Posts tagged ‘Bailout’

No Longer a Handout

Obama rejected arguments by the Republican party to reward executives for failure.  Who would argue for allowing corporations who are essentially on welfare to keep giving billions in tax dollars to executives?  Senate Minority Leader Mitch McConnell, the voice of the Senate Repubicans.

In the light of the billions given away in bonuses under the Bush Administration’s handouts, the Obama administration is making some changes and starting today, the bailout is no longer a handout.  Under the new plan, beneficiaries of corporate welfare will have limits on executive compensation.  If the company doesn’t want to cut its executive pay it doesn’t have to – it just won’t get assistance.  We’ll help those who first help themselves, right?  That goes for you Wall Street executives, too. 

 Stop taking our tax-dollars and you’ll be free to do as you choose.  The tax dollars should go to help Americans who need help, to improve our infrastructure, to keep our country secure.  To provide beach-front vacation homes for wealthy executives….not the purpose of tax dollars. 

http://www.msnbc.msn.com/id/29003620

Previous: https://goearth.wordpress.com/2009/02/03/gimme-gimme/

February 4, 2009 at 6:47 pm Leave a comment

Gimme Gimme: Execs & GOP Want Handouts with No Strings Attached

If  your situation is so desperate and dire (due in part to your own actions) that you must take handouts,  from someone or something who is also strapped for cash, who knows they may never see their money again – you may have to put a little more skin in the game and there may be conditions associated with the handout. 

The executives who drove their companies into the ground should be thrilled they’re not being fired, but the Republicans are out talking about how these execs deserve to have bonus checks – funded by tax dollars! It’s unbelievable. 

If you don’t want to be subject to input from another person or entity it’s simple: Don’t take their money.  So to you bastards who are complaining about restricted bonuses: You can give yourselves whatever bonuses you want…just don’t take the handout from the taxpayers and you’re free to do as you choose. 

Associated Press – Feb 3, 2009 
Obama reacted angrily last week to reports that banks gave more than $18 billion of bonuses at a time when they were relying on taxpayer money for their survival.

Administration officials say rules under consideration would prohibit institutions receiving “exceptional assistance” from giving severance payments to their top 55 executives. Their bonus pools would be reduced by about 40 percent from the 2007 level. Such companies would include Citigroup Inc., insurance giant American International Group Inc. and automakers General Motors Corp. and Chrysler LLC, all of whom received bailouts under the Bush administration.

In the Senate, Republican leader Mitch McConnell, R-Ky., urged the administration to proceed with caution.

“I think we’re all appalled by these — some of these executive salary arrangements and bonus arrangements and perks and all the rest,” he said. “On the other hand, I really don’t want the government to take over these businesses and start telling them everything about what they can do. ”
http://hosted.ap.org/dynamic/stories/O/OBAMA_BAILOUT

 

 

February 3, 2009 at 6:46 pm 1 comment

Fiscally Irresponsible, Part IV

Good one from Kim Peterson, below.  I am still in awe about the lack of accountability that was attached to these handouts.  The initial proposal sent down from the White House specifically stated that in addition to no accountablity, that even congressional oversight would not be permitted.  Here’s what Kim says:

How is it that an ATM can give my exact balance at any time, but banks can’t say what they did with $1 billion in bailout money?

Because no one forced them to. The government is handing out money like Halloween candy — no strings attached. No strict rules on what banks should do with the money or how they should account for it. Only after the fact did people see the money go to executive bonuses and other non-essentials.

Yet another uh-oh moment for the U.S. Treasury, which is getting raked over the coals for its incompetence by a congressional watchdog.   Read More…

Posted Jan 09 2009,  by Kim Peterson

More:
Treasury Defends Bailout Bait & Switch
$50 billion of bailout going to employee bonuses
Fiscally Unsound Part II

January 10, 2009 at 8:35 pm Leave a comment

Chrysler…tsk tsk

If the company executives have done such a piss-poor job of running the company that it is now going bankrupt, then by definition they should not be receiving “bonuses”.  In fact, if a bailout is given – the first requirement should be termination of top management.  Any bonuses that were promised are now cancelled (should be cancelled), just like they cancel pensions, shifts, and careers of those below them.  Chrysler Execs, you are pathetic – shoving Chrysler’s money in their own pocket with one hand and then trying to reach into the tax-payer’s pocket with their other hand. 

As for our tax dollars being used to replaced millions of undeserved bonuses??  F Chrysler.  Any bailout money intended to go there should be directed to people working at Chrysler in the form of training/education reimbursement, relocation reimbursement, or welfare/healthcare extension. 

We cannot allow businesses to run themselves poorly and then turn to the tax-payer to rescue them. 

Chrysler is asking the government for a bailout. It’s laying off employees and cutting salaries. It’s a company in trouble.

Oh yeah, it’s also paying $30 million in bonuses to dozens of top executives.

That’s the end result of a poorly-timed plan to keep Chrysler together as it was being sold. The company didn’t want top executives to leave during the transition, so it promised big money for people who stuck around. Now, Chrysler is asking the government for billions of dollars in aid while it writes million-dollar bonus checks out to A-list employees. How’s that for awkward?

November 15, 2008 at 5:24 pm Leave a comment

McCain/Palin Running Scared

John McCain wants to postpone Friday’s debate on national security.  

On 09/15/2008 (That was last Monday!), John McCain said that “the fundamentals of the economy are strong” and now 10 days later he is suspending his presidential campaign(to escape the microphones and the questions) and he also wants to cancel the debate

Surely this is not a would-be president – this is the universe playing a joke?   Last Monday when he told Americans that the economy was fine, he was either an IDIOT or a LIAR.  (Those seem to be the only 2 options). 

John McCain is SCARED of facing Obama!!  The debate is TOMORROW.  He just needs to show up.   What a chicken shit.  Grow a pair.  Palin is afraid of microphones and McCain is afraid of debates. 

These 2 are not leaders of a nation – they’re a couple of little kittens.

They’re running from questions about their own platform! 

I’m Fired Up!  And Obama’s Ready to Go!  (McCain/Palin are taking cover).   

 

 

 

September 25, 2008 at 3:39 pm 2 comments


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