Wednesday, February 4, 2009

Obama salary limit for bailed out companies

Obama has announced a $500K salary limit for the employees of bailed out companies, including the CEO. Personally, given the Fed Gov's deficit spending, I'd put the limit at $200K, but hey I still support Obama for this effort.

I put on Morning Joe on MSNBC this morning while eating breakfast. This host/douche Joe Scarborough said that this plan is "Marxist" and "we can't get qualified CEOs".

What extreme idiocy from Scardoucheough.

Erin Burnett & Steve Forbes were crying the same river on Meet The Press on Sun Feb-1

The Fed Gov funding the banks is what is "Marxist". If the banks need the bailout money, they need to accept the terms of the US public aka the taxpayers.

The fact that the current bank CXOs are "talented" is in question anyways. If they were so "talented", how did they bankrupt their banks & wreck the broader US economy in the process?

Even if they are talented, where would these CXOs otherwise go for jobs? All the banks are downsizing.

Also, their are probably 1000s of bank executives who could do at worst "as good a job" as the current CEOs, from any of these 3 categories:
1 midlevel managers at the bailed out banks who have a track record of good performance AND were prudent in their risk/reward decision making, not causing Billions in losses for their department

2 CEOs of profitable regional commercial banks or successful not-for-profit credit unions, which unlike their more glamorous investment banking CEO competitors, did not ruin their organizations in the 2008 Financial ELE.

3 CEOs of profitable banks in BRIC-type countries. In India alone, there's probably at least 100 English-speaking & competent bank CEOs that would take the job for $100K, much less $500K. The Feds could allocate a few H1-B visas for them to relocate to the US.

Funny how Wall Street was cheerleading for US nonfinancial corporations' offshore outsourcing for PhD engineers, radiologists, accountants, etc. Because apparently all work skill sets are comodities whose price needs to fall in a "Race To The Bottom", & we should not worry about the effect of this massive US job loss on the US economy. But yet somehow their expertise is some unique Jordan/Federer/Einstein skill set than only NYC investment bankers have? FOH!

Corporate Welfare Whores like Joe Scarborough practice the REAL CLASS WARFARE. Everyone else needs to show extreme competence & ruthlessly compete with globally cheap labor. But the how dare we plebeians suggest the US' 0.1% superrich class of Wall Street execs, douche cable pundits (like Scarborough), etc, have to ACTUALLY COMPETE in an actual global free market! No, we 99.9% plebeians should "bow our heads" (c) Cenk Uyger, & let the 0.1% enjoy Corporate Welfare aka Conservative Nanny State protection, while basic government services for the common folks are getting cut.

An extreme FOH to Joe Scarborough, Erin Burnett & the rest of these unAmerican US Corporate Welfare Whores. They can all EAD.

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