Salary cap
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- February
- 4
The salaries for top executives at companies receiving large amount of bailout money will be capped at $500,000, President Obama announced today.
“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.”
That makes utmost sense to me. If you’ve lost so much money that your company needs a bailout, why would you expect more than that.
Not so on Wall Street. There, they are already whining. How will the companies keep the best talent, they’re asking. Who will fix their problems?
But didn’t they already have the best talent? And those CEOs didn’t make money, they lost it, by the billions.
This entry was posted
on Wednesday, February 4th, 2009 at 4:01 pm by Noreen O'Donnell.
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While it should go without saying that even a legitimate President’s “ordered” $500,000 pay cap is an unenforceable intrusion into the private sector, as if that weren’t enough, Obama LACKS EVEN OSTENSIBLE AUTHORITY to issue the order UNTIL HE OVERCOMES “RES IPSA LOQUITUR” BY SUPPLYING HIS LONG FORM BIRTH CERTIFICATE AND PROVING HIS ELIGIBILITY TO BE PRESIDENT UNDER ARTICLE 2 OF THE US CONSTITUTION.