Pay Czar to Slash Compensation at Seven Firms

Oct 2008
1,233
2
If they are going to take money from the government so they can stay afloat, then they are going to have to use that money however the government tells them to.
 
Sep 2006
14,096
1,007
[quote name='Formative Years' date='21 October 2009 - 09:34 PM' timestamp='1256175240' post='42426']

If they are going to take money from the government so they can stay afloat, then they are going to have to use that money however the government tells them to.

[/quote]



And if the companies refuse to then what?
 

boontito

Future Staff
Jan 2008
108,129
99,959
Most Insidious
Damn financial sector, paying themselves huge bonuses!

Damn Administration, slashing compensation in the financial sector!
 

michaelr

Former Staff
Dec 2006
89,668
6,643
FEMA Region 10
[quote name='Formative Years' date='21 October 2009 - 06:34 PM' timestamp='1256175240' post='42426']

If they are going to take money from the government so they can stay afloat, then they are going to have to use that money however the government tells them to.

[/quote]

Actually they are government owned.
 

michaelr

Former Staff
Dec 2006
89,668
6,643
FEMA Region 10
[quote name='justoneman' date='21 October 2009 - 08:35 PM' timestamp='1256182537' post='42452']

And if the companies refuse to then what?

[/quote]

I doubt Obama would fire them, but I would expect to see a back room deal where stocks would replace cash.
 
Nov 2007
11,730
5,825
NE Wisconsin
Mike, a week or so ago you were howling because Goldman-Sachs was planning record bonuses. Today the administration is taking steps to reign in excessive pay at financial firms and you're complaining about it.



Make up your mind Mike, which way should it be? Or is it just because Obama is doing something right that has you up in arms?
 

michaelr

Former Staff
Dec 2006
89,668
6,643
FEMA Region 10
[quote name='Bourne' date='22 October 2009 - 10:01 AM' timestamp='1256230863' post='42573']

Mike, a week or so ago you were howling because Goldman-Sachs was planning record bonuses. Today the administration is taking steps to reign in excessive pay at financial firms and you're complaining about it.



Make up your mind Mike, which way should it be? Or is it just because Obama is doing something right that has you up in arms?

[/quote]

Look, the bailouts were wrong, the government owning the banks is wrong, the bonus money is wrong. The solution should be, let the banks fail, hell they already did, then if they came back and showed a profit, the bonus figure should be a matter between the share holders and the management. What part of capitalism do you not get?