"$500,000 is not a lot of money"

[Coexist]

Really.

Mr. Reda said only a handful of big companies pay chief executives and other senior executives $500,000 or less in total compensation. He said such limits will make it hard for the companies to recruit and keep executives, most of whom could earn more money at other firms.

“It would be really tough to get people to staff” companies that are forced to impose these limits, he said. “I don’t think this will work.”

That is what they want us to believe. That the qualified people won't work for $500K. The geniuses who caused the financial collapse of the world's economy won't work for such peanuts. Ooooh, I'm so scared. Who will ruin my kids future economy if you're not there?

Half a million dollars a year. Really.

Don't like it? FINE. Quit. Let some young guns who haven't died inside, sold their soul, and need a multi-million dollar salary just to 'get by' step up. How can they possibly screw up any worse than you idiots have?

$500K isn't enought... Gee - they might fall behind in their mortgages and lose their homes. How awful must that be?

How terrible to have someone come in, and tell you "I don't care what the original terms of your contract were, you will learn to make do with less salary, fewer benefits, fewer perks, less time off, and if you don't like it, leave. There are others here and abroad who will do your job for less. Maybe we'll set up a nice job re-training program to get a you new career making half as much" Ask some former midwestern factory/assembly line workers about that. It happens. It isn't worse because now its happening to you and you think you're more important than them, you assholes.

How angry am I? I can barely type.

Just who the hell are these people going to work for if they quit in protest? Who will hire people who ran an entire COUNTRY into the ground and pay them millions?!

Its time to get over yourselves. Auction off the contents of your wine cellar, the paintings, the vacation homes. Send your kids to public schools. Welcome to the United States of America, bubs. This is the view from where I sit.

My father was a steelworker. I've seen all this before. All I heard from 'fiscal conservatives' was, "well, thats business, and business is bad, you can't expect to be paid as much, don't look to the government to save you. DEAL WITH IT. Don't be so greedy, you don't deserve to make that much, you're gross salary killed your industry"... sound familiar?





Oh, and I am loving the restricted stock options, too. President Obama, holding on to their options until the banks pay back the taxpayers is genius. The mighty are always sneering at the lower and middle class about taking personal responsibility - well, look in the mirror Wall Street.

[rurallib]

1. I'd make the sacrifice and work for a measly $500,000

Doubt I could do much worse than the current crop.

[HughBeaumont]

2. Living minimum wage, MAXIMUM wage, universal health care.

Make these three happen, and you will NEVER have a bad economy or the ridiculous wealth disparity we do now. It's not "punishing success". If you own more than two homes, you're successful. That's more than enough. You don't need more. It's called owning up to societal responsibility and PAYING YOUR FAIR SHARE. You know, something they haven't been doing in the last 28 years.

[DaLittle Kitty]

129. I'd Like to Be A Klown Too and Get Paid 44MILLIONS To Fu*KUP!

Funny these jokers can't handle the show being on the other foot!

[pokercat999]

195. You are absolutely correct we must have a MAXIMUM wage

pegged to the minimum wage. But not just for bailed out companies but for all corporations, LLCs and any private employers with say 50 or more employees. And no, top level employees cannot form companies of 49 or less and sell their services back to the corporation. Penalties for violations could be forfeiture of all personal assets and future pay above minimum wage, oh and here's my .357 if you'd like to borrow it......just one shot, only one shot......please.

[KharmaTrain]

3. Let 'Em Collapse...

How's this...we "spice up" any deal with toxic assets. The Wall Streeters agree to only work for the toxic assets they used to sell. Now if they can turn them around, they make money, if not, c'est la guere.

[Buzz Clik]

5. Yeah, what the heck. Let the economy collapse.

[ProfessorGAC]

27. Collapse?

What is that assessment based upon? Letting people work for a half-million per year would have that effect? Exactly how would that occur?
GAC

[Buzz Clik]

4. If $500,000 was less than your annual bonus, taking a salary of $500,000 would be a big adjustment.

When we make only 1/10 of the bonus money, we tend to be unsympathetic.

[Coexist]

7. well, then they need to adjust, don't they.

People have lost their homes, don't have money for food and medication.

They will have to learn to manage, same as my family did when the steel plant closed.

[Buzz Clik]

11. If their companies were solvent and successful, their salaries would be an internal matter.

When the companies have failed, those in charge should expect to pay a severe price.

[tsuki]

23. Where are the HB-1 visas? I have always maintained that we

outsource the wrong end of the labor pool.

[wryter2000]

103. Aha!

In the words of Ben Stein and Alan Greenspan, they'll need to "make other plans" the same way I need to "make other plans" in case Social Security fails.

I like it

[AndrewP]

125. Exactly.

[PassingFair]

8. .

[DoctorMyEyes]

21. Well I guess they should have saved

I truly doubt they were living paycheck to paycheck (or bonus to bonus) and are going to end up on the streets, like many working class Americans have.

I'm with the OP. Fuck 'em - welcome to our world. (kinda)

[SmileyRose]

60. Oddly enough, more than one of them have little liquid assets.

Americans at all levels tend to live at the limit of their income.

[pattmarty]

80. Oddly enough????? Fuck 'em, let them eat fucking peanut butter.

[valerief]

116. Perfect. I've got some dried milk product from China they can wash it down with. nt

[RaleighNCDUer]

104. In which case they may be forced to sell one of their $15million houses.

The upkeep is so expensive, you know. That could save them 10k a month.

As for their liquid assets, their walking around money is probably more than I earn in a year.

Fuck em.

[catrose]

71. Right. Should have saved instead of buying that boat

That's what they said during the last downturn that cost my husband his job.

We don't have a boat.

Kids in college were the extent of our luxuries.

[dmr]

24. Well, I guess they'll have to tap in to the off-shore accounts or sell their boats

or expensive cars, or take a 'staycation', and eat mac n cheese like the rest of us.

What do the Republicans like to say? Pull yourself up by the boot-straps? They can do that too.

No one has to live lavishly. And, it's not like belt-tighting will go on forever.

I tell you what, if they have to live like normal people, it's a damn good incentive to correct the errors and right the ship before she sinks. Once that's done and they no longer need you and I to bail out their huge mistakes, they can go on and make big money again. If they want no part of this, I'm sure there are plenty of others just waiting to take their jobs at a half million.

[grace0418]

25. Yeah, but they're going to have a hard time getting the other 99% of us to feel sorry

for them. Especially those of us who are currently making $0 because they fucked up the economy so bad.

[lumberjack_jeff]

37. Well, they could always moonlight.

Or "sharpen their saws" and get retrained for a more lucrative career. The NBA is always hiring.

[reggie the dog]

38. you do realize that,

you live far better than the vast majority of people in the USA.

[Buzz Clik]

43. I do? And you base this on what knowledge?

[reggie the dog]

48. faulty knowledge

its a KIND of knowledge at least, sorry i misunderstood your post

[Buzz Clik]

64. No sweat -- it seems that my post was not well understood by many of the responders.

My intended point is pretty simple: for me to take a 50% (or more) cut in pay would be devastating and my life would change in a huge way. These execs are facing similar periods of adjustments. But, their companies failed, after all, and a pay cut seems in order.

[RaleighNCDUer]

106. That was inferred from the seemingly self referential mention of a

$50k income.

And while that is only slightly higher than the mean of household incomes, it is way above the majority of household incomes.

[Why Syzygy]

46. You mean they might have to give up one of their jets?

Or home in the Hamptons? Or BUYING OFF POLITICIANS?

[oedura]

158. Don't get your hopes up...

I've heard a few examples in the past that suggest that our politicians are quite the bargain. Even at only $500,000 a year, they could afford to buy favors from several of them.

[Beaverhausen]

66. but what did they make last year? and the year before? they should have saved a little

these are supposedly smart financial people, right? If they didn't save for a 'rainy day' then they are idiots who don't deserve half a million.

[Buzz Clik]

68. I kinda agree, but your comments assume that all execs were equally incompetent.

Not necessarily so; but, being an exec in a failing company should require that you must pay a price.

[Beaverhausen]

70. I'm not saying they are, but if they make millions every year they really should have saved some

if $500K is a pay cut, then they made a whole lotta $$$ in the past. So, they should have saved some.

I refuse to feel sorry for them. Period. Especially since we have had layoffs here where I work.

[pattmarty]

84. Maybe not ALL, but certainly MOST. This has been going on.........

.......for more than 20 yrs. This bullshit now has just reached the "over the top" stage. Sorry pal, I don't feel a bit sorry for any of them. As a wise man once said; "fuck 'em all".

[underpants]

146. There's a couple of things they don't teach you in Harvard Business School

Russ Cargill: There's a couple of things they don't teach you in Harvard Business School, one is how to cope with defeat, the other is how to handle a shotgun, I'm going to do both right now.

EPA Official: S-sir, I'm afraid you've gone mad with power...
Russ Cargill: Of course I have. You ever tried going mad without power? It's boring. No one listens to you!

Moe: What are you telling us, were trapped like rats?
Russ Cargill: No, rats can't be trapped this easily, you're trapped like... carrots.


Russ Cargill: Your government has realized that sealing you under this dome was a terrible mistake. Therefore, we are commencing with Operation Soaring Eagle
(crowd cheers)
Russ Cargill: ... which involves killing you all.

[MindMatter]

77. $500,000 was enough no so long ago

In the 1980s and 1990s, I worked for a major technology company. Unlike the Wall Street bastards, our executives were actually trying to make successful products that our customers wanted. They weren't always successful, but they tried very hard every day. Most years, we made some kind of profit. In the best years, the top execs might have made total compensation of $500-750K. In the lean years, they were well under $500.

That was as recent as 12 years ago. Even accounting for inflation, it was nothing like today's situation. Today's exec are criminals, plain and simple. And most of them are evidently not very competent either.

[melissinha]

156. yup

UNtil Reagan came along and opened it up for the fatcats top executives made 50 time their lowest paid employees made, now its 500 times... thats obscene. You are correct it worked then and the unrestrained CEO pay has undoubtedly contributed to state of our economy, they are more interested in their own pay than growing their companies in the states, its all about profit not about growth...

Screw them, they use our infrastructure, its about time they finally contribute to it.

[robinlynne]

90. Who gives a rat's ass? (excuse me, angry at them, not you.)

[Raineyb]

94. They can suck it up and like it

Just like they tell the line people when they come in and cut their salaries, raise their health care costs and lay off people so that those who are left can do the same work with half the people.

CEOs in other countries don't make such outrageous salaries. These comapanies have been run into the ground. The CEOs obviously did a bad job so why the hell shouldn't they take a hit like the rest of us? These companies are taking tax payer dollars to hold up their company. If they can afford the outrageous salaries then they don't need the tax dollars and if they need the tax dollars they have no business using it to pay outrageous salaries. When times are tough the belt is supposed to tighten or is that just for us peons?

Regards

[Lerkfish]

108. hey, fuck them. I just got laid off and barely managed to get a job paying one third less

and this job isn't all that stable. I adjusted.

if they cannot adjust to half a million a year, we should start remembering the french revolution.

[Political Heretic]

110. WAAAAAAAAAAAAAAAAAAA THE HUMANITY!!!!!!!!!!!!!!!!!!!!!!

hehehee

[valerief]

115. Being homeless is a big adjustment and they don't care who they make homeless. nt

[TankLV]

169. Let's see - either go BANKRUPT and get NOTHING, or make Five Hundred Thou a Year...

what to do, what to do...

I'm sure these idiots can figure it out...

We're NOT forcing them to take it - they can always REFUSE OUR MONEY and go fuck themselves...

See - it's not rocket science...

It's OUR money, not theirs - WE get to dictate how they use it...

And if they don't like these choices, I have another word for these fatcats: GUILLOTINE.

I heard it's not painful at all to lose your head...

And I'm fucking DEADLY serious...

[mwb970]

194. I think an "adjustment" is long overdue for these churls.

They've been living large on our money long enough. Shine a light!

[Wapsie B]

6. If companies want government welfare then there should be restrictions like this.

That goes for any place sticking their hands in the public til; Walmart to name one. It doesn't have to be bailout money.

[Seldona]

33. Brilliant idea!

Any company with any employee on public benefits of any kind should be subject to this.

[NEOhiodemocrat]

132. Good idea

My son who works full time and is a single father of two figured out last month that he is eligable for free lunch for the kids and heating help. Two weeks ago the company let go workers (this after the owner told them before the election that if Obama won he would cut back workers)and upped the work load on those left, and then last week the company he works for tells him he has to take a 20% cut in pay as of now. He is beginning to think it would be almost worthwhile to just let them lay him off and go on unemployment, or welfare or something. I hate what this is doing to the lives of people who are willing to work and can't make it. How can you be eligable for free lunches and heating help and then take a 20% cut in pay. And my son says that the company made money last year, their orders were up 2 and 1/2 times over the year before.

[valerief]

114. They could even pay their fair share of corporate taxes, too!

[pokercat999]

197. Welfare Corporations run by Welfare Kings, next they'll

be spinning off more failing corporations just so they can collect more CORPORATE WELFARE. This is the Raygun WELFARE KINGS the ones he never mentioned, but loved so much.

[Serial Mom]

9. US CEOs should try to live on what Japan Airline CEO does!

http://www.nowpublic.com/tech-biz/jal-what-ceo-example
Interview from Nov. 2008

HARUKA NISHIMATSU, JAL PRESIDENT & CEO: I don't think so. So strange, deska.

LAH: Perhaps that's why when JAL slashed jobs and asked older employees to retire early, Nishimatsu cut every single one of his corporate perks, and then for three years running slashed his own pay. In 2007, he made about $90,000 U.S., less than what his pilots earn.

LAH: "The employees who took early retirement are the same generation and age as me. I thought I should share the pain with them, so I changed my salary." Nishimatsu shrugs it off, saying it's not a big deal.

LAH: But that certainly stands in contrast to this: CEOs in the United States being grilled by Congress over perceived corporate excesses, ballooning salaries and bonuses. When we mentioned to Nishimatsu that the top paid U.S. CEOs make tens of millions, in some cases nearly $200 million a year, and yes, that's in dollars...

NISHIMATSU: (IN JAPANESE) Dollar? In U.S. dollar. Ahhh.

LAH: Can you imagine making that much?

NISHIMATSU: No.

LAH: In Japan, says Nishimatsu, there's less of a pay gap between the top and the bottom. "We in Japan learned during the bubble economy that businesses who pursue money first fail. The business world has lost sight of this basic tenet of business ethics." Nishimatsu says his airline has a long, difficult recovery ahead. As far as his pay, he's dug into his savings like the rest of us.


emphasis mine...

[Coexist]

13. Japan learned during the bubble economy that businesses who pursue money first fail

Wow.

Bless his heart.

[Serial Mom]

16. Saw him interviewed - very reasonable man

Said a CEO who wears Armani suits is more than arms reach from his employees - buys his suits (if he wears one) off rack, has no walls around his desk, eats lunch at any table in cafeteria that has open seat and walks around and talks to employees (from baggage handlers to pilots) and customers every day.

I guess personal touch in business is good - rather than isolation and email communication constantly!

[Blue_Tires]

85. i agree

we've got too many of these ivory tower execs now...

[DoctorMyEyes]

157. We have a major CEO like that in America

My CEO, Jim Sinegal of Costco. He makes $350,000 a year and wears Costco's brand clothing (Hathaway and Kirkland). He's totally accessible, no ivory tower office. He answers his own phone and has lunch in the foodcourt. I work for Costco, and make a living wage while feeling good about the company I work for and the people who run the place.

[Enthusiast]

181. I applaud CEO Jim Sinegal!

He should be a standard to look up to. His story should be on CNN instead of what the Republicans think of Obama's stimulus package.

[.... callchet ....]

10. Regulate the industry so there is no voodoo magic

left in making complicated 2nd, 3rd, and 4th derivations on original transactions. You won't need managers skilled in math and actuary to run the companies. Regulate the industry back to its original purpose. Then amy good moral candidate can run it.

[lunatica]

12. $500,000 would pay the salary of 13 people who make what I make

Or it would pay my salary for 13 years. One million dollars bonus for one CEO underling would pay a years salary for 27 people who make what I make or my salary for 27 years. We have to start making these numbers mean something other than just numbers. I make $37,000 salary a year with two part time jobs, and I'm about to lose one at the end of this month.

[kenfrequed]

41. True

But you forgot about the absurd bonuses they also get paid.

[Enthusiast]

182. You are an advocate of socialism!

[panader0]

14. I make about 25K, so that's 20 years salary for me.

[sarcasmo]

53. I know, imagine how long we could live on 500,000.

[rcrush]

89. No kidding I once stretched $5000 into 19 months.

I'd love to live on a measly $500,000.

[proud patriot]

139. I make 15,000 a year , perhaps rendal would like to trade with me

I'm only helping 3-5 year olds learn how to talk ,
socialize and preparing them for Kindergarten .

It's not like any lives depend on me



My CPR and First Aid Certification means nothing.

[bunnies]

15. Fuck them. Fuck them all.

They made this bed we're lying in. But noooooo - why should they have to deal with the consequences of their actions. How could anybody be expected to live on 500k a year?! Try 20k you fuckers!!! You dont even deserve to have jobs at all!!!

[Lugnut]

31. My sentiments exactly.

Thanks for posting what I am thinking.

[pleah]

17. I'd gladly work for $500,000 a year! Please, hire me.

I would be rich!

[Serial Mom]

19. then screw up royally after 1-3 years

get a BONUS each year and then "leave" company with never have to work again package!

I'm with you on this job!

[ProfessorGAC]

29. Me, Too

In addition to my advanced degrees in science and math, i've got an MBA with a focus on macroeconomics and i've been on the board of directors of an independent bank for 20 years.

I could do that job at least as well as these incompetent buffoons who screwed up these companies. I sure couldn't do any worse.
GAC

[SheilaT]

18. And "I don't care what you make" is EXACTLY what

senior management has told employees at any number of companies (the U. S. airline industry for one) starting in the mid-90's. It's been the rank and file workers who have borne the burden of pay cuts, not the top executives, least of all in the financial industry.

And if someone will leave because his pay is cut to half a million dollars, there are a lot of lower paid employees out there who will happily step in and do the job. And probably a lot better than those clowns have done the last decade or so.

[Enthusiast]

183. Sheila, I expect they could pick someone

at random that would outperform these clowns.

[LeftHander]

20. There are PLENTY of SMARTER people

Who would work for 500K....

[OPERATIONMINDCRIME]

65. Only Till They Build Up Their Resume And Experience To Get Hired At A Company Offering Them Far More

[hologram]

22. Amoral capitalists.

Don't ever expect them to know right from wrong or act on anything other than voracious, bare-knuckled greed.

[remember2000forever]

26. When I See Tons Of Fore-Closures In The Hamptons......

It will be a happy day!

[grace0418]

28. The MAXIMUM unemployment payment in Illinois is currently $321/week after taxes.

I know because that's what I'm currently making. What does that translate to yearly, $16,000? Yeah, I really feel for them.

[nashville_brook]

30. clearly high pay for CEOs/top executive isn't buying high quality leadership, or else we wouldn't

be in the giant mess we're in.

who are they trying to fool? is anyone buying this bullshit? are these talking points doing anything but angering the public to the breaking point? why not just go on TV and shout "let them eat cake"?

[LibDemAlways]

32. I know a guy whose salary is in that range. He lives here

in So. Cal. where prices are high, but he does quite nicely. There are two new cars with a Mercedes Benz logo sitting in his garage. He owns a custom 3200 sq foot home in a gated community and another three story home in the local mountains. He also has a rental property in the mountains and two additional rental property condos. His teenage daughter is an ice skater and he pays for multiple coaches and private lessons. His wife totes around designer purses. They take frequent vacations to an exclusive resort on Maui. It's all very cushy.

Anyone who bitches about having to live on a half million a year has a screw loose. In this economy everyone ought to be grateful just to have a job, with extra gratitude for one that pays so handsomely.

[Romulox]

34. Logic problem: the current, highly compensated CEOs are who lead their companies to ruin

in the first place.

[elizfeelinggreat]

35. I think it's more than the money

I'm with you on the outrage but I have a feeling they are also very terrified that the public will find out just what their job entails - and that it's not worth the $500,000 - never mind what they're paid now.

I'm glad their whiny response is being made public, it's hard to believe there are many sympathetic ears outside the media circus.

[wroberts189]

36. A very big k&r nt

[bertman]

39. You have to put yourself in the CEO's shoes. He's not just doing a job. He's making

millionairres out of politicians in every state his company does business in, as well as those who control the (lack of) regulation at the Federal level. Plus, he's lining the pockets of his brethren and sistren who are his "assistants" and consultants and advisors all over the U.S. and the world. And worst of all, now he is having to figure out ways to scam Uncle Sam out of billions more so he can continue to work his magic so his so-called business allies don't turn on him.

Really now, don't you think it's asking an awful lot of someone to have to do all of that for a measly $500 grand a year?

[treestar]

40. It is very hard to believe their services are worth that much

If they made so much in the past, they don't have to work at all, so getting them to work would on the surface cost a lot. Yet that is hard to believe, as such people thrive on power and are unlikely to be willing to retire early and refuse to come in to do whatever it is they do that other allegedly aren't capable of.

There is something to be said for it, it's just, what is the upper limit on the value? They are right when they say that without the people at the top, the people on the bottom would have no jobs at all. Somebody has to know what to invest in and take the risk that it will pay.

Yet it's still impossible to believe that the market value of their abilities doesn't have some sort of limit, especially in a shrinking economy.

[sarcasmo]

55. The PIG who runs Bank of America made 20 Million last year, just pure plain

GREED.

[Enthusiast]

184. +1 on "PIG"

Yet the common working man gives attitude about "union workers". My God, this country has been BRAINWASHED!

[NJCher]

145. personal experience

I work with a woman whose husband has to associate with CEOs. She does, too, socially.

She told me that the amazing thing to her (and her husband) is that these guys actually think they are worth that kind of money. She says their egos are off the charts.

She tells me that she sees nothing that exceptional in any of them. My friend and colleague is a math professor.

When she told me this story she was as outraged as the OP. She said, "NO ONE is worth that kind of money!"



Cher

[Enthusiast]

185. Hey! They have to play golf!

They have to go on trips to lavish resorts to consort with other wealthy good ol' boys. Hard work!

[Confusious]

179. Thats a crock of shit

If you had these pussies on an island, with them and their money, nothing would get done, because they ain't gonna get their fingers dirty.

Put a bunch of middle class people on an island, you'll have a village and a good meal in a week.

"Somebody has to know what to invest in and take the risk that it will pay" They haven't been doing that to well have they?

[Merlot]

42. To these people $500k is an insult

If any of them quit their job tomorrow, they'd never have to work agin. They have tons of money hidden all over the place, multiple houses, etc.

They don't need the money, they want the status.

[bunny planet]

44. Unbefuckinglievable gall

Walk on the wildside CEO's and try and live on your measly 500K a year. WTF WTF WTF WTF WTF!!!!

[Why Syzygy]

45. Contractors.

Many US companies are moving their fully established employees into "contract workers". No insurance. No perks. No stock options.

The days of these robber barons are numbered.

SOMEONE will take the job. They will do just as well as the FAILURES who are paid many times over that amount.

It's called a PERFORMANCE REVIEW. All your employees have them. They don't have BODs to conspire with.

[WI_DEM]

47. fine then don't accept the public's money to bail you out.

[L0oniX]

49. We need to find these people and kick their asses. They need to be afraid to be in public.

We need to plaster their mug shots all over so everyone knows who they are. They need to made to fear us for a change.

[madamesilverspurs]

50. I know I had some sympathy around here someplace.

But danged if I can find it. Small wonder. These guys should trade places with me for a month, trying to live on $750 with the knowledge that there will be penalties if they earn more than a dollar or two to supplement that amount. These would-be feudal lords just don't get it that we don't want to be their groveling serfs. Back to that sympathy thing - oh yeah, now I remember: I'm saving it for my friend who's trying to figure out how to pay for her chemo.

[Cassandra]

87. I'll cough up a bit of sympathy...

like a hairball. They have set up lifestyles that require much more than $500K, but winding that down will be painful, not only for them but the people they hire.
One of the reasons their lifestyles cost so much is stupid amounts of money chasing too few desirable goods.

[livetohike]

51. White collar concessions. The time is way overdue

Let them leave and try to find another job with better pay, etc.

[sarcasmo]

52. Out of touch with Reality. I could live quite well with 500,00. I hope he gets this passed.

[jgraz]

54. Why aren't these people in job retraining classes at their community college?

They should have planned for this eventuality, just like all of us were told to do.

[samsingh]

56. it's about time these assholes made some adjustments themselves

they're like typical repugs, brave and arrogant around other people's misfortunes

whiny, cowardly crybabies when it happens to them.

[Lorien]

57. I've seen this firsthand and Mr. Reda is FULL OF IT

I once worked at an animation studio where top talents made about 65k a year. People came to the studio to work because it was well known, their films were well received and the quality of animation they did was the best. Top artists didn't come there for the money. However, the films we made there started getting Oscar nominations and making hundreds of millions in box office. One of our top tier execs left the company to start his own, and took many of our top talents with him, which started a salary war between the two companies. Artists who had been making 65k a year were now making a million or more...and guess what? THE WORK SUFFERED. Why? Because now the artist's focus was on making more money than other artists, NOT on making high quality, profitable films. Most of the people I once worked with are unemployed today. Their rise and fall was documented in a film called "Dream on silly dreamer".

Massive pay guarantees failure from what I've seen. you'll get execs who are there solely for the money. Lower the pay and focus on making the job prestigious in other ways and you'll get execs who are there because they want to be the BEST, not the wealthiest.

[MikeNearMcChord]

155. You see that a lot in sports, the next time you see

an athlete at the top of his game, like a running back, a pitcher, a point guard or a defenseman, see if he is in a final year of the contract, once the bucks is secured you rarely see that performance again.

[Vinca]

58. I hereby volunteer to kill any company for a mere quarter million a year.

It's a bargain and I bet I can bring a company down even faster than this bunch of greedy CEOs.

[SmileyRose]

59. Error - you have already recommended this thread 92 times.

Thank you Bernie Sanders.

[question everything]

61. One commentator said that the CEO of Goldman Sachs made $68.5 million

in 2007, so $500,000 is the "margin of error."

Here is a suggestion: they can sell their mansions in Florida and in Colorado. Yes, even at a loss, like the rest of us had to. They can just quit. It is not as if they did a stellar job in running their companies and with these type of compensations they don't need to work a single day in their lives. How about volunteering in the inner cities, schools and soup kitchens? How about working for $1 - the way Lee Iacocca did - and donate the $500,000 to a homeless shelter or to a food bank?

Oh, they may lose their trophy wives. Too bad.

[catrose]

72. Maybe just firing the exec team

would make the banks profitable.

It's worth a try, and it's not like they were worth anything. If I screwed up my company that badly, I'd be long gone from it. Involuntarily, you know. Heck, they'd probably shoot me.

[Control-Z]

189. When the original bailout was being negotiated,

I just assumed that most of the CEO's would be fired, as a precondition to receive taxpayer funds. These are failing businesses. They failed because of actions made by the CEO's. Of course you don't keep the ones who have driven the business into the dirt. Under "normal" circumstances, any average/normal business flailing about would look to chapter 11, fire most of the CEO's, hire a couple of young, (hopefully) hot shots, and negotiate starter salaries (commensurate with experience and job description) to avoid going belly up.

I thought the bailout was guaranteeing these businesses an opportunity to recover the easy way - special treatment due to their size and impact on America, and opportunity to restructure. I feel so scammed. Who in their right mind maintains and employs the people who were responsible for destroying the business in the first place??

[busybl]

62. welfare comes with rules

live like the rest of us, I dare you, I get 17k a year and I don't buy meat anymore. I just go to the store and look at it.

[Enrique]

63. they'll have to use illegal aliens

what American is going to work for $500,000?

[Chisox08]

67. $500,000 a year!

That is still too much for any CEO who ran his company so poorly that he needs taxpayer dollers in order to stay afloat. They should be lucky that they are getting that instead of rotting in some jail cell with a guy named Bubba. If you can't live off of $500,000 then let me break out my world's smallest violin for you and play you a song while you go out and look for a company that is stupid enough to pay you millions to run them in the ground.

[closeupready]

69. They literally destroyed our economy; they should feel grateful just to have jobs.

n/t

[nichomachus]

73. If you work for minimum wage, it's 37 years' pay. n/t

[katty]

74. American jobless, homeless, no healthcare-$500K a SACRIFICE?

not even close!

[berni_mccoy]

75. Righteous K&R!

[NashVegas]

76. FYI - POTUS Makes $400k

Think about it.

[yodoobo]

78. Thats an interesting point you raise - contract pay

Most of us are at will employees. We make a salary and could be fired at any time.


I wonder what this rule will do for folks making $800,000 and have an employment contract?

The government now says they can't pay that $300k above the $500k.

Legally, this puts the company in default. The company can't pay it legally.


I wonder if the employees who lose money, will just sue the company, and then the company will pay the employee $300,000 plus costs as civil judgment instead of salary?


I dunno. I'm skeptical. There are so many ways around this, I doubt that anyone will lose any pay for a significant length of time.

[TankLV]

170. Let's see if I can make this clear: THEN GO BANKRUPT if you don't want OUR money. Period.

Go BANKRUPT and receive NOTHING. NADA. Zip.

So you see, FIVE HUNDRED THOU A YEAR looks pretty good by comparison,doesn't it?!

If the companies went under, then NOBODY will have to worry about how to pay these assholes, because THEY WON'T BE PAID AT ALL!!!

Bankruptcy - no salary - no problem - end of story.

[yodoobo]

203. Why are you yelling at me.

I'm just telling ya how the scoundrels will evade the rules and get their money anyway.

And even in bankruptcy, the folks have usually found a way to load up before the filing.

They won't lose a nickle and us taxpayers will be the ones footing the bill. Its the way it always is.

[fascisthunter]

79. Talk about Pampered, Selfish and Greedy

like a crack addict, except the crack is wealth...

[byrok]

81. Bullshit.

Demand their immediate resignations. Kick them all in the crotch and poke them in the eye. Fuck em.

[DearAbby]

82. It's a hell of a lot of money to

a BUNCH of us...whinning little weasels! Lift a wrinkle, find a spot, kiss my ass.

[old mark]

83. ...then just send $500,000 to me, and we'll forget about it. nt

[D23MIURG23]

86. These are the same assholes who were whining about "wealth redistribution".

Don't you dare criticize "socialism" and then attempt to put our taxpayer money in your pocket to the tune of millions.

I think 500K is generous. Detroit CEOs were asked to accept $1 salaries.

[Skidmore]

88. That's about 16-17 years of income pre-tax for us and

we don't expect it to carry on at that rate much longer either.

[TwilightGardener]

91. How will we live without these delicate geniuses who so brilliantly managed

the financial sector? Let's reward them with ever-upwardly-spiraling compensation so they can keep on doing what they did so well!

[prostock69]

92. ARGHHHH!!!!!!

“It would be really tough to get people to staff” companies that are forced to impose these limits, he said. “I don’t think this will work.”

Really? Do you think any of the 2 million people who lost their jobs during the past year wouldn't KILL to have a job making 500k? Are you fucking serious????? Yesterday, on the news in Miami, FL, there were hundreds of people camped out for the 30+ firefighter positions that were open for the city of Miami!!! The job probably pays 40-50K at the most! I'm so furious at these greedy bastards. I've had it!

[RC]

205. The way they were doing things didn't work out too well either.

The CEO's and Boards were running things and they ran this country into the ground. Now is the time for them to pay the piper, us, the U.S. Tax Payer.
For some of them $500,000 would not even pay the taxes they should be paying.

[Usrename]

93. K&R

Damn straight!

Nice rant!

[CLANG]

95. Such righteous anger!

And the beauty of this is:

He said such limits will make it hard for the companies to recruit and keep executives, most of whom could earn more money at other firms.

Well, then we don't have to feel sorry for the maggots because they will still be able to destroy even more companies.

[AllyCat]

96. Outsource? Sounds like a job Americans just won't do

Hey, if they don't like it, I'm sure there are several million people in the US who would love to have their job, and probably be more competent.

It would take me well over a decade to make that after taxes. I think they should just shut their mouths. No one feels sorry for them.

[siligut]

97. Jamie Dimon from JP Morgan compares banking to serving in Vietnam.

Dimon believes that some banking work can be as tough as serving in Vietnam! I am beyond disgusted.

From Reuters: “Dimon told delegates at a conference that if there is a tough job to do at a company, a manager wants to know he can persuade his best person to do that job.
Referring to the theoretical tough job as "Vietnam," Dimon said he would want to support the person handling the role and be able to recognize that they have a difficult job.”

http://www.reuters.com/article/ousiv/idUSTRE5125AI20090...

[Flirtus]

135. Having been at the bank yesterday I can attest that he's right

Poor stupid slob of assistant manager couldn't help in any way - had no humanity -

must have been 26 years old, still pimpled, had an aversion to old people -

I went with a fixed income person to try to resolve automatic charges hitting before deposit credited

I am fully aware that branch managers can waive some or all of overdraft charges, esp. when 4 or 5 hit /day for a week

"it was not a bank error" but but but the bank gleefully assessed hundreds of dollars in fees, I wheezed to no avail

Got the full brunt of my frustration - And I'll gladly go pummel him again, and again, and

he'll make money off his post-combat memoir, and - yes, I'm name calling:

we are closing all Bank of America accounts of any client just as soon as I can.

[cascadiance]

98. So i wonder what kind of tricks these guys will use to try and get around this limit...

Perhaps hop jobs to a different bank and try to get $500k from each one of them? Perhaps they in an oligopolic frenzy will come up with a "job trading" program between different execs to be able to inflate their salaries.

Either that or they work part time for the bank for a year, and work part time for another business that doesn't have these salary restrictions.

You can predict that these bums will try some stuff like this to work around this if it gets made in to law. Ultimately we need a more universal rule on executive compensation, or update our top marginal tax rates so that there's "no escape" for them.

And Obama's anti-trust team should also see if any games like this violate our anti-trust laws if it starts getting used too.

[ut oh]

99. The problem with this is that it is not retro-active

So all those assholes that have already bilked the billions from their companies are still going un-punished.

Though I expect no less nowadays from our crop of asshole CEO's...

If they don't want that 500K job, fine leave. I'll take it. The way things are going I'd have to have been lobotomized to do worse than them...