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  #1  
Old 03-31-2009, 04:42 PM
waterboarding w/medmech
 
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More nationalization

Frank wants to control all salaries of bail out companies

http://www.washingtonexaminer.com/politics/Beyond-AIG-A-Bill-to-let-Big-Government-Set-Your-Salary-42158597.html

"But now, in a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the "Pay for Performance Act of 2009," would impose government controls on the pay of all employees -- not just top executives -- of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies."

This is insanity.....

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  #2  
Old 03-31-2009, 04:57 PM
Inna-propriate-da-vida
 
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If we, the taxpayers, are buying these companies (in essence what we are doing) why shouldn't we have a say in how they are run. Don't like the restrictions, don't take the money.
But, maybe you were down with the AIG bonuses that went to the very people who should have been FIRED, not retained and given bonuses. If you couldn't guess, it kinda pissed me off!!
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  #3  
Old 03-31-2009, 04:59 PM
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Quote:
Originally Posted by Txjake View Post
Frank wants to control all salaries of bail out companies

http://www.washingtonexaminer.com/politics/Beyond-AIG-A-Bill-to-let-Big-Government-Set-Your-Salary-42158597.html

"But now, in a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the "Pay for Performance Act of 2009," would impose government controls on the pay of all employees -- not just top executives -- of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies."

This is insanity.....
How so? We the taxpayer have an ownership stake. Tell me, do you want these free loaders on the dole forever? Why do you want to make being bailed out a pleasant and profitable experience for these scum bags? Drug tests for welfare chiselers, but corporate chiselers, heck, let's just give them billions. My bet is the welfare chiseler has more character.
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  #4  
Old 03-31-2009, 04:59 PM
waterboarding w/medmech
 
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Originally Posted by cmbdiesel View Post
If we, the taxpayers, are buying these companies (in essence what we are doing) why shouldn't we have a say in how they are run. Don't like the restrictions, don't take the money.
a somewhat valid argument, but I fear we are headed down a slippery slope here...
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  #5  
Old 03-31-2009, 04:59 PM
Inna-propriate-da-vida
 
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Originally Posted by JollyRoger View Post
How so? We the taxpayer have an ownership stake. Tell me, do you want these free loaders on the dole forever? Why do you want to make being bailed out a pleasant and profitable experience for these scum bags?
X2

I would like to see an exit strategy from these companies though
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  #6  
Old 03-31-2009, 05:08 PM
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Quote:
Originally Posted by JollyRoger View Post
How so? We the taxpayer have an ownership stake. Tell me, do you want these free loaders on the dole forever? Why do you want to make being bailed out a pleasant and profitable experience for these scum bags? Drug tests for welfare chiselers, but corporate chiselers, heck, let's just give them billions. My bet is the welfare chiseler has more character.
Not everybody that works at these companies is a scumbag or a recipient of a 6 figure bonus. Lots are just working stiffs who are trying to survive like the rest of us. I would hate to see salary cuts or caps on mid level and below folks done in a punative or arbitary manner, ala "pay for performance" No sense skewering the little guy.
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  #7  
Old 03-31-2009, 05:10 PM
waterboarding w/medmech
 
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"The measure is not limited just to those firms that received the largest sums of money, or just to the top 25 or 50 executives of those companies. It applies to all employees of all companies involved, for as long as the government is invested. And it would not only apply going forward, but also retroactively to existing contracts and pay arrangements of institutions that have already received funds.

In addition, the bill gives Geithner the authority to decide what pay is "unreasonable" or "excessive." And it directs the Treasury Department to come up with a method to evaluate "the performance of the individual executive or employee to whom the payment relates.""
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  #8  
Old 03-31-2009, 05:13 PM
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If you want permenant socialism, sure, let's just give em all a raise. You want temporary socialism, I would suggest "the boss is a son of a *****" management technique. This molly-coddling you advocate makes you look like the socialist, not Obama.

The purpose of running these companies is so they can orderly be put out of business, AIG will be split up and liquidated, the banks will probably be dying to pay the money back so they aren't, like I said, I hope it is as unpleasant as possible, the greed of the people who ran these companies, the massive payoffs to lobbyists and campaign coffers to make it all work, I'd like to see as many people as possible suffer so that it makes a lot of people think twice before "cowboy capitalism" ever becomes popular again.
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  #9  
Old 03-31-2009, 05:14 PM
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Quote:
Originally Posted by Txjake View Post
"The measure is not limited just to those firms that received the largest sums of money, or just to the top 25 or 50 executives of those companies. It applies to all employees of all companies involved, for as long as the government is invested. And it would not only apply going forward, but also retroactively to existing contracts and pay arrangements of institutions that have already received funds.

In addition, the bill gives Geithner the authority to decide what pay is "unreasonable" or "excessive." And it directs the Treasury Department to come up with a method to evaluate "the performance of the individual executive or employee to whom the payment relates.""
sniff sniff, I cried all over my keyboard.
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  #10  
Old 03-31-2009, 05:27 PM
Pooka
 
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They don't have to take the govs money. They can go to private investment firms and get funding. So... Why don't they?

Because private funding groups put the same conditions on the companies they fund as the gov is planning on AND they tend to fire most of the current management. Then they put in their own people to make sure the company is not just looted of the additional funding.

Companies are not taking the Feds money because it is their only choice; they are taking it because it is their cheapest source. If they cannot live with the conditions the lender of their choice puts forth...

I say let them seek private funding and then start looking for a new job. How many do you think will do this. I would bet not many.
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  #11  
Old 03-31-2009, 05:43 PM
Pooka
 
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A lot of the little people that work at the places seeking funding are trully little people. They keep hoping to move up the ladder one day to where the managers are so they can start raking in the big bucks.

In other words... If the little people don't like the new terms of employment they can look for work elsewhere. This is what they do when private funding is involved and a wage freeze is implimented. After that round of resiginations the company announces it is moving to somewhere 1000 miles away. Only the ones the new funding source wants to keep are offered moving packages and that culls out many others.

Harsh? Nope, just business.

Someone has to make some tough choices and I am glad to see them doing it. We no longer live in the land of Unicorns where the world is as you wish it. What really upsets me is the lack of personal responsibilty these firms seem to be displaying.
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  #12  
Old 03-31-2009, 05:46 PM
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Quote:
Originally Posted by cmbdiesel View Post
If we, the taxpayers, are buying these companies (in essence what we are doing) why shouldn't we have a say in how they are run. Don't like the restrictions, don't take the money.
But, maybe you were down with the AIG bonuses that went to the very people who should have been FIRED, not retained and given bonuses. If you couldn't guess, it kinda pissed me off!!
I pretty much agree. I'd feel a lot happier though if that clown Franks wasn't still involved from the government end. Rather like the moron trying to fix the idiots at this point.

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  #13  
Old 03-31-2009, 06:06 PM
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Quote:
Originally Posted by cmbdiesel View Post
If we, the taxpayers, are buying these companies (in essence what we are doing) why shouldn't we have a say in how they are run. Don't like the restrictions, don't take the money.
But, maybe you were down with the AIG bonuses that went to the very people who should have been FIRED, not retained and given bonuses. If you couldn't guess, it kinda pissed me off!!
Shouldn't buy'em. Let them fail and get sold to people who can afford to buy the scrap and build something better.
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  #14  
Old 03-31-2009, 06:15 PM
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how about the moron's in the house and senate.lets cap their pay,seems like every year they vote themselves a raise.and limit terms to 2 just like the prez.
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  #15  
Old 03-31-2009, 06:16 PM
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Originally Posted by catmandoo62 View Post
how about the moron's in the house and senate.lets cap their pay,seems like every year they vote themselves a raise.and limit terms to 2 just like the prez.
They don't vote themselves a raise. The raise is automagic. They have to vote AGAINST a raise.

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