coming to Washington, hat in hand, for money, after messing up the financial markets:

http://news.yahoo.com/s/ap/obama_bonuses

I agree. Glad Obama is using the bully pulpit to dress down the same people who helped bring us this mess. And I hope he's able to place clawback provisions on the bailout funds.

Red Ranger

I agree it's shameful that people are wasting money on bonuses while their companies are foundering.

I am VERY proud to work where I do--our management on all levels took pay cuts in order to keep from having to fire people, and down on the "ground level" where I work, believe me...that is a very good thing. Yes, we've had to reduce our hours to keep all of us on the payroll, but at least in my company I can look at all levels and feel like we actually are all in this together and that they're not out to screw the little guys for their own benefit.

And that, apparently, is a rare and precious commodity.

I think that perhaps, rather than a law on CEO compensation that expressly gives numbers, what could be done is this: if a company goes bankrupt, upper management should be subjected to a fine-tooth audit of what they've done. Any decision regarding compensation of themselves and other upper management, or other spending that cannot be justified could then be assessed against them personally. Feel like spending millions on a corporate jet when your company is bleeding dry and your workers are being laid off? Feel like giving yourself a massive bonus? You can try, but if your company folds, guess what? You're going to have to pay that back out of your own personal assets and if that bankrupts you, too bad.

I think that way, the penalty would be based on the actions and the results, not necessarily on what dollar figure somebody is making. If you are irresponsible, you will have to pay. If you are responsible and you take the measures necessary to keep your company afloat and you STILL fail, you will not be penalized.

 

[trekkerguy]

...and I recognize how the higher ups are saddled with more responsiblity to a certain extent. But still.....

But they are rarely held accountable for it and still grab up huge bonuses
while thousands of people walk out of a place with no job and no future
and nothign to tide them over.

Hopefully this will help bring a bit of justice to the situation.
Perhaps if they were held more to blame for a companies problems these
CEO and upper managment may actually do something about not getting
into the mess in the first place.

 

[Gertch]

I don't want the government mandating what salaries and bonuses can be.

However, if taxpayers are bailing these companies out then we should set some limits. But only for the ones we're bailing out.

If Obama wants to see shame, he should look at his scamulus package he's trying to pass.

 

[Alpha Romeo]

I don't want the government mandating what salaries and bonuses can be.

However, if taxpayers are bailing these companies out then we should set some limits. But only for the ones we're bailing out.

If Obama wants to see shame, he should look at his scamulus package he's trying to pass.

Agreed...who is getting a stimulus check? Illegals and those making less than 25K per year? In other words, those NOT EVBEN PAYING TAXES???

 

[trekkerguy]

Or those who really need it...

 

[John Picard]

I don't want the government mandating what salaries and bonuses can be.

However, if taxpayers are bailing these companies out then we should set some limits. But only for the ones we're bailing out.

If Obama wants to see shame, he should look at his scamulus package he's trying to pass.

Agreed...who is getting a stimulus check? Illegals and those making less than 25K per year? In other words, those NOT EVBEN PAYING TAXES???

Scamulus? Try PORKULUS. That thing is loaded with so much pork you'd think it was produced by Seaboard Farms.