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Originally Posted by saden1
First of those mofo won't easily find jobs outside the financial industry, certainly not in these current economic times and with "previous employer failed" on their resume.
Secondly corporate boards do whatever the CEO tells them 90% of the time. Rubber stamping CEO proposals is expected in most cases especially if the CEO owns a large number of voting shares in the company. A board member's duties include giving the CEO phat bonuses, during good times, and espouse the value of "being able to offer competitive wages to keep their best people" during the bad times. They have to do and say those sort of things because they got on the board due to The Corporate Board Buddy System™ which mandates you have great back scratching skills and the ability not to get caught with your pants down.
Finally they're getting bailout money so your JT analogy is worthless. If they don't want the money they can go pay their CEO whatever they like and go out of business in the process. Their is a price to pay for getting baildout money. No one likes seeing a friend they just lent $500 because they "needed it" and then see them sporting a new iPod the next day. You ain't getting a goddamn iPod on my dime mofo. No sir.
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So before a board elects their new CEO they go to him to decide how he will get paid and what bonus they will receive. I don't think that is how it works but I could be wrong. You also say if they don't want to play by the goverments rules then don't except any bail out money. Then explain this statement by Obama.
"The administration also will propose long-term compensation restrictions even for companies that don’t receive government assistance, Obama said."
Look I agree that these CEO's get paid way too much at times and they also still receive big bucks when things don't go so good. What I don't like is the goverment deciding rather than the board and/or stock holders. Most of the banks problems started from goverment mandates to give out loans to people who could not afford them and now they are pointing the the finger at the banks and CEO's. Its also funny how the goverment is pointing out their waistfull spending when trying to pass a 900 billion doller bill. This new bill I heard is sponsored by SmithField Foods.