ObamaRama 8

[ScottM]

Re: ObamaRama 8

"Obama advisers believe the administration can make an argument that banks should tap their generous executive bonus pools for the fee instead of passing the cost on to consumers."

Bahahahaha! That's rich. They'll pass their costs on to their customers like any other business. "Yeah, Mr. Trader who's slotted to make $15MM on $200MM you earned for us this year, we're going to take part of your comp, and pay some govt assessment. Wait, you're going to a hedge fund? Nooooo!!!!"

God, has anyone in the adminstration ever held a job outside of academia or government?

 

[moe24]

Re: ObamaRama 8

God, has anyone in the adminstration ever held a job outside of academia or government?

No.

 

[Priceless]

Re: ObamaRama 8

Bahahahaha! That's rich. They'll pass their costs on to their customers like any other business. "Yeah, Mr. Trader who's slotted to make $15MM on $200MM you earned for us this year, we're going to take part of your comp, and pay some govt assessment. Wait, you're going to a hedge fund? Nooooo!!!!"

God, has anyone in the adminstration ever held a job outside of academia or government?

What about the $15MM bonus for the guy who lost $200MM?

 

[True Blue Fan]

Re: ObamaRama 8

What about the $15MM bonus for the guy who lost $200MM?

For the majority of us, it is reprehensible. Most of these executives have contracts that spell out their compensation package. I don't like it anymore than you do, but contractually they have to honor it.

 

[Priceless]

Re: ObamaRama 8

For the majority of us, it is reprehensible. Most of these executives have contracts that spell out their compensation package. I don't like it anymore than you do, but contractually they have to honor it.

No, they don't. These companies needed tens of billions of taxpayer money to bail them out. They have to change their practices or we'll be right back here again. They can start here.

Or the taxpayers can have our money back and these companies can enter bankruptcy and no one gets paid.

 

[ScoobyDoo]

Re: ObamaRama 8

Bahahahaha! That's rich. They'll pass their costs on to their customers like any other business. "Yeah, Mr. Trader who's slotted to make $15MM on $200MM you earned for us this year, we're going to take part of your comp, and pay some govt assessment. Wait, you're going to a hedge fund? Nooooo!!!!"

God, has anyone in the adminstration ever held a job outside of academia or government?

Evidently not. Or they'd know that once you make it, or can latch your coattails onto someone else who has then and only then do you get compensated regardless of the outcome of your work. See Charlie Weiss.

 

[True Blue Fan]

Re: ObamaRama 8

No, they don't. These companies needed tens of billions of taxpayer money to bail them out. They have to change their practices or we'll be right back here again. They can start here.

Or the taxpayers can have our money back and these companies can enter bankruptcy and no one gets paid.

I agree that the monies paid out to these execs is asinine. I agree with your point personally. The money paid to these companies is technically a loan that they will pay back. Some already have paid back the money they received. There have been a few cases of some execs voluntarily refusing the compensation, but unless they do so, they have a contractual right to receive that money. The government cannot stop these individuals from being paid.

It was not entirely clear when all this happened but I recall there may have been a provision in the agreement the institutions agreed to that they have to pay back the monies within a certain time frame or there could be a forced reduction in the execs pay. I am almost certain something like that was in there, and that is why Bank of America has paid back in full the monies they received. If this is the case I can almost guarantee that all money will be paid back before the forced reduction takes place.

 

[rufus]

Re: ObamaRama 8

For the majority of us, it is reprehensible. Most of these executives have contracts that spell out their compensation package. I don't like it anymore than you do, but contractually they have to honor it.

Funny people on here, maybe not you, don't feel the same way about contracts with the United Auto Workers, or transit workers, or...............

Fuuny, I believe the government bailing out GM felt the same way as well.

Why is that?

 

[True Blue Fan]

Re: ObamaRama 8

Funny people on here, maybe not you, don't feel the same way about contracts with the United Auto Workers, or transit workers, or...............

Fuuny, I believe the government bailing out GM felt the same way as well.

Why is that?

I saw part of the Jon Stewart show last night and he had a political pundit on last night, can't remember his name for the life of me but he looks like Stephen Colbert. They were discussing this issue and basically the point made in humorous fashion was that the requirements that were put in to place for the auto bailout were very extensive because they were just car makers. They made cars, everyone understands that. Regulate the hell out of them. The monies paid for financial bailout came with little or no requirements to be agreed upon because no one in the government really understands the financial system, here just take the money.

 

[geezer]

Re: ObamaRama 8

Rover, I've got to know - is there any approved spin yet on how Obama can ask GW Bush to help lead disaster relief in Haiti?
I'm asking for help here. Given the rhetorical history, I can't imagine a justification for it.

 

[The Sicatoka]

Re: ObamaRama 8

A year into his tenure, a majority of Americans would already vote against Pres. Obama if the '12 elections were held today, according to a new survey.

http://hotlineoncall.nationaljournal.com/archives/2010/01/majority_would.php

 

[Priceless]

Re: ObamaRama 8

Rover, I've got to know - is there any approved spin yet on how Obama can ask GW Bush to help lead disaster relief in Haiti?
I'm asking for help here. Given the rhetorical history, I can't imagine a justification for it.

He's putting aside politics to ask a former president to offer aid? Nah, that can't be it. There must be something cynical behind it.

 

[Priceless]

Re: ObamaRama 8

http://hotlineoncall.nationaljournal.com/archives/2010/01/majority_would.php

What were Clinton's poll numbers in 1994?

 

[SteveF]

Re: ObamaRama 8

The government cannot stop these individuals from being paid.

this is where i get lost. the bailouts prevented bankrutpcy - which was great. but now the companies are free to do business as usual because they avoided chapter 7? in my opinion, the bailouts should have constituted defacto bankruptcy, where the government essentially became the trustee with the ability to break these kind of contracts.

then again, if these companies are ever going to pay back the loan; i understand they must be able to retain their key employees to keep the business going strong. so as long as the company continues to make its scheduled TARP repayments on time, i guess i can understand letting them do what they please with the bailout money.

the big difference between auto and bank bailouts is that the main resource in the auto industry is the equipment infrastructure (workers can be swapped in and out); whereas in the banking industry (as well as AIG) the main resource is the people.

 

[True Blue Fan]

Re: ObamaRama 8

this is where i get lost. the bailouts prevented bankrutpcy - which was great. but now the companies are free to do business as usual because they avoided chapter 7? in my opinion, the bailouts should have constituted defacto bankruptcy, where the government essentially became the trustee with the ability to break these kind of contracts.

then again, if these companies are ever going to pay back the loan; i understand they must be able to retain their key employees to keep the business going strong. so as long as the company continues to make its scheduled TARP repayments on time, i guess i can understand letting them do what they please with the bailout money.

the big difference between auto and bank bailouts is that the main resource in the auto industry is the equipment infrastructure (workers can be swapped in and out); whereas in the banking industry (as well as AIG) the main resource is the people.

I agree Steve, but not all financial institutions that received the TARP money were in danger of bankruptcy. They just took advantage of basically a loan for free.

 

[geezer]

Re: ObamaRama 8

He's putting aside politics to ask a former president to offer aid? Nah, that can't be it. There must be something cynical behind it.

Seriously now. This is one possibility, they'll say that all the hammering on GW about Katrina before and since the election was "just politics" and shouldn't be taken seriously as affects his "actual" ability to help out in real life. But you can see where that leads on credibility for the future...

There are other approaches, I'm curious as to which the official position will be.

Not that I think it's a bad thing to do, show a little "bipartisan" effort here. I think it'll help with fundraising, if nothing else.

 

[Priceless]

Re: ObamaRama 8

Seriously now. This is one possibility, they'll say that all the hammering on GW about Katrina before and since the election was "just politics" and shouldn't be taken seriously as affects his "actual" ability to help out in real life. But you can see where that leads on credibility for the future...

There are other approaches, I'm curious as to which the official position will be.

Not that I think it's a bad thing to do, show a little "bipartisan" effort here. I think it'll help with fundraising, if nothing else.

He's hoping Dubya kills all the Haitians through incompetence and the island can become a satellite for his native Kenya.

How did Dubya ask Clinton to help with the tsunami relief? Didn't he want that operation to have any honor and decency? Oh wait, those attacks were "just politics" on Dubya's part?

 

[Rover]

Re: ObamaRama 8

Rover, I've got to know - is there any approved spin yet on how Obama can ask GW Bush to help lead disaster relief in Haiti?
I'm asking for help here. Given the rhetorical history, I can't imagine a justification for it.

You're against a bipartisan effort of former Presidents to raise aide money for Haiti? Who are you: Pat Robertson?

 

[geezer]

Re: ObamaRama 8

You're against a bipartisan effort of former Presidents to raise aide money for Haiti? Who are you: Pat Robertson?

you missed this part:

Not that I think it's a bad thing to do, show a little "bipartisan" effort here. I think it'll help with fundraising, if nothing else.

But you accidently made another interesting point. If he sends GW down there to work all his eeeeevil demonic deeds, isn't he then fulfilling Robertson's "prophecy" or whatever it was?

 

[Priceless]

Re: ObamaRama 8

you missed this part:
But you accidently made another interesting point. If he sends GW down there to work all his eeeeevil demonic deeds, isn't he then fulfilling Robertson's "prophecy" or whatever it was?

Pat Robertson tried to take the credit for a hurricane missing the US because he "prayed" for it to happen. The next hurricane that came close to the mid-Atlantic destroyed his TV studios. I don't think God and the Profit Pat are on the best of terms...