Sen. Claire McCaskill's Impassioned Speech On Executive Compensation

Worth posting Claire McCaskill's tour de force impassioned announcement of her executive compensation bill on the Senate floor today.

"Going forward if you want taxpayers to help you survive, if you want the people at your financial institution to have a job tomorrow, then you're going to have to limit everyone's pay at your company to the same salary that the president of the United States makes," said McCaskill from the Senate floor. "Now once they're off the public dole, once the taxpayers aren't footing the bill, then it's not as much our business what they get paid. But right now they're on the hook to us. And they owe us something other than a fancy waste basket and $50 million jet."

Watch it below:

Thank you, Senator McCaskill.

Tags: bailout, caskill, claire, Merrill Lynch (all tags)

Comments

10 Comments

Re: Sen. Claire McCaskill

If we don't push this, it will disappear!

First, call your senators and demand that they support Senator McCaskill's bill.

Second, send a note of encouragement to Sen. McCaskill, whose bill apparently caught the White House flat-footed.

by psychodrew 2009-01-30 05:42PM | 0 recs
Re: Sen. Claire McCaskill's Impassioned Speech

Awesome.  I completely agree with her.  

by jmnyc 2009-01-30 06:04PM | 0 recs
Re: Sen. Claire McCaskill's Impassioned Speech On

Sen. McCaskill is amazing! She speaks with clarity and common sense. I hope we continue to see more of her.

by Steve24 2009-01-30 06:08PM | 0 recs
Re: Sen. Claire McCaskill's Impassioned Speech On

this was brilliant.  i already wrote my senators!

by bluedavid 2009-01-30 06:45PM | 0 recs
Re: Sen. Claire McCaskill's Impassioned Speech On

if you write sen. mccaskill a note, i encourage you to ask her to include "bonus" pay and other perks in any executive pay regulation package.  a lot of wall streeters make more in their "bonus" than they do from their "salary".  go figure....

by bluedavid 2009-01-30 06:47PM | 0 recs
Re: Sen. Claire McCaskill's Impassioned Speech

From the linked article:

Employees would not be able to make more than the president -- $400,000 -- until the company no longer relies on federal assistance from the $700 billion bailout of the financial sector, McCaskill's office said.

The cap would include salary, bonuses and stock options.

by Bush Bites 2009-01-31 06:23AM | 0 recs
Re: Sen. Claire McCaskill's Impassioned Speech On

The way I see it....I am ok with Sen. McCasksill's request.   Salary caps for bailout receipients seems fair to me.  

 I just don't think we have a right to tell other CEOs like Wal-Mart, McDonalds, etc....what to do since their have NOT taken any loans from the US Treasury/taxpayers.   For a few major companies out there.....the capitalist business-model seems to be working OK with paying unlimited wages to their executives.  

However....for those who have been abusive and needed rescue from the gov......As long as the Wall Street co. "owes" money to the taxpayers......we should be able to set restrictions as long as we are the creditors.

Now if the companies survive and are able to REPAY the debt.....then we have no right and no stake on their policies anymore.

by newmexicodem 2009-01-30 08:09PM | 0 recs
Re: Sen. Claire McCaskill's Impassioned Speech On

I agree.

Though I think most MBAs are worthless dip shits.

by Bush Bites 2009-01-31 06:24AM | 0 recs
Re: Sen. Claire McCaskill's Impassioned Speech
We can make a contribution at the grassroots level.  There should be an internet-organized effort to boycott any corporation that indulges in
executive pay ripoffs.  Don't buy their products, don't have accounts with them, don't buy their stocks, don't allow their stocks in your IRA/401k.
by Bob H 2009-01-31 01:17AM | 0 recs
It's a mixed bag

Senator Ben Nelson (D - Nebraska) has some "concerns"...

...Okay, here's a new rule for Democrats - you can't participate in an exercise which allows someone to go on the air at the propaganda arm of the rnc (the Faux News Channel) and trash a Democratic president's economic stimulus plan when you voted for a republican president's bailout of their Wall Street buddies. ...

...Uh, you do know that Ike Skelton (D - MO4) voted for the House version, right?...

And elsewhere on the same subject:

"...In an interview with the Huffington Post, however, McCaskill didn't just take on corporate CEOs. She criticized some of the spending in the House stimulus package, saying that her fellow Democrats had been 'over-anxious'..."

Ike Skelton is not the "anxious" type.

by Michael Bersin 2009-01-31 02:00AM | 0 recs

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