Make sure to read the comments following his post. shikinah @4:42 speaks for me. HOLY CRAP - and I thought we all had a lovely way with words - YOU GO GIRL!
Same Church - Same Pew (meant to post this earlier)
( I had to throw a little God into the discussion here - especially after reading the response from Rep. Joe Barton, R-Texas: "Just because God created the world in seven days doesn't mean we have to pass this bill in seven days)
Bush Backs Unlimited Compensation For Disgraced CEOs: Now Is Not The Time For ‘Punitive Measures’
Today, the White House released a statement criticizing Congress’s potential plan to limit CEO compensation at the companies the federal government is bailing out, firmly standing against any “punitive measures”:
We certainly understand and are sympathetic to the sentiment regarding the pay of CEOs and senior management of these firms, but we have to focus on the problem, and the problem is that we need these firms to participate in the program and sell us this debt. Having punitive measures would provide a disincentive for firms to participate, and that would make the program much less likely to succeed.
CEO compensation and corporate governance in public companies are very important issues — especially when receiving taxpayer support — but we need to be focused on fixing this problem in our markets right now. We can and should return to those issues once we get this legislation passed.
President Bush also released another statement earlier today warning Congress against inserting any “unrelated provisions” — such as help for struggling homeowners — in the $700 billion Wall Street bailout.
The Bush administration’s position is unjustifiable. As ABC News reported:
In 2007, Wall Street’s five biggest firms — Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, and Morgan Stanley — paid a record $39 billion in bonuses to themselves.
That’s $10 billion more than the $29 billion loan taxpayers are making to J.P. Morgan to save Bear Stearns.
Those 2007 bonuses were paid even though the shareholders in those firms last year collectively lost about $74 billion in stock declines — their worst year since 2002.
Great Commentary on this subject from ThinkProgress also -
The Need For Punitive Measures
I liked this commenter's idea -
September 23rd, 2008 at 7:29 am
The government should do what a private equity group would do: buy up failed (or failing) companies, fire the board & the C-level employees then rip the company up into little pieces and sell it off for profit. The $700 billion should not get the taxpayers a bunch of bad debt and leave the companies intact, it should get the taxpayers a huge payday and destroy the companies that have failed.
This would both “protect” the taxpayers and prevent this from ever happening again.
So what kind of "wrong doings" would it take for this administration to want to impose 'punitive measures'???
White House calls for 'punitive' measures against Iran in nuclear row
Western powers must take further 'punitive' measures against Iran after demands Tehran freeze its nuclear programme were rebuffed, the White House claimed today.
The major powers say they fear Tehran wants to build an atomic bomb. But Iran, the world's fourth-largest oil producer, insists it is only seeking to master nuclear technology to generate electricity.
"In the absence of a positive response to the generous offer that we provided for in our extended package, we think that the allies will have no choice but to take further measures that would be punitive," White House spokeswoman Dana Perino said aboard Air Force One.
I know I'm just preaching to the choir folks - thanks for listening.