Obama has been working on the economy–and many other areas of US shortfall– and I like what I see. I was reading the BBC News article, “Obama Unveils Executive Pay Cap” this morning and I couldn’t be happier. It’s ABOUT TIME that someone stepped in and told these companies who are getting aid from tax payer money that they can’t just go spending it like they did before. Executives can only be paid as much as $500,000 yearly and all bonuses may only be in stocks that won’t pay out until the tax payers are repaid. I think this is great. He’s requiring the banks to disclose
“all the perks and luxuries bestowed upon senior executives, and provide an explanation to taxpayers and to shareholders as to why these expenses are justified”
YES! Sure there’s the argument that government is stepping in and putting these regulations in place, but come on, seriously? It’s the taxpayer’s money, not Citigroup’s, not AIG’s, so heck yes the “CEO” of our money should be able to deem what’s right to do with it. And no, a $45 million jet and $400 million stadium sponsorship (which hasn’t been cancelled yet) is not the right thing to do when you just took $45 billion from the bailout fund, Citigroup. What were you thinking!?
The airlines are struggling, so make the executives fly on commercial jets. Millions are out of jobs, so help the taxpayer bear the bank’s burden by lowering their wages. Make them feel like average Americans again, even if it stings a little, then maybe they will learn their lesson for next time they feel so greedy.