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Obama makes $500,000 cap

Posted by on Feb. 5, 2009 at 1:53 AM
  • 13 Replies

 

Poll

Question: Do you think the cap is to much? if so how much do you think they should be geting paid?

Options:

Yes to much they should get paid 20,000-50,000

yes to much they should get paid 51,000-90,000

yes to much they should get paid 91,000-40,000

yes to much they should get paid 41,000-100,000

yes to much they should get paid 100,000-200,000

yes to much they should get paid 201,000-499,999

no that is not to much at all

other


Only group members can vote in this poll.

Total Votes: 27

View Results

WASHINGTON (CNN) -- Executives of companies receiving federal bailout money will have their pay capped at $500,000 under a financial compensation plan that President Obama is expected to announce Wednesday, two senior administration officials said.

Obama himself alluded to a change in executive salary in an interview with CNN's Anderson Cooper Tuesday night.

"Tomorrow, I'm going to be talking about executive compensation and changes we're going to be making there," he said. "We've now learned that people are still getting huge bonuses despite the fact that they're getting taxpayer money, which I think infuriates the public."

Under the president's plan, companies that want to pay their executives more than $500,000 will have to do so through stocks that cannot be sold until the companies pay back the money they borrow from the government.

The restrictions will most affect large companies that receive "exceptional assistance," such as Citigroup (C, Fortune 500).

The struggling banking giant has taken about $45 billion from the government's Troubled Asset Relief Program (TARP).

Last month, the bank reversed plans to accept delivery of a new $42 million corporate jet, after Treasury Department prodding.

http://money.cnn.com/2009/02/04/news/economy/executive_pay/

by on Feb. 5, 2009 at 1:53 AM
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Replies (1-10):
gypsy_rose
by on Feb. 5, 2009 at 1:54 AM

honestly i think if they need to borrow money they need to be paid what they should have pay betwen 20k-40k untill they can pay it back.

mom22gr8boys
by on Feb. 5, 2009 at 2:00 AM

i dont see why they should get paid at all..most of them probably have money coming out of their ears.they should work for free and the money that they usually get paid ...they could take that money and give it back to the taxpayers

gypsy_rose
by on Feb. 5, 2009 at 2:00 AM

bump

richgirljj
by on Feb. 5, 2009 at 2:01 AM

1.  They should not have gotten the bail out to begin with.  The government owning and running banks is something that they should have stayed out of.

2.  If there is free-enterprise and capitalism, then they should be allowed to keep their salaries. 

3.  If the executives are to be considered federal employees now, then there needs to be a lot more changes than just a cut in pay.

juliegorham
by on Feb. 5, 2009 at 2:05 AM

 i love the gm exec who said he'd work for $1 if they got the bailout.

i chose 201-499 b/c as much as i'd like to say they should only be making 50k, their mortgages are higher than ours, their car payments, their childrens schools, all those things. i think maybe it should be a percentage cut b/c you still have to think of their families

ladedaa
by on Feb. 5, 2009 at 2:08 AM

i agree here.  they have been making so much money to begin with they have become accustom to that kind of a lifestyle.  they should however have to pay back bonuses and other outrageous expenses not necessary that were paid by the bailout money.

Quoting juliegorham:

 i love the gm exec who said he'd work for $1 if they got the bailout.

i chose 201-499 b/c as much as i'd like to say they should only be making 50k, their mortgages are higher than ours, their car payments, their childrens schools, all those things. i think maybe it should be a percentage cut b/c you still have to think of their families


TheBabyFactory4
by on Feb. 5, 2009 at 2:12 AM

Well why does their car and house payments have to be higher. Why do they have to pay for their kids to go to school.  I can't afford a big expensive car or a bigger house and both dh and I work but I can afford a car and a house on our salary. We have a very nice and comfortable place to live and a nice used expedition. So why can't my DH get paid at least 100,000 a year because we WANT and mre expensive car or a nice private school education for our kids? This country sucks and is sooo unfair from everything starting with welfare to the rich. 

Quoting juliegorham:

 i love the gm exec who said he'd work for $1 if they got the bailout.

i chose 201-499 b/c as much as i'd like to say they should only be making 50k, their mortgages are higher than ours, their car payments, their childrens schools, all those things. i think maybe it should be a percentage cut b/c you still have to think of their families


richgirljj
by on Feb. 5, 2009 at 2:16 AM


Quoting TheBabyFactory4:

Well why does their car and house payments have to be higher. Why do they have to pay for their kids to go to school.  I can't afford a big expensive car or a bigger house and both dh and I work but I can afford a car and a house on our salary. We have a very nice and comfortable place to live and a nice used expedition. So why can't my DH get paid at least 100,000 a year because we WANT and mre expensive car or a nice private school education for our kids? This country sucks and is sooo unfair from everything starting with welfare to the rich.

Quoting juliegorham:

 i love the gm exec who said he'd work for $1 if they got the bailout.

i chose 201-499 b/c as much as i'd like to say they should only be making 50k, their mortgages are higher than ours, their car payments, their childrens schools, all those things. i think maybe it should be a percentage cut b/c you still have to think of their families


He can.  That's what makes America great.  Hard work, perseverance, putting yourself in the right place at the right time, you/your husband can earn that much. 

Just like a guy who had a single mom and worked his way up is now our president. 

Can it happen tomorrow?  Nope, as in all things you have to bide your time, but it can happen. 


juliegorham
by on Feb. 5, 2009 at 2:18 AM

im not saying they should be making millions... but what are they supposed to do? sell their homes [in this economy], their cars, and pull their kids out of school to move to the midwest?

Quoting TheBabyFactory4:

Well why does their car and house payments have to be higher. Why do they have to pay for their kids to go to school.  I can't afford a big expensive car or a bigger house and both dh and I work but I can afford a car and a house on our salary. We have a very nice and comfortable place to live and a nice used expedition. So why can't my DH get paid at least 100,000 a year because we WANT and mre expensive car or a nice private school education for our kids? This country sucks and is sooo unfair from everything starting with welfare to the rich. 

Quoting juliegorham:

 i love the gm exec who said he'd work for $1 if they got the bailout.

i chose 201-499 b/c as much as i'd like to say they should only be making 50k, their mortgages are higher than ours, their car payments, their childrens schools, all those things. i think maybe it should be a percentage cut b/c you still have to think of their families

 


richgirljj
by on Feb. 5, 2009 at 2:19 AM


Quoting juliegorham:

im not saying they should be making millions... but what are they supposed to do? sell their homes [in this economy], their cars, and pull their kids out of school to move to the midwest?

Quoting TheBabyFactory4:

Well why does their car and house payments have to be higher. Why do they have to pay for their kids to go to school.  I can't afford a big expensive car or a bigger house and both dh and I work but I can afford a car and a house on our salary. We have a very nice and comfortable place to live and a nice used expedition. So why can't my DH get paid at least 100,000 a year because we WANT and mre expensive car or a nice private school education for our kids? This country sucks and is sooo unfair from everything starting with welfare to the rich. 

Quoting juliegorham:

 i love the gm exec who said he'd work for $1 if they got the bailout.

i chose 201-499 b/c as much as i'd like to say they should only be making 50k, their mortgages are higher than ours, their car payments, their childrens schools, all those things. i think maybe it should be a percentage cut b/c you still have to think of their families



And then they wouldn't have their jobs anymore either. 

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