You Try to Live on 500K in New York.

[Straw Man]

Okay here is the problem.  It sounds great in theory to limit these jackasses salaries, afterall they are afloat because we the taxpayer kept them there.  Now the problem is we as Americans become comfortable with the notion that limiting salaries is okay.  It's a very slippery slope and a tool that the government uses to gain new power.

It's not slippery at all.

No one is going to limit salaries of private companies and in public companies the board (as always) has control over executive compensation

[Straw Man]

The Obama administration is expected to impose a cap of $500,000 for top executives at companies that receive large amounts of bailout money, according to people familiar with the plan.

Executives would also be prohibited from receiving any bonuses above their base pay, except for normal stock dividends

http://www.nytimes.com/2009/02/04/business/04pay.html

[Soul Crusher]

The Obama administration is expected to impose a cap of $500,000 for top executives at companies that receive large amounts of bailout money, according to people familiar with the plan.

Executives would also be prohibited from receiving any bonuses above their base pay, except for normal stock dividends

http://www.nytimes.com/2009/02/04/business/04pay.html

This really is an asnine plan. 

You are going to have middle managers and "rainmakers" making way more than the executives.

   

[Dos Equis]

Okay here is the problem.  It sounds great in theory to limit these jackasses salaries, afterall they are afloat because we the taxpayer kept them there.  Now the problem is we as Americans become comfortable with the notion that limiting salaries is okay.  It's a very slippery slope and a tool that the government uses to gain new power.

Exactly.  I can't believe this thing is making headway.  If he actually goes through with this, there will be a much smaller leap to more government interference/control in the private sector. 

[Soul Crusher]

Exactly.  I can't believe this thing is making headway.  If he actually goes through with this, there will be a much smaller leap to more government interference/control in the private sector. 

I think what is going to happen, which is not a bad thing, is that new banks will emerge.

[grab an umbrella]

I think what is going to happen, which is not a bad thing, is that new banks will emerge.

Lets do away with the FED...right now.  Private banks control america's money.  Does this concern anyone other than me?

[Straw Man]

Exactly.  I can't believe this thing is making headway.  If he actually goes through with this, there will be a much smaller leap to more government interference/control in the private sector. 

you seem paranoid

[newmom]

I lived in NYC for years and right outside in nj for years and didnt make close to that

[grab an umbrella]

you seem paranoid

Straw how can you not see this as more government control.  They already control almost every aspect of our lives, now they want to control every part of free market.

[Dos Equis]

I think what is going to happen, which is not a bad thing, is that new banks will emerge.

I hope so.  And I hope they are better run. 

What we might also see is more government run businesses. 

[Straw Man]

Straw how can you not see this as more government control.  They already control almost every aspect of our lives, now they want to control every part of free market.

I'm not worried about it.

This is hardly trying to control "every part of the free market" (which doesn't exist anyway)

How would the govt possibly justify restricting pay in a company (public or private) in any way?

This is an extraordinary case and I think totally justified (IMO)

[grab an umbrella]

I'm not worried about it.

This is hardly trying to control "every part of the free market" (which doesn't exist anyway)

How would the govt possibly justify restricting pay in a company (public or private) in any way?

This is an extraordinary case and I think totally justified (IMO)

Look at how the government operates dude.  Just look at income tax.  Do you know how that evolved?

[Soul Crusher]

Look at how the government operates dude.  Just look at income tax.  Do you know how that evolved?

Because its Obama he has no prob with it.

[Straw Man]

Because its Obama he has no prob with it.

I have no problem with it (the restriction on banks/companies the we bailed out) because I think it's justified.

Don't worry - I'm sure I'll have plenty of problems with stuff that Obama does (I already do in fact) but this isnt' one of them.

[Bindare_Dundat]

Straw how can you not see this as more government control.  They already control almost every aspect of our lives, now they want to control every part of free market.

Feb. 9 (Bloomberg) -- General Motors Corp. and Chrysler LLC may have to be forced into bankruptcy by the U.S. government to assure repayment of $17.4 billion in federal bailout loans, a course of action the automakers claim would destroy them.

U.S. taxpayers currently take a backseat to prior creditors, including Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc., according to loan agreements posted on the U.S. Treasury’s Web site. The government has hired a law firm to help establish its place at the front of the line for repayment, two people involved in the work said last week.

[Soul Crusher]

I have no problem with it (the restriction on banks/companies the we bailed out) because I think it's justified.

Don't worry - I'm sure I'll have plenty of problems with stuff that Obama does (I already do in fact) but this isnt' one of them.

Check out Obama's new health czar info scheme.  This is really getting scary.

[IFBBwannaB]

Okay here is the problem.  It sounds great in theory to limit these jackasses salaries, afterall they are afloat because we the taxpayer kept them there.  Now the problem is we as Americans become comfortable with the notion that limiting salaries is okay.  It's a very slippery slope and a tool that the government uses to gain new power.

Salary control in GOVERMENT OWNED companies is fine by me, private companies can do their own thing.

Actually, more control to the share holders in public companies is good too, usually the small share holders get fucked by the greedy directors