And so it begins...

Posted By: HappyGilmore

And so it begins... - 02/04/09 06:07 PM

Obama caps executive pay tied to bailout money

Quote:
President Barack Obama on Wednesday imposed $500,000 caps on senior executive pay for the most distressed financial institutions receiving federal bailout money, saying Americans are upset with "executives being rewarded for failure."


Wonder if he will take these same steps with the heads of the Post Office, FEMA, Health & Human Services, IRS, and many other government agencies that are replete with failures and boondoggles?
Posted By: Big Dog

Re: And so it begins... - 02/04/09 06:11 PM

First, he has to find some appointees that actually pay their taxes.
Posted By: RBanker

Re: And so it begins... - 02/04/09 07:07 PM

The second step to a nationalized banking program.....(the first step was getting that government ownership piece).....
crazy
Posted By: straw

Re: And so it begins... - 02/04/09 07:08 PM

How long before Washington sets specific dollar amounts that these banks must lend out for specific loan products?
Posted By: DD Regs

Re: And so it begins... - 02/04/09 07:15 PM

How long until thee CEOs say, "Fine, you want to play this way... take your stinken money back".

This all reminds me of the little brat down the street who was always changing the rules of the game as you went along.
Posted By: MB Guy

Re: And so it begins... - 02/04/09 07:28 PM

Originally Posted By: DD-Man
How long until thee CEOs say, "Fine, you want to play this way... take your stinken money back".

This all reminds me of the little brat down the street who was always changing the rules of the game as you went along.


Sounds good to me; give it all back.
Posted By: Pale Rider

Re: And so it begins... - 02/04/09 07:43 PM

this tactic worked real well after Enron and Worldcom........

y'all will note this policy would not be retroactive to the first TARP recipients, I am golden baby!

and all those rules about congress critters not enriching themselves by being lobbyists and consultants - that worked real well too since Mr. HHS Dascle only made $5 million in the last 2 years.....
Posted By: Yossarian

Re: And so it begins... - 02/04/09 07:46 PM

Quote:
Wonder if he will take these same steps with the heads of the Post Office, FEMA, Health & Human Services, IRS, and many other government agencies that are replete with failures and boondoggles?


Well, none of them make $500,000 per year, so those same steps wouldn't do much in their cases.

And on his first full day he already froze the salaries of members of his administration who make over $100,000 per year.
Posted By: Pale Rider

Re: And so it begins... - 02/04/09 07:52 PM

Originally Posted By: Yossarian
[quote]
And on his first full day he already froze the salaries of members of his administration who make over $100,000 per year.



people in the private sector actually produce something though!

this is just nuts; you cannot take over the responsibility of shareholders and boards to set policy.
Posted By: KC Danimal

Re: And so it begins... - 02/04/09 07:53 PM

The socialization of America continues . . . .
Posted By: Hrothgar Geiger

Re: And so it begins... - 02/04/09 08:03 PM

socialization - the process by which a human being beginning at infancy acquires the habits, beliefs, and accumulated knowledge of society through education and training for adult status
Posted By: A_G

Re: And so it begins... - 02/04/09 08:07 PM

Originally Posted By: Pale Rider
this is just nuts; you cannot take over the responsibility of shareholders and boards to set policy.



Even when those Boards did nothing to prevent (through oversight) a financial crisis that has affected all Americans?

Something has to be done.

And the Bank's are not innocent parties to this country's financial distress.
Posted By: A_G

Re: And so it begins... - 02/04/09 08:13 PM

And they are by far the only guilty parties. However, they are nowhere near innocent.
Posted By: Miscuit

Re: And so it begins... - 02/04/09 08:13 PM

is the one and only "guilty party" ^^^^^^^^ smirk
Posted By: HappyGilmore

Re: And so it begins... - 02/04/09 08:27 PM

Originally Posted By: Yossarian
Quote:
Wonder if he will take these same steps with the heads of the Post Office, FEMA, Health & Human Services, IRS, and many other government agencies that are replete with failures and boondoggles?


Well, none of them make $500,000 per year, so those same steps wouldn't do much in their cases.

And on his first full day he already froze the salaries of members of his administration who make over $100,000 per year.


salary aside, chowderhead, I'm more concerned with the accountability of government agencies and holding those to the same standards he is holding others to...

total compensation for Postmaster General tops $863,000 per year with incentives, long-term pay, pension benefits, etc...wouldn't surprise to see that many others are there as well
Posted By: A_G

Re: And so it begins... - 02/04/09 08:30 PM

Agreed.

See my new thread re: SEC
Posted By: Peepers

Re: And so it begins... - 02/04/09 08:32 PM

Originally Posted By: AuditGuy
See my new thread re: SEC


Apparently LSU did great recruiting.
Posted By: KC Danimal

Re: And so it begins... - 02/04/09 08:37 PM

noun
1. a political theory advocating state ownership of industry
2. an economic system based on state ownership of capital
Posted By: Yossarian

Re: And so it begins... - 02/04/09 09:53 PM

Quote:
total compensation for Postmaster General tops $863,000 per year with incentives, long-term pay, pension benefits, etc


Nice bit of deception. The actual annual salary of the Postmaster General is $263,575. To reach this fictional amount of over $800,000 requires, among other things, taking the value of his pension benefits that will be taken over many years and adding it to his salary as though it wil be paid out every year. Postmaster General
Posted By: Yossarian

Re: And so it begins... - 02/04/09 09:57 PM

Originally Posted By: KC Danimal
noun
1. a political theory advocating state ownership of industry
2. an economic system based on state ownership of capital


He defined "socialization", which is the word you actually used. You defined "socialism", an entirely different word.
Posted By: HappyGilmore

Re: And so it begins... - 02/04/09 09:58 PM

Originally Posted By: Yossarian
Quote:
total compensation for Postmaster General tops $863,000 per year with incentives, long-term pay, pension benefits, etc


Nice bit of deception. The actual annual salary of the Postmaster General is $263,575. To reach this fictional amount of over $800,000 requires, among other things, taking the value of his pension benefits that will be taken over many years and adding it to his salary as though it wil be paid out every year. Postmaster General


and what part of the above did I deceive on? Great job ignoring what I wrote...
Posted By: Jokerman

Re: And so it begins... - 02/04/09 10:22 PM

Originally Posted By: Yossarian
Quote:
total compensation for Postmaster General tops $863,000 per year with incentives, long-term pay, pension benefits, etc

Nice bit of deception. The actual annual salary of the Postmaster General is $263,575. To reach this fictional amount of over $800,000 requires, among other things, taking the value of his pension benefits that will be taken over many years and adding it to his salary as though it wil be paid out every year. Postmaster General

And??? I have to put fictional numbers in the proxy every year with things like the value of my underwater stock options awarded. The McCaskill bill (I'm not familiar with Obama's proposal today) was going to address deferred comp - why not address the postmaster's?
Posted By: Yossarian

Re: And so it begins... - 02/04/09 10:27 PM

Quote:
and what part of the above did I deceive on?


The number includes not just pension contributions but the change in the value of his pension! What your retirement fund earns is not yearly compensation - it's a return on the value of an asset that you already own.
Posted By: straw

Re: And so it begins... - 02/04/09 10:29 PM

Yoss is correct of course. The annual salary is the figure Yoss quoted. Since Happy said total compensation, there was no deception as deferred compensation gets factored into ...
total compensation.

So, you are both correct, since Happy is discussing apples and Yoss is discussing oranges.

Just to clarify any confusion that Yoss may have caused by trying to correct Happy.

Feel free to further clarify my clarification of your correction.
Posted By: HappyGilmore

Re: And so it begins... - 02/04/09 10:34 PM

Originally Posted By: Yossarian
Quote:
and what part of the above did I deceive on?


The number includes not just pension contributions but the change in the value of his pension! What your retirement fund earns is not yearly compensation - it's a return on the value of an asset that you already own.


Again, great job not reading what I wrote. I said his "total compensation" not "yearly compensation"...and did you even read what you linked?

Quote:
The compensation figure that you refer to ($857,459) is not annual salary; it represents deferred income he will receive after he leaves the position and other types of compensation.

The actual annual salary of the Postmaster General is $263,575.


$381,496 is the estimated change in the future value of Civil Service Retirement benefits to be paid out (as it would be with any CSRS retiree) over the PMG’s remaining life-time once retired — perhaps 35 years.


$135,041 is incentive and performance compensation and will be paid out in 10 annual installments beginning when the PMG leave postal employment.


$69,253 is security costs spent on the PMG and charged to his total compensation.


The remaining money pays for various benefits such as life insurance and perquisites like parking, physical exams, and spousal travel.


security costs for the PMG? Like someone is going to kidnap him for stamps? Spousal travel? Now that's funny...
Posted By: Jokerman

Re: And so it begins... - 02/04/09 10:46 PM

Originally Posted By: Yossarian
Quote:
and what part of the above did I deceive on?

The number includes not just pension contributions but the change in the value of his pension!

Which is a measure required by the SEC to be reported for private sector executives as a component of total compensation - and would be subjec to limitations under the McCaskill bill (again, I'm unsure of the terms of the Obama proposal).
Posted By: HappyGilmore

Re: And so it begins... - 02/04/09 10:59 PM

BTW - a pension for a government employee is significantly different than one for a non-government employee...my gov't pension has increased in value every year (shortfalls and losses made up by good old Uncle Sam) while the value of my private pension (yep, lucky enough to have both) ebbs and flows...
Posted By: Dip

Re: And so it begins... - 02/04/09 11:39 PM

Why was it capped at $500k? Why not $200k? Who in their right mind needs that much money to get by????????? eek
Posted By: straw

Re: And so it begins... - 02/04/09 11:43 PM

Are salaries determined by what one needs to get by?
Posted By: GuitarDude

Re: And so it begins... - 02/04/09 11:48 PM

Not in capitalist (or formerly capitalist) societies. wink
Posted By: Hrothgar Geiger

Re: And so it begins... - 02/05/09 01:24 AM

Originally Posted By: rotaredoM yppaH

Again, great job not reading what I wrote. I said his "total compensation" not "yearly compensation"...and did you even read what you linked?


Great job not reading what you wrote, chowderhead (since you seem comfortable using that appellation)

Originally Posted By: yppaH
total compensation for Postmaster General tops $863,000 per year with incentives, long-term pay, pension benefits, etc...wouldn't surprise to see that many others are there as well


you said 'total compensation per year'.
Posted By: Jokerman

Re: And so it begins... - 02/05/09 01:40 AM

Originally Posted By: Dip
Why was it capped at $500k? Why not $200k? Who in their right mind needs that much money to get by????????? eek

LOL - to each according to his needs; from each according to his means?
Posted By: Sound Tactic

Re: And so it begins... - 02/05/09 02:21 PM

Wow nice namecalling Yoss. Very mature.
Posted By: MB Guy

Re: And so it begins... - 02/05/09 02:23 PM

Barbarian, do you support the stimulus bill as it is?
Posted By: #Just Jay

Re: And so it begins... - 02/05/09 02:25 PM

Hey Shemp-o... good to see you post man!
Posted By: A_G

Re: And so it begins... - 02/05/09 02:26 PM

^^^stalker^^^
Posted By: #Just Jay

Re: And so it begins... - 02/05/09 02:27 PM

<---lover
Posted By: Retired DQ

Re: And so it begins... - 02/05/09 02:29 PM

What post was he referring to? I did't see any name-calling, from Yoss, anyway...
Posted By: A_G

Re: And so it begins... - 02/05/09 02:29 PM

^^^preposition sentence ender^^^
Posted By: Retired DQ

Re: And so it begins... - 02/05/09 02:30 PM

^^^ stalker ^^^
Posted By: #Just Jay

Re: And so it begins... - 02/05/09 02:31 PM

^^^you best Comply!^^^
Posted By: Snow Bunny

Re: And so it begins... - 02/05/09 02:43 PM

Originally Posted By: Jokerman
Originally Posted By: Dip
Why was it capped at $500k? Why not $200k? Who in their right mind needs that much money to get by????????? eek

LOL - to each according to his needs; from each according to his means?


Unfortunately, Dip, when you get accustomed to a lifestyle that your salary affords, it could be a major hardship to have a additional $300K salary cut. These people would have mortgages, tuition payments, car payments, etc that are predicated on their salary levels.

Even though the amount may seem obscene to us, if that's what you're accustomed to, it could be very difficult.
Posted By: Hrothgar Geiger

Re: And so it begins... - 02/05/09 02:48 PM

Originally Posted By: MB Guy
Barbarian, do you support the stimulus bill as it is?


No, I don't. I'm waiting for a better counter-proposal. I won't wait for very long, though.
Posted By: MB Guy

Re: And so it begins... - 02/05/09 02:49 PM

Originally Posted By: Hrothgar Gieger
Originally Posted By: MB Guy
Barbarian, do you support the stimulus bill as it is?


No, I don't. I'm waiting for a better counter-proposal. I won't wait for very long, though.


Cool. Thanks for the civil response.
Posted By: Hrothgar Geiger

Re: And so it begins... - 02/05/09 02:56 PM

en ba'aya
Posted By: HappyGilmore

Re: And so it begins... - 02/05/09 02:58 PM

Originally Posted By: Complywithstuff
Wow nice namecalling Yoss. Very mature.


actually, I called him chowderhead first, and he responded in kind...chowderhead is like calling someone you banter with knucklehead or goober, nothing evil behind it, somewhat of term of mutual respect/endearment
Posted By: Yossarian

Re: And so it begins... - 02/05/09 03:26 PM

Originally Posted By: rotaredoM yppaH
Originally Posted By: Complywithstuff
Wow nice namecalling Yoss. Very mature.


actually, I called him chowderhead first, and he responded in kind...chowderhead is like calling someone you banter with knucklehead or goober, nothing evil behind it, somewhat of term of mutual respect/endearment


Do you two even read the posts????? I did not call anyone a name or even "respond in kind". There was a post in which Hrothgar Gieger responded to HM's use of chowderhead, but I didn't respond to it.
Posted By: Retired DQ

Re: And so it begins... - 02/05/09 03:27 PM

Thanks, that is what I thought... wink
Posted By: Miscuit

Re: And so it begins... - 02/05/09 03:28 PM

read posts???? don't be silly


why would we do that?



smirk
Posted By: Yossarian

Re: And so it begins... - 02/05/09 03:40 PM

You're right. That reading does slow the response process down a bit. grin