I used to support Obama. Then Tradd sent me an article from the New York Times detailing the horrid consequences of Obama's proposal to set $500,000 as the maximum annual pay for banking executives whose firms accept government bailout money. The article will literally rip your heart from your chest. Our cruel, cruel President wants to take everything from these executives who have done nothing but bring subprime mortgages and faulty investments to our country. I mean, after taxes, these soon-to-be-poor people will take home only $293,000 a year. Oh the humanity! How can ANYONE be expected to live in New York on only $293,000? These people might be forced to sell their summer homes in the Hamptons. Or give up their $75,000-a-year private driver, $15,000 dresses, and $32,000-a-year-per-child private school tuition. Or not spend every single penny they make every year. What to do?!
I, for one, am sick to my stomach over this. I just feel so bad for these people. Someone really should set up a fund to help these people out, or at least inform them of the existence of savings accounts. Sadly, for most of these underprivileged men and women, it's too late.
If none of this has convinced you that these people deserve our sympathy, maybe this passage about heartache for the whole family will change your mind: "Barbara Corcoran, a real estate executive, said that most well-to-do families take at least two vacations a year, a winter trip to the sun and a spring trip to the ski slopes. Total minimum cost: $16,000." As Christoff so eloquently put it, "FUCK. YOU."
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3 comments:
isnt anyone worried that no top notch executive will take these jobs if they're capped like this? if that drives those firms out of business, fine, natural selection, but when the government starts setting salary limits on (arguably) private enterprise, the slippery slope becomes a greased freefall
that said, fuck them.
The wife and I were actually talking about that the other night. Here are my thoughts:
(1) It's the government's money that is allowing these banks and firms to continue to exist, which creates an unusual circumstance that allows the government to place conditions on the acceptance of the funds (like how states don't have to have a .08 BAC drunk driving limit, but if it's higher, they won't get federal highway funds). With all of the boondoggles, golden parachutes, bonuses, etc. that these banks and firms have been throwing around haphazardly, they have the choice to either suck it up and deal with the $500K limit, or not take the government's money and likely fail.
(2) The brain drain issue is certainly a concern for these companies, but at the same time, there are plenty of people who I'm sure are more than willing to step into any abandoned executive roles. And let's not forget that it's these "top notch" executives who fucked everything up in the first place. It's not like we can do much worse.
(3) Those who stick with the company through this will undoubtedly be rewarded for their loyalty after the government money is paid back, as well they should.
(4) As you said, fuck them. They got themselves into this mess, so they don't deserve our sympathy.
but do they even deserve our money? that goes double for half the beneficiaries of the stimulus plan. which might mean it goes once for each one of them, im not good at math.
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