I heard this in the background today and am wondering if anybody else has picked up on the irony and hypocrisy of this statement? (I’m writing it instead of using a video because hearing it sometimes goes wayyyyy tooooo fast.)
“What gets people upset — and rightfully so — are executives being rewarded for failure. Especially when those rewards are subsidized by U.S. taxpayers,” the president said.
Am I the only one that thinks that The One is being incredibly hypocritical? Are we not rewarding failure right now by bailing these banks out? Why should The One be concerned about capping someone’s salary when there is NO CAP IN SIGHT on how much money is given to the banks that were supposed to release it to ease the credit crunch, and instead, bought each other and consolidated their power base. We are talking about the same executives that should have lost their jobs when their banks FAILED. Why are they still employed? Am I completely wrong about this view; am I?
The other point I wanted to make is that telling someone how much they can make at their job is soooooooooooooooooooooooooooooooooooo Un-AMERICAN! I thought we were a republic, not a third world dictatorship.
Here is the rest of the story from WSJ:
Under the new rules, companies that receive “exceptional assistance” from taxpayers may not pay any top executive more than $500,000 a year. Any additional compensation would have to be in restricted stock that will not vest until taxpayers have been repaid.
This goes beyond current rules, which bar such companies from taking a tax deduction for compensation above half a million dollars.
“We’re going to be demanding some restraint in exchange for federal aid — so that when firms seek new federal dollars, we won’t find them up to the same old tricks,” Mr. Obama said at the White House.
Can The Monster get some “exceptional assistance”? Can I? Can I?….for me and a few million of my closest friends……on second thought, nevermind…
Are you interested in signing up for the We The People Restore Our Constitution March in DC on May 30, 2009?