McCaskill pushes salary cap for bailout recipients

[Moby]

This is a no brainer

http://stlouis.bizjournals.com/stlouis/stories/2009/01/26/daily79.html
U.S. Sen. Claire McCaskill, D-Mo., introduced legislation Friday afternoon that will cap compensation for employees of any private company that accepts federal dollars because of the economic downturn.

Employees would not be able to make more than the president — $400,000 — until the company no longer relies on federal assistance from the $700 billion bailout of the financial sector, McCaskill’s office said.

The cap would include salary, bonuses and stock options.

“Going forward if you want taxpayers to help you survive, if you want the people at your financial institution to have a job tomorrow, then you're going to have to limit everyone's pay at your company to the same salary that the president of the United States makes,” said McCaskill from the Senate floor. “Now once they're off the public dole, once the taxpayers aren't footing the bill, then it's not as much our business what they get paid. But right now they're on the hook to us. And they owe us something other than a fancy waste basket and $50 million jet.”

[Dale escondido]

If your running a business that needs a bailout this should be severence pay.

[disrupter]

Yeah, after the fact of the bill's writing.

better late than never.

It would have been far better if this bailout had never been passed,
it has done nothing to help our ailing economy,

AND ballooned our deficit by almost 10%,

so banks could funnel the cash to offshore taxhavens.

it is just sick.

[Smurf-Herder]

Yeah, after the fact of the bill's writing.

better late than never.

It would have been far better if this bailout had never been passed,
it has done nothing to help our ailing economy,

AND ballooned our deficit by almost 10%,

so banks could funnel the cash to offshore taxhavens.

it is just sick.

And the bailout was put together by the tax cheat Obama just appointed to Treasury Secretary.

[disrupter]

Sen.
McCaskill:

“We have a bunch of idiots on Wall Street

that are kicking sand in the face of the American taxpayer… These financial institutions, on the brink of extinction, come to the American taxpayer for hundreds and billions of dollars. At the very same time, they think they’re going to buy a $50 million corporate jet. They’re going to pay out $18 billion in bonuses. They paid an average of $2.6 million to every executive at the first 116 banks that got taxpayer money under TARP.”http://www.democracynow.org/2009/2/2/headlines#5

They always argue about getting 'top talent' on Wall Street costs money/bonuses,

finally McCaskill calls them the discredited reckless fools they are.

The taxpayer shouldn't be paying them,

They should be paying the American taxpayer for their criminal stupidity.