Is a prck. This guy is amazing. People just dont understand that a bonus on wall st isnt the same thing as the bonus people get in other industries. I have no problem with questioning executive comp (it does appear a bit high), but to question comp for all employees (based on the figures here, it looks as though they are) is wrong. I think quiting my job, spending all my money on crap and living off food stamps is my plan for the next 4 to 8 years. http://abcnews.go.com/Blotter/WallStreet/story?id=6130933&page=1
+10,023 Let’s propose to pig nose that we convert his pension to a defined-contribution plan so they can be like other industries. My problem is that “career politicians” like Waxman have never sacraficed anything for this country yet they ask everyone else to.
in the absence of more infromation, i am in favor of curtailing or even eliminating bonuses to top executives for at least 2-3 years. i would personally not give away any bonus amount > $100K. this is not redistribution. this is a message.
I dont agree with you at all. I dont think congress did a good job over the last few years. I dont want my tax dollars going to pay their salaries either. Come to think of it, I think education here and students going on to higher education has been lacking in the US. Lets cut teachers pay. I am all for sending a message, but the democrat push seems now to be…limit pay on wall street for indirectly providing mortgages to many people that will be benefitingn from tax cuts. in addition, lets make wall st take haircuts on those loans to allow these people to stay in their homes. if thats not redistribution, please tell me what is. “in the absence of more infromation, i am in favor of curtailing or even eliminating bonuses to top executives for at least 2-3 years. i would personally not give away any bonus amount > $100K. this is not redistribution. this is a message.”
Thankfully, the shareholders via the Board of Directors will make that decision and not the Waxmans or Paulsons of the world. The government’s senior preferred shares don’t have voting rights.
The real question should be what maximizes shareholder value. What good will pay cuts do if the top revenue generators who get the shaft bolt?? Then the next thing you will be hearing is how the gov’t got hosed on their pref bank investments.
Waxman strikes me as the type of guy who would foreclose his mother’s house and before he hangs up the phone say “Oh and mom, say hi to dad for me”. Willy
henry waxman? lol…i’m sure glad i don’t look like that guy. that’s all i gotta say
henry waxman impersonators: http://texasholdemblogger.files.wordpress.com/2007/03/henry_waxman.jpg http://i61.photobucket.com/albums/h51/TimSumner/NosySenatorWaxman.jpg henry waxman: http://texasholdemblogger.files.wordpress.com/2007/03/arnold_pic.jpg
“Come to think of it, I think education here and students going on to higher education has been lacking in the US. Lets cut teachers pay.” Beyond idiotic. The Department of Education is to blame not the Teacher. “lets make wall st take haircuts on those loans to allow these people to stay in their homes.” Wall Street is not the majority who would take the haircut in this case. The people taking haircuts would generally get back more in relation to not modifying the original loan. “limit pay on wall street for indirectly providing mortgages to many people that will be benefitingn from tax cuts.” How can one not be livid after seeing an article which states that Wall Street firms are going to use the $125 billion of taxpayer funds to fund bonuses and acquisitions/mergers? Common is down 60% and earnings are negative inclusive of writedowns and my employees deserve 100k bonuses? And what tax cuts are we talking about here?
"Beyond idiotic. The Department of Education is to blame not the Teacher. " You are obviously not good at analogies. 95% of wall street is not to blame for this crap either. I am to wall st execs as teachers are to department of ed. “Wall Street is not the majority who would take the haircut in this case. The people taking haircuts would generally get back more in relation to not modifying the original loan.” I disagree. I do not see home owners losing anything here. Those that can afford them should have them, those that dont, should not. I see wall st losing plenty. "How can one not be livid after seeing an article which states that Wall Street firms are going to use the $125 billion of taxpayer funds to fund bonuses and acquisitions/mergers? Common is down 60% and earnings are negative inclusive of writedowns and my employees deserve 100k bonuses? " The point I am making is that these bonuses are not bonuses. Yes, in many cases they are extreme and represent excess, but for a large part of employees they are essentially compensation that does not change much from year to year and are not multiples of salaries. I have never been for getting something for nothing, but banks would have paid bonuses even if they did not get this package. I dont work 70 hours per week to make 90K. I didnt go to school for six years to make that either. I dont have a pension like the state and government employees that I support with my taxes. These guys no nothing about finanance and even less about the way a bank works. “And what tax cuts are we talking about here?” Waxman and Frank, wall st.s best friends are democrats if i am not mistaken. Its all about the haves and the have nots…these guys represent the have nots. I am talking about tax cuts that are upon us when obama comes into office. I would be willing to bet that most of the people who need assistance in restructuring their mortgages are democrats. I dont mean to draw generalizations, but i would put money on it.