On Sep 23, 4:12 pm, Frank <[EMAIL PROTECTED]> wrote: > Paulson warns: No limits on CEO pay > By Barry Grey > 23 September 2008 > > Speaking on the “Fox News Sunday” program, US Treasury Secretary Henry > Paulson opposed proposals from some Democrats as well as Republicans > that the Bush administration’s plan for a massive taxpayer bailout of > the most powerful banks and financial institutions include provisions > limiting the pay of CEOs whose companies benefit from the government > handout.
If it's going to be run by the government, then they don't need any CEO's. > Paulson, the former CEO of Goldman Sachs whose wealth is estimated at > $700 million, argued that including any such provision would result in > banks refusing to participate in the program. > > As the New York Times reported Monday, “Mr. Paulson said that he was > concerned that imposing limits on the compensation of executives could > discourage companies from participating in the program. > > “’If we design it so it’s punitive and so institutions aren’t going to > participate, this won’t work the way we need it to work,’ Mr. Paulson > said...” Must be friends of his he's talking about. No one else could possibly be qualified. > He, President Bush and other political figures in both parties are > insisting that quick Congressional passage of the bailout scheme is > critical to averting an economic and social calamity at least as great > as the Great Depression of the 1930s. There is, they insist, no time > to discuss, debate, or even think. There's plenty time as long as "the fundamentals of the economy are strong" the way they say they are. > The universal mantra is the need for all Americans to “come together,” > put aside their partisan differences and personal interests and accept > the need for “sacrifice” in support of the common good—which just > happens to coincide with the interests of Wall Street and the multi- > millionaires and billionaires who control it. Let's come together; I'm broke and you should be too! My misery needs company. > But Paulson, in his weekend television appearances, was obliged to > implicitly acknowledge that there is one segment of society that is > not prepared to sacrifice a dime and will not hesitate to throw the > country into a depression, if the alternative is the slightest > diminution in its seven- and eight-figure compensation packages. I've been depressed for years now, what's taking them so long to join me? > The logical conclusion that flows from Paulson’s own statements on CEO > pay is that the greatest problem the country faces is the very class > he defends and embodies—the American capitalist class. Yep. I don't know how they sleep at night being so outrageously overpaid, seemingly under worked, and sacrificing nothing in a supposedly "time of war". --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
