Closing Arguments: Obama Slashing Exec Pay

These companies should not complain, as they are lucky we tax payers bailed them out. Furthermore, if they worry about losing their “best talent,” I am highly skeptical that the nations best talent got them to the point of needing government bailout!

Pay to retain talent? What Talent? All their companies failed, and are now taking handouts. This “talent” should be looking for a different occupation!

I totally agree with the Obama administration reducing executive salaries, especially since they have used and abused the public’s trust for too long. It’s about time we had true leadership to combat the rampant unethical greed and avaricious which dominates Wall Street.

That is an intelligent comment. The banking Industry is worried they will lose their Best Talent if their incomes are lowered. Considering their “Best Talent” was in charge when the whole banking industry tanked this year and had to be bailed out by the rest of the country. I don’t think I’m too worried.

It’s high time we put the brakes on these greedy guys. We wouldn’t be in this mess if not for the likes of them

In 100 percent agreement with the post by Valerie.

i say the gov’t should shake these execs down. They got tax payers bailout & still have the nerve to charge us average folks high fees (overdrafts) etc. we are still paying high rates , NO PAY RAISES FOR THE YEAR ( LOCAL 3 iBEW) TERRIBLE MEDICAL THAT DON’T COVER VISITS TO ALLLERGISTS (FOR FOOD ALLERGIES) & THE ENT doctor visits . This is my life & their Execs get to have bonuses on our taxes. This ia an abomination.

I TOTALLY Agree that they should cut their pay by 90% and there should not be any bonus paid. We the public bailed them out and basically they want to lavishly live their lives while others are strugling. If we had not bailed them out, they would be out of a job, definitely would not be making by at least having a job. First you lose our money and you want us to reward you for it. It’s kind of like a thief stealing from a store and the police arrives and says “hey you want more, let me help you take some more!!”

Cut more high level executives pay. Make deeper cuts. These companies required bailouts, because they took crazy risks with our money and now created this economic mess. The top executives get crazy benefits and increases and the average person gets laid off.

The government had no business getting involved in business and should never have given away OUR (its not theirs) money to business. That being said they have no business setting any compensation packages for private business. Are they going to do the same for professional atheletes, entertainers (music,TV & movies)? I don’t think anyone would disagree those people are overpaid. What about in their own house (government)? How many of us are being paid what the pay czar (sounds Russian) makes. As a matter of fact, it not only sounds Russian, it sounds COMMUNIST!

I absolutely so not no but HELL NO. Ever since this twit of a President arrived in office we now want to debate over what any one earns . Stay the hell out of Private enterprise. (PRIVATE)
If wrong doing and laws are broken then yes if so twit in Washington thinks they makes too much Hell NO.
If you want to start controlling salaries from the White house the change the name of the country to Little Russia or United Soviet States of America.
Shut up and leave private enterprise alone.

About time! I am in total agreement with President Obama. Make the pay cuts, the sooner the better. I believe people are tired of the greed. No great loss of “talent” either!

Hooray for the salary cuts!!! They should count themselves as lucky they’re not being hanged by angry mobs of taxpayers who are bailing their sorry, greedy asses out! First they bring us all to the brink of another great depression, then they piggishly grab and hold ‘bonuses’! For their nasty performances!??

I agree with Obama, it is about time these execs get a dose of our paychecks. They are not that talented, just greedy. Good riddens! Lower their pay, to an average pay. Most real talented people live on a lot less. While we are at it we should lower rents, and housing costs to go with our little paychecks that most employers pay.

cut cut cut! Best talent? They should have been fired!

I personally get rather upset with those executives that want to preserve the status quo at the expense of the American tax payer. The argument that they will “lose top talent” rings so hollow in these times it’s ridiculous. They are more interested in maintaining their own over inflated salaries and bonuses than actually acomplishing something with their companies, that I think we should immediately fire any executive that uses that argument about executive compensation.
Consider:
1. If they had such top talent to begin with, then why did their company have to have a hand out to the government to use the tax money from hard working americans to rescue their company.
2. The job market is really tough right now, even for top executives. Consider the record number of companies in those industries that got bailed out, that went under (i.e. Lehman Brothers). All of those people (top executives included) are now out there looking for jobs. I would say that the very people they say would leave if not “properly compenstated” are quaking in their boots, just hoping that the company they work for turns around enough to make their jobs secure again. They wouldn’t even dare think of leaving, because they know they would be competing with dozens of others at other companies, some of whom are even more talented then they are.
As part owners (i.e. Taxpayers), we should demand that any executive caught making the claim that they would “lose top talent” if they are not “properly compenstated”, should be immediately shown the door (as Mr. Trump says, “You’re fired!”), as it is plain they don’t see the real picture.
Allen Ackerman – Owner
Systems Consulting of WNY – SCWNY.NET

Since the govt owns large parts of these corporations, outlandish salaries should be outlawed. I’m surprised, in fact, that the incompetent execs weren’t ousted as a condition of the bailout – they certainly were greedy and didn’t help the people of the US, so why should they be given special priveleges and high salaries?

This spells a death knell for American business. Is that what people want? Wake up people before it is too late and see the rocky road this administration is leading us down. It is not to late yet, but it soon will be if Americans do not stand up for the principles that once made this country great. It is Capitalism that worked for this Country. We can see how well Socialism (Communism) has worked where it has been tried. USSR, Cuba, China, Viet Nam, Cambodia, Laos, ect. Yeah those are all models to aspire to. What the hell are people thinking?

Comment to Freeride:
You mentioned… ” they have no business setting any compensation packages for private business”
Here’s the only problem, those companies are NOT private, they are publicly traded and now we the American Taxpayer own a good portion of them, so they are way far afield from “private” hence the need for controlling their out of control compensation packages.

REALLY! What has taken our government so long to hold them some how responsible!
It seems alot of people are getting away with alot illegal things today.
These people should not only have pay cuts, they should be in jail. They have put this country in a terrible mess. People have lost their jobs and homes because of their greed. Shame on them!

I also agree 100 percent with Valerie.
These executives are bank robbers.

Of course Obama should cut the pay of the top execs of the companies that accepted bailout money. The phrase “too big to fail” means the entire theory of a self regulating free market is false. Has anyone noticed that banks in socialized countries are not doing so badly? Unregulated capitalism means you end up with only a few winners and MANY MANY LOSERS. The US no longer busts up monolopolies because the anti trust laws and enforcement have been effectively demolished.
These days, we expect politicians to act like puppets of big business, but once in awhile, a politician with a bite does the right thing.
Go, Obama GO. We can hardly wait to see which of the bad guys you take down next. We love ya in Wisconsin.

NO!they should not be entitled to extra bonus’And
maybe if they lived in our world for awhile they may
tend to see just how greedy they really are.In Minn.
those same people think that we should pay for a
stadium so the rich can be served good food,drinks,
while we cannot even afford to go to the games in the
nose bleed section.Our governor doesn’t think that
people who make over $250 thousand a year should
pay their fare share,he wants us to keep them in the
position they have come accustom to!!WRONG!!!!

Oh- right.. So “their best talent” are the ones that got us into this mess- so are they really our best talent..?

I don’t think that they should get the big money when we the tax payer who are paying there bills get nothing in raises on social security. They have used our money to bail out there poor judgement so why should they get a reward.

Froth, Froth in the market? What is Froth? Oh, Froth is the young parents who pace the floor, in the middle of the night,wandering how they are going to keep a roof over their childrens heads because the morgtage payment just trippled. A ballon morgtage. Well no matter will group them into a morgtate security package with others of the like and sell their accounts to another country and let it be their problem. Bonus, they want a bonus for running our countries financial system into the ground? Bonus, Bonus for running the companies into the ground? I don’t think so. I think termination, fines and a little jail time should be the bonus. We must restore integrity into our business and financial system. We don’t even have the money to finance the wars that protect our country from terrorists. No Bonus for this.

Executive pay to ANY company that received govenment bailouts should be reviewed and eliminated. The “talent” that everyone is afraid of losing is NOT very talented (in light of their performance requiring a bailout in the first place). Upper level management at many of these failed companies act in collusion, becoming Yes-men to each other. These executives have lost their critical thinking skills; they are more concerned with lining their own pockets, and pointing blame everywhere but at themselves, rather than efficiently and effectively managing these failing businesses.

I totally agree with President Obama. It’s about time someone stood up for the main street. I hope that strict laws are put in place and the salaries of ALL executives in the financial industry are not only reduced but also capped for future regardless if the firm was bailed out or not. And GET the tax payers money back from these crook institutions.

The last thing anyone in our country should do is give these white collar criminals is sympathy They have stollen our homes and our integrity. they should be in jail! They abused our trust and are willing to exploit us all!

The government bailed out the unions not the auto industry.The govt. doesn’t have any right getting involved in corporations.The stock holders of these companies are the only ones to set executive pay or pay cut.Wake up people , The govt. is wrong.
The govt. is wrong.
The govt. is wrong.
Watch your back America.

LOOSE THEIR BEST TALENT? Their best talent is what got us into this mess, along with a Republican run house that paved the corporate yellow brick road for them dance down. Let them find out what it’s like to struggle to pay their bills and feed their families. Why worry about loosing them? They should have “FIRED” them all a long time ago!

Referring to my earlier comment: Whoops. I didn’t mean to insult leeches. They are actually useful.

It’s an extortion racket- Obama can either leave the ceo’s with money if they donate to him or he can take all their money and business away if they don’t donate to him.

These bloodsucking leeches have operated in the penumbra of Alan Greenspan’s Libertarian insanity. They deserve to have their salaries and bonuses seriously cut. Talent? What talent? Talent for creating a disaster that we, the taxpayers, had to save them from. Let them go find new jobs. So what?

I think the Senate should use the health care reform bill that came from the Health, Education, Labor and Pension committee and the finsl bill from Congress should carry the name of Ted Kennedy, he worked hard for a long time for this.

Remember what Thomas Jefferson said, “A government big enough to give you everything you want (i.e. free health care, social security, free education, low cost housing loans guaranteed, welfare, etc.) is also a government big enough to take everything you have (starting with the contractually legal salaries of private industry).
It sickens me that I’m in Afghanistan defending so many Americans’ rights to apparently cheer on and willfully encourage the government to take away money from their fellow Americans…these CEOs started or run businesses that employ millions of americans (putting food on the tables and roofs over heads) while producing goods or services for millions more Americans and yet, so many of you are speaking of them like common criminals. My nation is changing while I’m gone fighting for it…and I’m starting to wonder if the real enemy of the constitution I’m sworn to defend isn’t the people slowly expanding our government and taking over private businesses.
Pray for our Soldiers and our allies, we lost a few more good men today.

Let me see if I understand the excuse for excessive executive salaries … if they don’t provide humongous paychecks to executives, companies fear losing their best talent. Well, someone should inform these clowns that unemployment is near 10% in this country and surely there’s a dozen or so qualified candidates willing to accept a reasonable salary to replace those executives that quit to find greener pastures.

Of course, the executives should have their pay cut substantially, and the pay should be regulated and set by the government. This is a no brainer. These corporations are now owned in large part by the taxpayers. That is us—We The People! That means those executives work for us now. We should have a say in what they are paid and whether or not they even have a job anymore. Most of them should be fired, and the jobs should be given to more capable and motivated people who will not make the huge mistakes that the existing executives did. And there are plenty of these more capable people around who will be happy with much lower compensation than the outrageous compensation that the existing executives have been giving themselves. When We The People became the owners of these companies, the government (acting as our agent) should have quickly changed out the existing executives and replaced them with competent people.

Steve,
Salaries of executives in a corporation are set by the Board of Directors acting on behalf of the shareholders. For these bailed out financial disaster firms, We The People are the shareholders and the government has every right to represent us in setting the salaries of the executives.
If these greedy, contemptible executives had an ounce of honesty in their bodies, they would have turned down the outrageous compensation they were getting in the interest of saving the companies. But instead, they took the money and let the companies fail and caused the need for We The People to bail them out with our tax dollars (our money).
These contemptible executives know only greed and self interest. They have made themselves rich by destroying the life savings on millions of hard working Americans in their IRAs and 410ks.
The contemptible executives should be happy they are not in prison. I would become happy if I saw them go to prison.

The pay for Exec’s should be capped @ $500,000.

Maybe if these companies’ executives had considered taking pay cuts as a solution to their problems they would not have needed government bailouts. The comment about losing “top talent” is hilarious. Who would hire someone who participated in leading their previous company into bankruptcy? Without government bailouts their current income would be zero.

I just really wonder what they do with all this money they make , you can only drive one car & your wife one car , make your kids work & buy their own car , like most american’s do . Your wife don’t have to have the Best or You . One house is enough not 2 or 7 come on down to our way of living , it’s really not all that hard or bad you might learn something + see how to enjoy life without someone waiting on you do it yourself or let family pitch in & help have fun doing it .

The President is absolutely right. The talent they may lose got us into the mess we have in our financial services industry. The bonuses and high salaries are designed as an incentive when performance is positive, not when a company needs to be bailed out by taxpayers. In true capitalism a company succeeds or fails based upon the market. These companies should have failed and gone bankrupt, then the bonuses would not be an issue, nor would large, obscene salaries be an issue. Bankruptcy would mean no salaries or bonuses.

I agree that the pay cut is necessary but it should be done by the Wall Street execs themselves – not the government. Government getting into free enterprise is not a good thing. Of course the execs would NOT cut their pay on their own because they don’t want to lose their lavish life style so someone has to make them do it. The money they slash from their salaries should be used to help the American taxpayers but that will never happen – you can be sure that the government will grab the money not taken as salary and bonuses on Wall Street and spend it on more “perks” for themselves.

Don’t simplify the arguement. My bank was forced to loan money due to “government regulation” And then sold to Fanny Mae and or Freddie Mac. Our congress was in on this scheme and Barney Frank was one of the originators. Look at old transcripts. Now the hypocrits are blaming wall street. This is why congress has a low approval rating with business people. Get the corrupt politicians out of office.