Wall Street Bonuses Going Over like A Lead Balloon
Wall Street executives paid themselves $18 billion in bonuses last year, despite having one of the worst years in history, complete with their firms receiving billions of dollars of TARP “bailout money.” To almost anyone, it would seem untoward that executives would be earning extra cash, all the while they're laying off workers, closing offices, and generating losses.
A new proposal by Sen. Claire McCaskill, D-Missouri would limit the amount of compensation bailed out company execs could receive. The Senator would cap pay at $400,000, the same annual salary as President Barack Obama.
"We have a bunch of idiots on Wall Street that are kicking sand in the face of the American taxpayer," an enraged McCaskill said on the floor of the Senate. "They don't get it. These people are idiots. You can't use taxpayer money to pay out $18 billion in bonuses."
President Obama weighed in on the subject on Thursday, calling executive behavior “shameful.” He said it was the "height of irresponsibility" for companies to pay bonuses during the current financial crisis.
"The American people understand we've got a big hole that we've got to dig ourselves out of, but they don't like the idea that people are digging a bigger hole even as they're being asked to fill it up, “ he added.
Of course, one could argue it was politicians that gave bailout money, with few strings attached, to this “shameful” group of greedy executives in the first place. Wall Street has never been known for the restraint of its' executives, especially when it comes to compensation.
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