U.S. gov't plans big pay cuts at bailout firms

Thursday 22nd October, 06:50 AM JST

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7 Comments

some14some at 07:30 AM JST - 22nd October

No pay and no resignations, make them work until they pay back fully.
Taka313 at 08:14 AM JST - 22nd October

I don't like the idea of the government deciding the salaries of non-government employees. Unfortunately we've seen that self-policing didn't really work out either so it's kind of a "damned if you do; damned if you don't" situation.

Taka
zurcronium at 10:31 AM JST - 22nd October

The government basically owns these bankrupt companies so can dictate whatever it pleases. If the managers do not like it, they can quit. They would have have been on the streets anyway if not for the government cash to bail them out. AIG in particular is just terrible, a house of cards built on greed and corruption.

These pay policies will be very popular with americans once it is fully annouced.
skipthesong at 11:15 AM JST - 22nd October

No Taka, those guys' job is the keep a company alive, under all circumstances. I hate the fact that the government got suckered into giving bailouts, but whose the stupid one - the companies or the government?

If they didn't give them a bail out, they would have found a way out and if not, then oh well!

If we are going to allow the gov to start capping salaries, I'd like to see their salaries and their budgets and benefits get reduced.
GJDailleult at 11:28 AM JST - 22nd October

Surprise, surprise, Goldman Sachs and JP Morgan are not on the list. But they are profitable banks and in no way have been saved and subsidized by the American taxpayer and government (har har!!!). And they have paid back their TARP bailout money! Of course they were able to do that by having their legal status changed, which allowed them to borrow money from the FED at zero interest, invest it anything that paid more than 0%, and then pay it back before the new compensation rules took effect (which of course ignore all other subsidies besides the TARP). Pure corruption, something you'd expect in early 90's Russia. Welcome to the 21st century USA!!!
adaydream at 12:41 PM JST - 22nd October

Most other companies, the executives would lose their pay check totally if their business went under. Just because they were propped up by my money, along with yours, their pay should be cut substantially. < :-)
Badsey at 04:47 PM JST - 22nd October

Goldman Sachs and JP Morgan are Federal Reserve shareholders + they knew about a year ahead of the "depression" that the fleecing was about to happen. ---> They both profited extremely when the Fed contracted the money supply and bought out competitors.