HOTTT Details On Obama's New Executive Compensation Guidelines
Ok let's see what sort of DRACONIAN MEASURES Barack Obama has proposed for our nation's permanent underclass of persecuted corporate CEOs, whose only sin was caring so much about their companies that they continued to happily accept record pay and bonuses while their businesses lost literally billions of dollars and had to be bailed out by the government.
Here are the rulez, courtesy of your socialist overlord B. Hussein Taxbama:
- If you get "exceptional assistance" from the government, i.e. you are Citigroup, executive pay must be capped at $500,000. Executives can make more than that if the company wants, but the compensation must be in the form of stocks that can't be sold until the government is paid back.
- Shareholders of banks will have more influence over how much executives are paid.
- Institutions that are doing OK and don't get superspecial extraordinary $$$ injections can waive the rules, if their shareholders let them.
Jeez, so mean! Doesn't Obama realize that, in laying down these incredibly cruel and punishing guidelines, he is disincentivizing some very smart and capable people from running these beleaguered banks? Even when they were offering criminally huge compensation packages, they were only able to attract losers who ran their business into the ground. Just imagine how awful the quality of talent will be when they start paying reasonable salaries.
Also the CEO of JPMorgan, which lost a mere $29.5 billion last year while Citigroup lost $85.4 billion and Merrill Lynch lost $55.9 billion, is rather sore that all shitty banks are being tarred with the same shitty brush, given that his bank is only one-half to one-third as shitty as the others.