Updated: Daschle Withdraws; Didn't these guys have to fill out an application?

[saden1]

Originally Posted by firstdown

First off your right they will quit and no one worth a damb will take the job with those pay restrictions. Second they did not set their pay the stock holders and board members voted for their pay. Its called a contract and if the board made that bad of a choice and drew up that bad of a deal its the boards fault. Its like us bitching because the Skins paid JT 8 million and he had just a couple of sacks.

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.