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Corporate salary cap only for future bail out recipients?

Obama isn’t going nearly far enough. I read this morning that the salary cap of annual compensation is only for companies that are going to apply for the next round of bail out money, NOT for those that already received government assistance.

Fine, so all those guys who stole from us get off free. I’ll take whipping them on Pay Per View as a substitute to getting our money back.

Do you think Obama should push for a cap on the salaries of every bankrupt company receiving government assistance? I know I do. OR do you think it somehow makes sense to only do it “going forward”?

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Answer #1

he should put on the cap now but who knows if he legally can

Answer #2

ethmer, good point on the ex post facto issue…however, if the government became a shareholder, it can push for things via the board of directors, same as any other large shareholder. Buy enough of a company’s stock, you take control of the board, and you can push through any change you want…

…it’s not like in this economy, the rank & file will bail if one guy does as well. Besides, this is salary cap, not earnings cap…if one of these guys rights the ship, the stock will soar, and then they’ll get just as rich as otherwise. This way, however, their incentive is aligned with “main street” where a large salary gives them next to zero incentive, imho, to do the right thing.

Answer #3

There is a clause in the Constitution against Ex Post Facto laws. Granted, that refers to crimes, but he also can’t dictate, or have legislated, changes to pre-existing contracts. He can only make it apply to future undertakings or contracts.

i hope you do not take offense, To that that’s gone before; ’Tis only that it’s my two-cents, And not one penny more. §;o)

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