#1 Angry senator wants pay cap on Wall Street 'idiots'01-30-2009, 05:49 PMAngry senator wants pay cap on Wall Street 'idiots'
WASHINGTON (CNN) -- One day after President Obama ripped Wall Street executives for their "shameful" decision to hand out $18 billion in bonuses in 2008, Congress may finally have had enough.
"You can't use taxpayer money to pay out $18 billion in bonuses," an angry Sen. Claire McCaskill says.
An angry U.S. senator introduced legislation Friday to cap compensation for employees of any company that accepts federal bailout money.
Under the terms of a bill introduced by Sen. Claire McCaskill, D-Missouri, no employee would be allowed to make more than the president of the United States.
Obama's current annual salary is $400,000.
"We have a bunch of idiots on Wall Street that are kicking sand in the face of the American taxpayer," an enraged McCaskill said on the floor of the Senate. "They don't get it. These people are idiots. You can't use taxpayer money to pay out $18 billion in bonuses." Watch McCaskill's heated words »
McCaskill's proposed compensation limit would cover salaries, bonuses and stock options.
01-30-2009, 06:00 PM
Now I also realize that for those jobs a large portion of the income is the bonus, so if this stuff wasn't excessive and out of line, but was following the "norm", then this Senator needs to just shut up. But if it's just more wasteful pocket lining, then damn right something should be done.
BSRGuest01-30-2009, 11:02 PM
I gotta agree here. If you failed in your business, you shouldn't get paid a huge bonus with taxpayers money. I think I read somewhere that this is only businesses that got government funding.
If you come running to the government for money, expect some rules and oversight when you get a check.
01-30-2009, 11:22 PM
They have employment contracts that predate this bailout. If your work is largely based on commission, you shouldn't have "give back" what you've earned. Who would you give it back to? Your boss? The government?
Like it or not, these people earned the lion's share of their bonus money before this debacle happened. Some earned it after due to market strategies. They actually earned it based on their contracts.
You could say that they have to renegotiate their contracts in '09 based on the bailout but I don't see how you can screw them out of their old contracts.
Even if you don't like something (and I don't), fair is fair. If they aren't going to be prosecuted for fraud or whatever (and they won't be), then you have to honor their employment contracts.
01-30-2009, 11:59 PM
I don't see why this senator should be angry. If anything, these so-call leaders that represent us are the true idiots. They are the ones who drafted the bill (and passed it) and no one thought about placing limitations and/or restrictions on how the money is to be spend. They did the true democratic thing...just hand out welfare checks.
01-31-2009, 11:04 AM
Didn't our congresscritters just get a pretty good pay raise for being idiots?"If every poor man is to come here and start requesting money for all his children, the applicants will never be satisfied and the nation's finances will collapse." Emperor Tiberius: Tacitus:Annals
01-31-2009, 08:55 AM
- Join Date
- Jun 2005
- Woodland Park, Colorado, United States
Sounds like child support; simply pay the checks and don't worry about how the money is spent.
These elected officials think they have the experience or brains to tackle this financial down turn without the CEO's owning them.;)Education without values, as useful as it is, seems rather to make man a more clever devil.
C. S. Lewis
Do not ever say that the desire to "do good" by force is a good motive. Neither power-lust nor stupidity are good motives. (Are you listening Barry)?:mad:
01-31-2009, 10:25 AM
- Join Date
- May 2008
- The fine Midwest
Well, Ms. McCaskill is unfortunately one of the senators from my state. And she does excel at being an idiot.
She had run for governor against Bob Holden, beat him in the primary only to lose to Matt Blunt. So when that fell through, she ran against Jim Talent and beat him for the Senate. She has managed to exceed expectations for stupidity since.
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