Wednesday, February 4, 2009

I support bailout salary caps

While driving to work, I heard an NPR news blurb about a proposal being kicked around in the Whitehouse - capping salaries for employees at companies that accept bailout money.

This is something I fully support.

The recent reports of billions of dollars in bailout money being distributed as bonuses makes me sick. Companies are accepting bailout money because they are in trouble. So why in the hell are they giving out bonuses?

When I think bonus, I think,

"Job well done" and "You've really made a difference"


"Thanks for the mismanagement" and "Way to lose our asses"

The cap proposed is $500,000. Executives can be further compensated in stock that can be redeemed once the bailout money is re-payed.

This is a good plan.


Robert said...

I agree with you in principle, Jeremy. But we need to understand that our nation has crossed a line over the past few months. When the government is financing corporations and making decisions regarding how the corporations are managed, I call it socialism. I think that's the situation we are in now. And it's both the Republicans and the Democrats who are responsible for this, because both the Bush and the Obama administrations have supported it with the help of the Congress. Our country has entered new territory, my friend.

Jeremy Hilton said...

Call it socialism.

What I see is a shift towards policy that makes sense and demands responsibility. These companies asked for this money and willingly took it. Therefore it's not unreasonable to demand accountability. When your company is in trouble, and you ask for and accept bailout money, you don't have the right to use this for bonuses. Plain and simple.

Eschewing practical policy so we can avoid the dirty word of "socialism" just doesn't make sense to me.