Limited postings next few days.
There will be limited, if any, postings the next few days. I’m on my way to Omaha to give a series of talks.
January 31st, 2009
Archive for January 31st, 2009
Sen. McCaskill: Limit bailed-out executives to President’s pay
It’s nice to see a bit of old fashioned populism. While the country bemoans the $18 billion stolen from us by the executives of banks that got federal money, only Senator Claire McCaskill seems determined to do anything about it. She has introduced a bill restricting executives in firms getting federal bailout money to $400,000, the salary of the US President:
By the way, I blame the Congressional Democrats, including candidate Obama, for the billions of stolen dollars they gave away with no strings in the TARP program. They knew from eight years experience that the Bush administration would never put conditions on a dole-out to the banks. They also knew, or should have known, what crooks and incompetents were running these banks. They still want to throw money at them. President Obama rightly called these bonuses “shameful.” But I didn’t hear what he was going to do to prevent future abuses. Reports today are that he will do exactly nothing to limit executive pay, out of fear that the incompetent crooks won’t want federal money if it cuts into their billions. And why would you want these grossly overpaid incompetents running the nation’s banks anyway? Isn’t that simply a recipe for continued disaster?
At least Sen. McCaskill is proposing to actually do something about the situation. But don’t wait for other congressional Democrats, who received tons of Wall Street money in 2008, to support her.
January 31st, 2009