By DAVID HERBERT
President Obama torched Wall Street executives during a morning press conference to announce that firms receiving "extraordinary" federal aid must limit CEO pay at $500,000 a year.
"We all need to take responsibility," said Obama, who was flanked by Treasury Secretary Timothy Geithner. "And this includes executives at major financial firms who turned to the American people, hat in hand, when they were in trouble, even as they paid themselves their customary lavish bonuses. As I said last week, that's the height of irresponsibility. It's shameful."
The new Treasury Department guidelines cap executive pay at $500,000 a year for financial firms receiving "exceptional assistance" (as opposed to more widely available capital access programs). Any amount beyond that must be made in restricted stock options that can be cashed in only after the government has been paid back.
Obama also used the press conference to make another pitch for his stimulus package, which hasn't won over a critical mass of lawmakers. The plan as it stands now is not perfect, he admitted, "but let's not make the perfect the enemy of the essential. Let's show people all over our country who are looking for leadership in this difficult time that we are equal to the task."
Seventy-five percent of Americans favor passing a package in some form, according to a Gallup poll released Tuesday, but 54 percent either want to make changes or reject it entirely.
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Responded on February 4, 2009 3:48 PM
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While I believe less is more when it comes to government intervention, on this issue I wholeheartedly agree that income and perks should be limited for those who participate in the bailout until the money has been repaid. A good start but It's time to do more. However, how about the stocks and other options that could easily add up to millions of dollars?
Responded on February 4, 2009 2:09 PM
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Capping executive pay at $500,000 a year for financial firms receiving "exceptional assistance" is a little late in coming. That horse is already out of the barn. Even if it does come back, I'm sure there are enough legal loopholes and "exceptions" lurking in that guideline to make it of little consequence. Obama did nothing, again.
Obama calling his stimulus package "not perfect" is like calling China's Great Wall, "not long." Obama loves to minimize and seek compromise, so long as he wins. His stimulus package is an insult to the American people and Obama ought to be ashamed of himself for trying to mislead and take advantage, especially in times of economic hardship for the innocent victims. But, he's not.
Obama needs to get his nose out of the air and to the grindstone where it belongs. He ran around the country , hat in hand, begging for the job of President -- it's time he produces something of value in exchange for his salary.