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Obama looking into capping CEO pay for all financial institutions

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WASHINGTON: The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said.

The outlines of the plan are expected to be unveiled this week in preparation for President Barack Obama's first foreign summit meeting in early April.

Increasing oversight of executive pay has been under consideration for some time, but the decision was made in recent days as public fury over bonuses has spilled into the regulatory effort.

The officials said that the administration was still debating the details of its plan, including how broadly it should be applied and how far it could range beyond simple reporting requirements. Depending on the outcome of the discussions, the administration could seek to put the changes into effect through regulations rather than through legislation.

One proposal could impose greater requirements on the boards of companies to tie executive compensation more closely to corporate performance and to take other steps to assure that outsize bonuses are not paid before meeting financial goals.

http://www.iht.com/articles/2009/03/22/america/22regulate.php

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I hope it works, but I doubt it. Those companies have too much money involved in congress and such for this to go through.

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Its popular right now and also a very slippery slope.

I had this thread well over a year ago about CEO pay.

The big however is where does it stop? Who gets the say in that? Unintended consequences are tough down the road.

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misdirected hostility

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For companies that took federal funds, or for all of them? Can't see how they could legally cap pay for a financial institution that didn't take the money.

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I suppose that the government could make Executive pay another reviewable point for government contracts, but really, how could we have the CEO of Toyota not have a cap, but the CEO of Ford have to have one?

Banks may be a different animal though - at the very least, change bonus programs so that the top execs get money taken away from their "normal" income for poor performance or other indexes like prudent investment stategeries - kind of like if the salesmen do not sell cars, they don't make their money.

I don't know how it could be done though...

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all banks.

You know, to prevent this mess from happening again. Wait, exec pay didn't have anything to do with this mess. What were we talking about again?

Misdirected hostility.

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If you're going to do that, how about ceilings on what an athlete can make? Or a movie star?

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If you're going to do that, how about ceilings on what an athlete can make? Or a movie star?

surely you can figure out why that's an awful comparison.

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If we are going to regulate this, then I prefer to see different rules regarding the board of directors. Make them actually do their job, instead of being a rubber stamp for the CEO.

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can we please get a cap on tyhe cost of a happy ending? So far this year its gone up 5 bucks average.

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surely you can figure out why that's an awful comparison.

You're right...other than a bit of entertainment...athletes/entertainers provide far less than their worth than someone that's help manage thousands of jobs in a corporation.

Horrible comparison. Fiz...you're a douche.

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I H8 gubmint.

Yeah, let's be sure that this group of incompetents can tell the other group of incompetents how much they can be paid.

I'd like to be able to tell congress to stop voting for raises for themselves and make them pay for most of their own shyte too, but I'm sure they are too smart for that.

I should just shut up and pay my taxes.

As*holes.

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You're right...other than a bit of entertainment...athletes/entertainers provide far less than their worth than someone that's help manage thousands of jobs in a corporation.

Horrible comparison. Fiz...you're a douche.

hey g5jamz i know you're doing your best to lower the intellectual discourse here and are doing a pretty big job but when athletes and entertainers either a.) do something that essentially destroys the worlds banking system or b.) work for industries that aren't still making a profit or c.) have to be bailed out by the federal government it's not a good comparison at all.

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hey g5jamz i know you're doing your best to lower the intellectual discourse here and are doing a pretty big job but when athletes and entertainers either a.) do something that essentially destroys the worlds banking system or b.) work for industries that aren't still making a profit or c.) have to be bailed out by the federal government it's not a good comparison at all.

You missed the point, as usual.

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You missed the point, as usual.

lol like you've ever had a point to make

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lol like you've ever had a point to make

This is all you ever contribute to the board.

My point, for those of you who don't have needle dick complex like Fiz, is that in a free market how do you pick and choose which businesses you are going to put bonus and/or salary limitations on? Today it's these guys, two years from now everyone will be pissed at lawyers and it's their turn. Then football will go on strike again and athletes will get it. It's not something government should start doing. Like wire tapping phones. Even if it's done with the right intentions now, it's not a good idea in the long run.

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My point, for those of you who don't have needle dick complex like Fiz, is that in a free market how do you pick and choose which businesses you are going to put bonus and/or salary limitations on?

lol free market oh that's precious

watching you post is like watching a two year old figure out how to use the remote control

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I think the government would probably do it to the companies that they've saved with crap tons of money in the last few years. Mainly I see this falling on bank's and companies like AIG, ford and GM and alike.

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I think the government would probably do it to the companies that they've saved with crap tons of money in the last few years. Mainly I see this falling on bank's and companies like AIG, ford and GM and alike.

The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said.

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The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said.

The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies

The Obama administration will call for increased oversight of executive pay

increased oversight

my god not oversight

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Americans love a good witch hunt.

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I just saw this article in 'What's hot in Google' RSS feed, so I assume it's getting a lot of traffic. He's downplaying the death threats that employees of AIG are getting, claiming because they make a lot of money they shouldn't complain. I can't believe this horseshit.

I started making left-wing political cartoons one month after 9/11. At that time, most people weren’t exactly pumped to hear someone making fun of the whole idea of a “War on Terror” and calling President Bush an idiot. I got my share of nasty emails.

I also received death threats.(I soon learned this comes with the territory.)

Guess what douchbag? You put yourself out there by spewing your mostly likely ridiculous opinions. Last time I checked death threats don't 'come with the territory' of being an executive.

And mind you, when I received these threats, I wasn’t working in some high-security office building and living in a fancy gated community with no sidewalks where you need a passcode just to go to the golf course. Hardly. I was a schlub in a bathrobe living in a third-story Brooklyn walk-up. The only way I could’ve been a softer target would be if I was made out of Yoplait.

Poor him. Maybe he should have gone to college and majored in something besides Liberal Arts.

Pay me $700,000 a year, or however much the AIG guy whining in today’s New York Times made, and you can threaten me with death all goddamn day. Because do you have any idea how much money that is??? Hell, I’ll let you throw rocks at me. I’ll let you poison my soup. You can slash my tires and spray-paint my driveway. AND ONCE I GET ALL THAT MONEY, I’M TOTALLY PAYING OFF SOME STUDENT LOANS AND FIXING THE GARAGE ROOF AND BUYING SOME NEW PANTS. Because that’s an insane amount of money.

I guess he didn't read the part where this guy grew up in a middle class family, son to school teachers, worked his ass off to get in MIT, then worked over a decade to get where he is. His work contributed to making $100 million profits year after year, how dare he make $700K a year - what a greedy bastard.

These AIG losers bring the country’s financial system to its knees, get paid millions of dollars for their troubles, walk away unscathed, and then turn around and complain because some idiot using a computer at the public library decides to hit “send” before catching his breath?

I guess he also didn't read the part - in the 2nd fuging paragraph no doubt - where he stated he had NOTHING TO DO with the transactions that ultimately screwed the company.

WAAAAAAAAAAAAAAAAAAAAAAAAAA other people are making lots of money - I want all that money too - WAAAAAAAAAAAAAAAAAAAAAAAAAA. They should deal with whatever bullshit stupid idiots throw at them because they make a lot of money. WAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

You give me the money you made at AIG and I’ll shoulder the impossible burden you’re living with.

Yeah AIG just GAVE him money, he did nothing to earn it.

The way some people think in this country is just sickening.

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