Debt and The Financialization of America
America’s Former Middle Class
A Paradigm Shift for America
Oh, and here's an interesting idea: A "maximum wage - " sounds like a solid idea to me. Corporate fat cats shouldn't get fatter, but leaner if they go on the dole:
The executive-pay move comes amid a national outcry over huge bonuses to executives heading companies seeking taxpayer dollars to remain afloat. The demand for limits was reinforced by revelations that Wall Street firms paid more than $18 billion in bonuses in 2008 even amid the economic downturn and the massive infusion of taxpayer dollars.
"This is America. We don't disparage wealth. We don't begrudge anybody for achieving success," Obama said. "But what gets people upset — and rightfully so — are executives being rewarded for failure. Especially when those rewards are subsidized by U.S. taxpayers."
The pay cap would apply to all institutions that have negotiated agreements with the Treasury Department for "exceptional assistance." Those would include American International Group Inc., Bank of America Corp., and Citigroup Inc.
Firms that want to pay executives above the $500,000 threshold would have to use stock that could not be sold or liquidated until they pay back the government funds.
Generally healthy institutions would have more leeway. They also face the $500,000 limit if they're getting government help, but the cap can be waived with full public disclosure and a nonbinding shareholder vote.
Obama said that massive severance packages for executives who leave failing firms are also going to be eliminated. "We're taking the air out of golden parachutes," he said.