Hurray! Bush saved Executive Pay and Bonuses!

Hey, guys? Remember that $700 billion dollar bailout? Turns out our President, once again, is looking out for the interests of the people who are really hard up in this situation.

Yep, you guessed it. He threw in a provision to ensure executive pay was kept intact.

Turns out you only get executive pay penalized if you sold troubled assets to the government... but instead, if the government just hands you a blank check, you're good to go.

Wow. After all these years, I couldn't have even fathomed something like this. I'd love to hear a Republican apologist explain this one. Sorry for the short diary... this just boggles my mind.

From the article:

"Michele Davis, spokeswoman for the Treasury [...] would not say when the guidance would be issued or what penalties it might impose..."

In other words, expect close to nothing.

"But she said the companies promised to follow the rules in contracts with the department."

Where's an image of Nelson from The Simpsons when you need one?

And anyway, with no friggin' legislation in place at the time a contract is signed, precisely what do you believe the odds would be, to successfully prosecute anyone?

I think this picture is in order here.

There's more...

Hey Corporate Execs, You Got a Bailout, Now Give It Back

Even when times are good, it's hard to believe that corporate CEOs can look you in the eye and tell you that they've truly earned their outrageous $10 million, $50 million, $100 million or more pay packages.

And right now, times aren't good.

But this week I saw another round of stories on corporate CEOs getting multi-million dollar "bonuses" even as their companies lose millions of dollars.

There's more...

Diaries

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