President Obama has announced his plans to control excutive compensation at financial institutions who are getting taxpayers money. I say amen to that! I think the plans don't go far enough. I think a $500,000 cap on the salary for these CEOS is still too high considering their behavior. I think these clowns shouldn't make more than $30,000 a year while they are using our money. I think its about time for them to come down out of their tower offices and live like the other 99% of americans do but without the stock options and access to private lear jets. The banks chief problems with the plans are listed below:
"Among the banks' concerns: limits on executive compensation and government oversight that could extend to tracking how every TARP dollar is spent. One clause in the general TARP agreement says Congress can amend the lending terms at any time, and that a participating bank must adhere to any such amendments, including compensation rules and loan requirements, Gustini and others say." a quote taken directly from the america lawyer site.
Its funny how these banks are crying foul over the propose amendments to the terms of the application they are using to get our money to run their banks. Are these restrictions any worse than the terms and agreements they place on their credit cards or mortgage papers(in some cases the subprime mortgage applications they so aggressively sought to push on unsuspecting consumers). Do they not say they change the terms and agreements on accounts with out regard to us as consumers. As they say what good for the goose is good for the gander.
I say it about time some has finally given them a taste of their own medicine. ITS A BITTER PILL TO SWALLOW BUT SUCK IT UP AS SOME OF YOUR CUSTOMER SERVICE AGENTS WOULD SAY. Karma is a bitch.