"Bankers Face Strict New Pay Cap".
Senator Christopher Dodd of Connecticut inserted "the new and retroactive limit", much to the chagrin of Wall Street and members of the Obama Administration.
The article carries on to say, "The administration is concerned the new provisions will prompt a wave of banks to return the government's money and forego future assistance, undermining the program's effectiveness. . .
"The rules would apply to any company that has received aid under the $700 billion bailout program since it began in October...
"Congressional aides said the bonus provisions means an executive could receive a bonus equal to as much as 50% of salary. A $500,000 bonus for someone with a $1 million salary would meet the test because it would make up no more than a third of the person's $1.5 million total compensation.
"Under the bill, bonuses could be paid only in restricted stock, which recipients couldn't cash in until the Treasure is repaid. . . .
"New York Attorney General Andrew Cuomo . . . alleged this week that Merrill "secretly" moved up the date for awarding bonuses and that the total was $3.6 billion, including $121 million to four top executives." (Emphasis added.)
Hello?!?!?! They make more money in a bonus than I will see in my lifetime!!! Thank you, Senator Dodd, for trying to inject some common sense into this whole bailout scheme.
If the companies can afford to give their executives bonuses, what the hell do they need MY tax dollars for? Perhaps these executives can look for sympathy to the 3 million plus Americans that lost their jobs in recent months. They are certainly not going to find any here.
