Obama Admn to "Rein in pay in US private sector" - (We told you so!)

[Soul Crusher]

Administration: Rein in pay in US private sector
Obama administration: Executive pay needs curbs, better management, across US private sector

Jim Kuhnhenn, Associated Press Writer

On Thursday June 11, 2009, 10:40 am EDT

WASHINGTON (AP) -- The Obama administration says executive compensation must be better managed to prevent the sort of risk-taking that jeopardizes the economy.

Gene Sperling, who advises Treasury Secretary Timothy Geithner, said Thursday the administration does not want to impose caps on executive pay. But he also laid out for the House Financial Services Committee a list of guidelines calling on publicly-held companies to link compensation to long-term performance, not short-term gains.

Sperling said in prepared testimony that the administration believes compensation practices "must be better aligned with long-term value and prudent risk management at all firms, and not just for the financial services industry."

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Since this is breaking today, there will be more details later. 

[Kazan]

This is typical government pass the buck, set the stage for the shit to hit the fan, then blame those evil greedy executives when it does.

[240 is Back]

lol @ us crying for crooked ass CEOs earning $20 million per year to do a shitty job.

hey, if Obama tried to outlaw cigarettes, I'd see you all crying for Philip morris next...

[Soul Crusher]

lol @ us crying for crooked ass CEOs earning $20 million per year to do a shitty job.

hey, if Obama tried to outlaw cigarettes, I'd see you all crying for Philip morris next...

Obama Administration to Seek New Power for SEC on Executive Pay
Yahoo ^ | June 10 , 2009 | Robert Schmidt and Rebecca Christie Robert Schmidt And Rebecca Christie

Posted on Wednesday, June 10, 2009 12:51:03 PM by Ernest_at_the_Beach

The Obama administration will seek new powers for the Securities and Exchange Commission to force firms to let shareholders vote on executive pay and make directors who set compensation more independent, an administration official said.


Today’s proposal, subject to congressional approval, would cover all public companies. President Barack Obama has long supported giving shareholders nonbinding votes on bonuses, salaries and severance packages. The administration also will name a “special master” to monitor compensation plans for firms receiving exceptional assistance in the financial rescue.



The changes are aimed at reducing systemic risks and quelling a political uproar over bonuses paid to executives whose companies were bailed out by the government. Treasury Secretary Timothy Geithner has repeatedly blamed pay standards tied to short-term profits for contributing to the worst financial crisis since the 1930s.


“It clearly is going to force companies to be more transparent with their disclosure” on compensation, said Irv Becker, national practice leader for Philadelphia-based Hay Group’s executive compensation practice. If the measure is implemented, it likely will take several years before shareholders begin to confront management, he predicted.


(Excerpt) Read more at news.yahoo.com ...

[24KT]

lol @ us crying for crooked ass CEOs earning $20 million per year to do a shitty job.

hey, if Obama tried to outlaw cigarettes, I'd see you all crying for Philip morris next...

Well if he lived in NC, ...I might think he'd have a right to cry. That state runs on tobacco. 

[Soul Crusher]

lol @ us crying for crooked ass CEOs earning $20 million per year to do a shitty job.

hey, if Obama tried to outlaw cigarettes, I'd see you all crying for Philip morris next...

Why dont they apply this to Hollywood and Sports?

Your marxist messiah exposes himself everyfday for the person you claimed over and over that he was not.  

[GigantorX]

lol @ us crying for crooked ass CEOs earning $20 million per year to do a shitty job.

hey, if Obama tried to outlaw cigarettes, I'd see you all crying for Philip morris next...

It's not Obama's right or the governments right to interfere with  what a PRIVATE company wants to pay its CEO or board members. It may be shitty that they get so much compensation for doing a poor or even average job, but that's the ropes. What's more is that it's the job of the share holders and others that hold a stake in the company to vote and reign this practice in.

[Soul Crusher]

Well if he lived in NC, ...I might think he'd have a right to cry. That state runs on tobacco. 

I never smoked a cigarette, joint, bong, or anything in my life. 

 

[Soul Crusher]

It's not Obama's right or the governments right to interfere with  what a PRIVATE company wants to pay its CEO or board members. It may be shitty that they get so much compensation for doing a poor or even average job, but that's the ropes. What's more is that it's the job of the share holders and others that hold a stake in the company to vote and reign this practice in.

Why dont they apply this to the Hollywood filth that pays itself millions of dollars who flop at the box office??

How about sports players that get millions and millions and dont deliver for the teams?

[BM OUT]

lol @ us crying for crooked ass CEOs earning $20 million per year to do a shitty job.

hey, if Obama tried to outlaw cigarettes, I'd see you all crying for Philip morris next...

The congress voted themselves permanent pay raises this year.Please tell me of another group,organization,company that has ever had a longer history of total absolute failure.Yet,they get RAISES and want to then dictate what others make.

[240 is Back]

i'm slammed so not followin news today.

I'm all for limiting pay of ANY employee in a company getting a bailout.  If you don't like the terms, don't take the cash.  

I'm absolutely against limiting any pay for any firm NOT getting a bailout - this will just drive the talented mofos overseas to earn unlimited pay there.  limiting CEO pay is the job of a board - and if the company is too big to fail - it should be chopped into smaller pieces.

[Straw Man]

Obama Administration to Seek New Power for SEC on Executive Pay
Yahoo ^ | June 10 , 2009 | Robert Schmidt and Rebecca Christie Robert Schmidt And Rebecca Christie

Posted on Wednesday, June 10, 2009 12:51:03 PM by Ernest_at_the_Beach

The Obama administration will seek new powers for the Securities and Exchange Commission to force firms to let shareholders vote on executive pay and make directors who set compensation more independent, an administration official said.

I'm sure many shareholders wish they had a say in the compensation of executives.  Most of the top exec's sit on each other boards and have an unspoken "you scratch my back - I'll scratch yours" agreement.

[Soul Crusher]

The congress voted themselves permanent pay raises this year.Please tell me of another group,organization,company that has ever had a longer history of total absolute failure.Yet,they get RAISES and want to then dictate what others make.

Obama is sinking fast and these fan-girls know it.  

240 has embarassed himself so bad over this.  

Remember a few months ago him saying that the stimiulus bill would create 4 million new jobs??  now the admn is praying dearly for 450,000 permanent jobs since 150k of those are summer lifeguard jobs.  

[Soul Crusher]

i'm slammed so not followin news today.

I'm all for limiting pay of ANY employee in a company getting a bailout.  If you don't like the terms, don't take the cash.  

I'm absolutely against limiting any pay for any firm NOT getting a bailout - this will just drive the talented mofos overseas to earn unlimited pay there.  limiting CEO pay is the job of a board - and if the company is too big to fail - it should be chopped into smaller pieces.

They are going after ALL PUBLICLY TRADED COMPANIES.  Read the article. 

[Straw Man]

They are going after ALL PUBLICLY TRADED COMPANIES.  Read the article. 

so what

we as a country create and give access to the public capital markets and we should have some say over publicly traded companies.  Executive pay in this country is off the charts compared to any other country on the planet.   I see no problem with giving shareholders some input over executive pay.   

[240 is Back]

They are going after ALL PUBLICLY TRADED COMPANIES.  Read the article. 

oh in that case it's BS and I don't like it. 

[Soul Crusher]

so what

we as a country create and give access to the public capital markets and we should have some say over publicly traded companies.  Executive pay in this country is off the charts compared to any other country on the planet.   I see no problem with giving shareholders some input over executive pay.   

What about Hollywood and Sports?

[24KT]

This is not an Obama thing, ...it is a state of the economy thing, ...an awakening from a long slumber,
...and it's happening all over he world. The same proposals came out in Europe as well. I believe they have merit. When we look at what often passes for dividends relative to CEO bonuses for piss poor performance, ...a bunch of people definitely have a few screws loose.

Some of the ignorant anger I see around here is nothing short of mind blowing. Joe the Plummer is back.

[GigantorX]

I'm sure many shareholders wish they had a say in the compensation of executives.  Most of the top exec's sit on each other boards and have an unspoken "you scratch my back - I'll scratch yours" agreement.

They do def. do that, no doubt about it. But share holders of a publicly traded company have the right to vote members out of Board of Directors etc. I think shareholder apathy is a big part of the problem here.

[Fury]

so what

we as a country create and give access to the public capital markets and we should have some say over publicly traded companies.  Executive pay in this country is off the charts compared to any other country on the planet.   I see no problem with giving shareholders some input over executive pay.   

Why should you have a say over a company that you don't own any stock in? That makes zero sense. You want a say, buy stock.  

[headhuntersix]

None of which needs government intervention...none. Barry has never even run a lemonaide stand. The US Constitution says nothing about this. Jag, Europe is rapidly rolling Right because leftist scumbag business practices have sunk them.

[24KT]

Why should you have a say over a company that you don't own any stock in? That makes zero sense. You want a say, buy stock.  

I think he is refering to actual stock holders having a say.

[Soul Crusher]

Why should you have a say over a company that you don't own any stock in? That makes zero sense. You want a say, buy stock.  

Very simple and truthful answer.

I wish they would regulate MLM schemes better.  

[24KT]

None of which needs government intervention...none. Barry has never even run a lemonaide stand. The US Constitution says nothing about this. Jag, Europe is rapidly rolling Right because leftist scumbag business practices have sunk them.

{lol} Isn't that why we see such a move to the left here in North America. right wing scumbags sunk you. 

[GigantorX]

{lol} Isn't that why we see such a move to the left here in North America. right wing scumbags sunk you. 

Oh how the world works in mysterious ways.