Black People Politics : (((Congress Trumps Obama - Cuffs CEO Bonuses)))


The Age of Aquarius
Sep 27, 2005
Healthcare Provider

I was wondering when Congress was going to grow a brain, get up off of its fat non-opposible thumbs and legislate -- a missing factor over the last 8 years as pointed out by President Obama in his first press conference 6 days ago...

Congress cuts executives' pay - Washington Post-
By Tomoeh Murakami Tse
updated 7:30 a.m. PT, Sat., Feb. 14, 2009

WASHINGTON - The stimulus package Congress passed last night imposes new limits on executive compensation that could significantly curb multimillion dollar pay packages on Wall Street and goes much further than restrictions proposed by the Obama administration last week.

The bill, which President Obama is expected to sign into law next week, limits bonuses for executives at all financial institutions receiving government funds to no more than a third of their annual compensation. The bonuses must be paid in company stock that can be redeemed only when the government investment has been repaid. With the measure, lawmakers seek to address public outrage over extravagant Wall Street paydays even as taxpayers bail out the industry.

Unlike the rules issued by the White House, the limits in the stimulus bill would apply to top executives and the highest-paid employees at all 359 banks that have already received government aid.

"This is a big deal. This is a problem," said Scott Talbott, chief lobbyist for the nation's largest financial services firms. "It undermines the current incentive structure."

Talbott said banking executives expected certain restrictions would be applied to them but are concerned that some of the most highly paid employees, such as top traders, who bring in hefty sums for the company, would flee to hedge funds or foreign banks that have not accepted U.S. government funds.

The White House restrictions capped executive pay at $500,000 and allowed companies to award unlimited stock. Those rules applied only to institutions that receive government funds in the future and under limited circumstances.

Significant impact seen
Bonuses make up much of financial executives' take-home pay, so the new rules could significantly diminish their compensation. For example, Goldman Sachs chief executive Lloyd Blankfein made $68.5 million in 2007 -- a Wall Street record -- but $67.9 million of that was in bonus and other incentive pay that analysts said would be subject to the new rules.

Citigroup's top executive, Vikram Pandit, has voluntarily agreed to a $1 salary until his company returns to profitability. In theory, this means that Pandit would be allowed an annual bonus of pennies.

Critics of excessive executive pay assert that companies have always found ways around compensation rules. Yesterday, they noted that more stringent measures -- such as a $400,000 cap on all forms of compensation -- did not survive last-minute wrangling by House and Senate leaders on the final compromise stimulus bill. To offset the new rules, inserted by Sen. Christopher J. Dodd (D-Conn.), compensation boards could just significantly raise the base salary of executives, the critics said.

"Congress missed a huge opportunity to set a strict and measurable limit on executive pay," said Sarah Anderson, a director at the Institute for Policy Studies in Washington. "I'm afraid companies will find ways to shift compensation to other pots and continue to make massive payouts that have so outraged the American people."

But several compensation experts said that is unlikely, given the glaring spotlight on an issue that is not expected to go away anytime soon. Excessive compensation has received increasing scrutiny as the pay gap between executives and average workers widened in recent years. Public furor reached a boiling point with news that billions of dollars in bonuses were paid to Wall Street employees last year even as the banks took billions in taxpayer bailout money.



Watch Her Flow
Mar 22, 2004
Where the Niger meets the Nile
Let's do the math here.

They can get paid up to 500 ,000 dollars and still receive bonuses of up to one third that. So their bonuses alone are 166,666.

Poor babies. Whatever will they doooooooo?:cry:


The Age of Aquarius
Sep 27, 2005
Healthcare Provider
The Net Worth of the 111th Congress

which convened in it first session 1/6/2009 is $174,000.:qqb009: The 111th will last until January 3, 2011

Senate Leadership:SuN016:

Majority Leader - $193,400 -- Trent Lott

Minority Leader - $193,400 -- Mitch McConnell

House Leadership :SuN016:

Speaker of the House - $223,500--Nancy Pelosi

Majority Leader - $193,400 -- Steny Hoyer

Minority Leader - $193,400 -- Kraig Paulsen

the other 50 members are millionaires
Destee Chat

Latest profile posts

During this time, I wanna to wish everyone on this site the most blesseth and positive energy throughout
the rest of 2020 as we continue to persevere and raise awareness during this plandemic.
Continue to stay safe
and healthy. We're in the perfect time to self-care and boost our immune systems through at home remedies.
I know this is my first status update since 2020 begin, but all of us agree that 2020 delivered a low-blow
to each of us with the miscellaneous events we have recently seen which brought all of us great displeasure.
Destee wrote on Joyce's profile.
Thanks for the Blessing! Love You! :kiss:
Making sure I do more than I did yesterday. Progress is the Concept.
Ms Drea wrote on yahsistah's profile.
Welcome Back Sister!!
Love and Blessings!!