Dec 14, 2009 6:43pm
President Obama to Bank Execs: You Guys Are Like Overpaid Pitchers — and You Didn’t Win the World Series
EmailA White House official tells ABC News that on the subject of executive compensation, President Obama told bank executives today, “you guys are like overpaid pitchers on a team doing poorly. The concern is less when your team is successful – but you guys didn’t win the World Series this year.”
Executives said they knew this was a “problem,” and were working on ways to address that issue, such as enacting “say on pay” rules which would allow shareholders a non-binding vote on their compensation, and bonuses made up more from stock in the company than from cash.
-jpt
Sen. DeMint: GOP Race Could Go Until Convention 
Obama Avoids Questions on Contraception Rule
Same could be said of Obama.
Posted by: wis134 | December 14, 2009, 7:16 pm 7:16 pm
Yep, that’s a bully pulpit all right…
I expect the weather on the East Coast is just going to be terrible for awhile…
Posted by: Randy | December 14, 2009, 7:18 pm 7:18 pm
Okay, I realize that the topic is bankers, but speaking of pay and raises is Congress going to get another raise for 2010 while their constitutents are out of work or under employed???
And can they put back voting each year out in open rather than automatic as it became during the Bush years.
While everyone talking salaries, would not like to see this slip by and not be addressed except noted sometime in January.
Posted by: paulet | December 14, 2009, 7:21 pm 7:21 pm
What is this non-binding stuff? They know the shareholders would radically cut their pay if they had a say. This is a joke. What ever happened to the owners of the company having a say in how things are done? Pure arrogance and the Board are the ones contributing to the cycle.
And I do agree with the idea of making the congressmen vote on the pay hikes and it should be published in all newspapers.
Posted by: dalej | December 14, 2009, 7:29 pm 7:29 pm
Obama’s analogies are quite weak. Major league pitchers get paid high salaries no matter what team they are on and no matter how badly their team performs. They don’t only get paid bonuses if they win the World Series. Maybe, he’d like to have the pay czar look into MLB salaries, too, for a brow beating?
Posted by: Mom Jeans | December 14, 2009, 7:36 pm 7:36 pm
“Congress going to get another raise for 2010 while their constitutents are out of work or under employed???”
Let’s not forget about Federal workers who received a 2% pay INCREASE while many of us in the public sector (who pay their salaries) have taken pay cuts, have had hours scaled back, or, in the worst case, have lost jobs.
Posted by: tjp612 | December 14, 2009, 7:45 pm 7:45 pm
“…rather than automatic as it became during the Bush years.”
Actually Congress passed the automatic pay raises in 1989.
Posted by: James Danley | December 14, 2009, 8:04 pm 8:04 pm
“Let’s not forget about Federal workers who received a 2% pay INCREASE while many of us in the public sector (who pay their salaries) have taken pay cuts, have had hours scaled back, or, in the worst case, have lost jobs.”
USAT “Pay hikes. Then-president Bush recommended — and Congress approved — across-the-board raises of 3% in January 2008 and 3.9% in January 2009. President Obama has recommended 2% pay raises in January 2010, the smallest since 1975.”
Also federal pay (in terms of avg) has risen in part because of a merits based system championed by the Republicans to reward successful workers (which is why you saw so many suddenly earning 100K+).
When a Republican tells you they believe in fiscal conservatism make sure you laugh loud and laugh deep.
Posted by: Ryan C | December 14, 2009, 8:42 pm 8:42 pm
This of course has nothing to do with the Red Sox signing John Lackey ;-)
Posted by: Ryan C | December 14, 2009, 8:43 pm 8:43 pm
a non-binding vote? Hmmmm
You know for once I think I will side with Mr. President. While I dislike government getting involved I think shareholders should revolt like crazy.
Posted by: Denbo68 | December 14, 2009, 9:06 pm 9:06 pm
These are just empty words. If Obama wanted to reign in the corrupt bankers, he would regulate them like they used to be.
He would bring back Glass-Steagall.
Posted by: Bubbles | December 14, 2009, 10:59 pm 10:59 pm
Obama went 1-20 with a 20.00 ERA 200 walks, 2 Ks, and 40 blown saves.
His batting average is .000 and his on base average is .050 (one walk).
His team finished in last place but traded away all of their draft picks. Their minor league teams lack any talent and they’ve got no money to spend on free agents.
He has nothing to talk about.
Posted by: Lawrence D. Loeb | December 15, 2009, 1:21 am 1:21 am
These are just empty words. If Obama wanted to reign in the corrupt bankers, he would regulate them like they used to be.
He would bring back Glass-Steagall.
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Apparently the whole secret these days is Joe ‘The Shifter’ Leiberman. How unfortunate.
Posted by: tierra | December 15, 2009, 2:18 am 2:18 am
When a Republican tells you they believe in fiscal conservatism make sure you laugh loud and laugh deep.
Posted by: Ryan C | Dec 14, 2009 8:42:05 PM
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Yes. That is a myth its time to break. The crackpots trying to rebrand themselves as “conservatives” rather than Republicans typically don’t understand anything they blindly parrot from pundits, bloggers and oil-funded think tanks.
Posted by: Don't EVER want to go back to the GOP-driven dark ages! | December 15, 2009, 8:22 am 8:22 am