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    Default Dear Comrade Obama - This is America.

    Administration Seeks Increase in Oversight of Executive Pay

    Published: March 21, 2009

    WASHINGTON — The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said.

    The latest on President Obama, the new administration and other news from Washington and around the nation.

    The outlines of the plan are expected to be unveiled this week in preparation for President Obama’s first foreign summit meeting in early April.


    The administration has been considering increased oversight of executive pay for some time, but the issue was heightened in recent days as public fury over bonuses spilled into the regulatory effort.

    The officials said that the administration was still debating the details of its plan, including how broadly it should be applied and how far it could go beyond simple reporting requirements. Depending on the outcome of the discussions, the administration could seek to put the changes into effect through regulations rather than through legislation.

    One proposal could impose greater requirements on company boards to tie executive compensation more closely to corporate performance and to take other steps to ensure that compensation was aligned with the financial interest of the company.

    The new rules will cover all financial institutions, including those not now covered by any pay rules because they are not receiving federal bailout money. Officials say the rules could also be applied more broadly to publicly traded companies, which already report about some executive pay practices to the Securities and Exchange Commission.

    Administration Seeks Increase in Oversight of Executive Pay


    One can only hope we also provide oversight for Hollywood and Sports figures as well. After all, Hollywood is getting stimulus money and many pro sports arenas are supported with tax dollars. And after that, we can regulate the pay of everyone.

    This man has totally lost it!!

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    Quote Originally Posted by ScareCrow57 View Post
    Administration Seeks Increase in Oversight of Executive Pay

    Published: March 21, 2009

    WASHINGTON — The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said.

    The latest on President Obama, the new administration and other news from Washington and around the nation.

    The outlines of the plan are expected to be unveiled this week in preparation for President Obama’s first foreign summit meeting in early April.


    The administration has been considering increased oversight of executive pay for some time, but the issue was heightened in recent days as public fury over bonuses spilled into the regulatory effort.

    The officials said that the administration was still debating the details of its plan, including how broadly it should be applied and how far it could go beyond simple reporting requirements. Depending on the outcome of the discussions, the administration could seek to put the changes into effect through regulations rather than through legislation.

    One proposal could impose greater requirements on company boards to tie executive compensation more closely to corporate performance and to take other steps to ensure that compensation was aligned with the financial interest of the company.

    The new rules will cover all financial institutions, including those not now covered by any pay rules because they are not receiving federal bailout money. Officials say the rules could also be applied more broadly to publicly traded companies, which already report about some executive pay practices to the Securities and Exchange Commission.

    Administration Seeks Increase in Oversight of Executive Pay


    One can only hope we also provide oversight for Hollywood and Sports figures as well. After all, Hollywood is getting stimulus money and many pro sports arenas are supported with tax dollars. And after that, we can regulate the pay of everyone.

    This man has totally lost it!!
    Crow, as a friendly suggestion; if your unhappy with the job the President is doing or you don't like his policies, why don't you sit down and write him a letter expressing your concerns over his various policies that you find so oppressive? Additionally you could make suggestions that you might find helpful to give him guidance. President Obama did mention that he would be willing to hear from the public regarding their views on administration policies. So, rather then sit like the rest of the unhappy campers here and opine about how bad things are regarding his administrations policies, why don't you take a proactive stance? You could possibly make a difference.

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    Considering it was the lack of oversight regulation that is now going to cost almost $9T dollars (let that sink in) to keep the American economy from imploding as a result of the actions of a very few (who profitted quite well) in the financial industry I'm having a hard time seeing the down side to this action.
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    I am a Republican, Pro Business, Conservative. And I support the President. Yes, I can be Pro Business AND support the President at the same time. And Yes, I can write to him, explaining my stance. I do not believe that the so-called bonuses are performance based bonuses, but rather more like just plain old Greed at work. In fact, since this type of financial work can not be created and operated by a lone person at any level, it's probably more like Conspiracy to Defraud. No one, No where, has provided a plausible reason for these bonuses, and I can see nothing that these people have done that any of us couldn't do.
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    Quote Originally Posted by hwoods View Post
    I am a Republican, Pro Business, Conservative. And I support the President. Yes, I can be Pro Business AND support the President at the same time. And Yes, I can write to him, explaining my stance. I do not believe that the so-called bonuses are performance based bonuses, but rather more like just plain old Greed at work. In fact, since this type of financial work can not be created and operated by a lone person at any level, it's probably more like Conspiracy to Defraud. No one, No where, has provided a plausible reason for these bonuses, and I can see nothing that these people have done that any of us couldn't do.
    hwoods; I think the reason bonuses were given to the top executives (which i believe was the bulk of the bonuses) was because they have a signed labor contract with AIG which details their pay, stock options, Bonuses, benefits, severance packages, etc. I think what the government could have done was to a) let AIG go into bankruptcy and that way they could legally void all labor contracts; or b) stipulate that no government monies could be used to pay any bonuses. In all likelihood they should have done this back in August when AIG originally threatened us with bankruptcy.

    Interestingly, its rather ironic that most executives think they need a labor contract to guarantee their terms and conditions of employment, but feel rank and file don't need a labor contract.

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    Well, my two cents is they shouldn't of been bailed out in the first place. Buisnesses have risks, if you don't run your buisness carefully then your buisness should fail and go under.

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    Quote Originally Posted by gamewell35 View Post
    Interestingly, its rather ironic that most executives think they need a labor contract to guarantee their terms and conditions of employment, but feel rank and file don't need a labor contract.
    We're also told the evils of defined benefit retirement plans for rank and file and their unaffordability. Yet they are very commonplace in the executive ranks.
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    Quote Originally Posted by scfire86 View Post
    We're also told the evils of defined benefit retirement plans for rank and file and their unaffordability. Yet they are very commonplace in the executive ranks.

    That's different though; they don't call it a "defined benefit" pension for executives. Usually they call it something clever, like a "retirement package".

    It is always interesting how the only answer is to eliminate the pension plans, as happened at Pabst Brewing, United Airlines, and what they want to do with the autoworkers, yet nothing should be done with the executive perks.

    It is funny how the exec's expect their contracts to be followed to the letter, yet a CBA is anti-business, or in the case of us, sticking it to the tax-payer.

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    I have actually written to the president. I also have written to my congressman, senators, governor, and state legislators. The average bonus out of the $165 million was $20,000. So while there were a few that got million dollar bonuses, there are many who got a couple thousand dollars. They are people just like me who sit in a cubicle and count on that bonus. They are told they need to meet certain criteria, in my case, 75% billable hours. My individual goal is totally separate. That bonus is part of my compensation, just like your hourly wage. I can just hear the screaming now if the city was to announce they were cutting hourly rates by 10%. How about they eliminate overtime. After all, the cities aren't making a profit and are running in the red.

    The more dangerous thing here is that they are setting a precedent that says we can target anyone and everyone. We are reverting back to colonial times when the king was screwing the colonist. Back before this was AMERICA!

    The even crazier part is the U.S.A. loaned AIG the money, it isn't a gift. The government will get that money back. This is similar to you getting a loan for your home to do renovations and then having the bank tell you how to do those renovations. What you renovate and how is up to you.

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    Quote Originally Posted by ScareCrow57 View Post
    So while there were a few that got million dollar bonuses, there are many who got a couple thousand dollars. They are people just like me who sit in a cubicle and count on that bonus.

    This is where I get to say screw you. You sat on here a while back, and pontificated about how we (note, NOT YOU) as firefighters should be forced into Social Security, because it "wasn't fair". We also depend and count on not only that 7% as a part of our salary, but how about the 7% city contribution, which is not budgeted for currently.

    Take your little bonus and stick it, it isn't fair, you shouldn't count on it, it shouldn't be given to you using tax dollars. How does that sound?

    Once again, you're talking and can't shut up.

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    A bonus is a bonus. If you are "counting" on that, you are a fool and living beyond your means....which is what got the country where it is now.

    I am NOT in favor of the Govt regulating private businesses and their bonus plans. However, in the case of a company that has received the Govt "bail out" funds, then I can see it being reasonable.
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    Quote Originally Posted by ScareCrow57 View Post
    I have actually written to the president. I also have written to my congressman, senators, governor, and state legislators.
    More than likely they view you as a contra indicator.

    Quote Originally Posted by ScareCrow57 View Post
    The average bonus out of the $165 million was $20,000. So while there were a few that got million dollar bonuses, there are many who got a couple thousand dollars. They are people just like me who sit in a cubicle and count on that bonus. They are told they need to meet certain criteria, in my case, 75% billable hours.
    Is your company going under and requesting govt. bailout funding?

    Quote Originally Posted by ScareCrow57 View Post
    My individual goal is totally separate. That bonus is part of my compensation, just like your hourly wage. I can just hear the screaming now if the city was to announce they were cutting hourly rates by 10%. How about they eliminate overtime. After all, the cities aren't making a profit and are running in the red.
    We really don't care about your individual goals. Like moonbat, it's obvious you set low expectations and then failed to achieve them.

    Quote Originally Posted by ScareCrow57 View Post
    The more dangerous thing here is that they are setting a precedent that says we can target anyone and everyone. We are reverting back to colonial times when the king was screwing the colonist. Back before this was AMERICA!
    Maybe you can help Glenn Beck find the FEMA concentration camps he claims exist.

    Quote Originally Posted by ScareCrow57 View Post
    The even crazier part is the U.S.A. loaned AIG the money, it isn't a gift. The government will get that money back. This is similar to you getting a loan for your home to do renovations and then having the bank tell you how to do those renovations. What you renovate and how is up to you.
    If AIG feels so put upon, there is nothing stopping them from refusing those bailout funds if they believe the conditions are too onerous. Remember, it's a free country. They are perfectly free to refuse assistance and watch their company fade into oblivion.
    Last edited by scfire86; 03-23-2009 at 10:59 AM.
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    Quote Originally Posted by jasper45 View Post
    That's different though; they don't call it a "defined benefit" pension for executives. Usually they call it something clever, like a "retirement package".

    It is always interesting how the only answer is to eliminate the pension plans, as happened at Pabst Brewing, United Airlines, and what they want to do with the autoworkers, yet nothing should be done with the executive perks.

    It is funny how the exec's expect their contracts to be followed to the letter, yet a CBA is anti-business, or in the case of us, sticking it to the tax-payer.
    Actually.. it's a "golden shower parachute package" .. they get the parachute and the big bucks.. the little guy gets ****ed on.
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    Quote Originally Posted by jasper45 View Post
    This is where I get to say screw you. You sat on here a while back, and pontificated about how we (note, NOT YOU) as firefighters should be forced into Social Security, because it "wasn't fair". We also depend and count on not only that 7% as a part of our salary, but how about the 7% city contribution, which is not budgeted for currently.

    Take your little bonus and stick it, it isn't fair, you shouldn't count on it, it shouldn't be given to you using tax dollars. How does that sound?

    Once again, you're talking and can't shut up.
    This is where I get to say I am consistent. Everyone should be treated equally.

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    Quote Originally Posted by Bones42 View Post
    A bonus is a bonus. If you are "counting" on that, you are a fool and living beyond your means....which is what got the country where it is now.

    I am NOT in favor of the Govt regulating private businesses and their bonus plans. However, in the case of a company that has received the Govt "bail out" funds, then I can see it being reasonable.
    Terms of a bonus can vary. For instance, as a car salesman you might get $50 in bonus for every car you sell. This on top of your commissions.

    A deal is a deal. Changing the terms of the deal after the fact is just plain old immoral and unethical.

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    Quote Originally Posted by scfire86 View Post
    Is your company going under and requesting govt. bailout funding?

    If AIG feels so put upon, there is nothing stopping them from refusing those bailout funds if they believe the conditions are too onerous. Remember, it's a free country. They are perfectly free to refuse assistance and watch their company fade into oblivion.
    My company did not ask for a loan from the government. It's full of top notch performers like myself.

    Secondly, AIG agreed to the terms as set forth at the time the deal was struck. The employees by the way, had nothing to do with that decision. To change the terms after the fact seems to be the kind of thing a thug would do. Face it, the Obama administration and the democratic leadership screwed the pooch and should now stand up and take responsibility for their screw up.

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    Quote Originally Posted by ScareCrow57 View Post
    My company did not ask for a loan from the government. It's full of top notch performers like myself.
    Uhhh...yeah.

    Quote Originally Posted by ScareCrow57 View Post
    Secondly, AIG agreed to the terms as set forth at the time the deal was struck. The employees by the way, had nothing to do with that decision. To change the terms after the fact seems to be the kind of thing a thug would do. Face it, the Obama administration and the democratic leadership screwed the pooch and should now stand up and take responsibility for their screw up.
    As I stated. If AIG believes that changing the terms of the deal is too onerous, they are free to refuse any further assistance. I've had banks change the terms of their loans in mid-contract. I'm also aware of the leeway credit card companies possess (unlike you) in their ability to change rates. I had one change the billing cycle to 23 days. Of course it didn't matter since I pay my balances in full the day after I receive them.
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    Saw this, thought it was funny.

    LETTER FROM THE BOSS.....


    As the CEO of this organization, I have resigned myself to the fact that Barrack Obama is our President, and that our taxes, and government fees will increase in a BIG way. To compensate for these increases, our prices would have to increase by about 10%.


    Since we cannot increase our prices right now due to the dismal state of the economy, we will have to lay off six of our employees instead. This has really been bothering me, since I believe we are family here and I didn't know how to choose who would have to go.


    So, this is what I did. I walked through our parking lot and found six Obama bumper stickers on our employees' cars and have decided these folks will be the ones to let go. I can't think of a more fair way to approach this problem. They voted for change; I gave it to them.

    I will see the rest of you at the annual company picnic.
    IAFF

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    Quote Originally Posted by snowball View Post
    LETTER FROM THE BOSS.....


    As the CEO of this organization, I have resigned myself to the fact that Barrack Obama is our President, and that our taxes, and government fees will increase in a BIG way. To compensate for these increases, our prices would have to increase by about 10%.


    Since we cannot increase our prices right now due to the dismal state of the economy, we will have to lay off six of our employees instead. This has really been bothering me, since I believe we are family here and I didn't know how to choose who would have to go.


    So, this is what I did. I walked through our parking lot and found six Obama bumper stickers on our employees' cars and have decided these folks will be the ones to let go. I can't think of a more fair way to approach this problem. They voted for change; I gave it to them.

    I will see the rest of you at the annual company picnic.
    This is funny. It would be even funnier if the six top performers were the same people who had Obama stickers on their cars. Then the CEO would be screwing the entire company by rewarding poor performance.

    Ha ha ha ha ha ha.
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    Quote Originally Posted by ScareCrow57 View Post
    This is where I get to say I am consistent. Everyone should be treated equally.

    This what you say here, and then you post this:

    Quote Originally Posted by ScareCrow57 View Post
    A deal is a deal. Changing the terms of the deal after the fact is just plain old immoral and unethical.
    I actually agree with this remark though, after being written out of social security at it's inception and having to fend for ourselves all these years, it is immoral, unethical, and just plain wrong to make us be a part of that program.
    Too bad you're a hypocrite, among other things.

    Once again, you're talking, and you can't shut up.

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    Quote Originally Posted by jasper45 View Post
    This what you say here, and then you post this:



    I actually agree with this remark though, after being written out of social security at it's inception and having to fend for ourselves all these years, it is immoral, unethical, and just plain wrong to make us be a part of that program.
    Too bad you're a hypocrite, among other things.

    Once again, you're talking, and you can't shut up.
    Ouch. That's gonna leave a mark.
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    Quote Originally Posted by snowball View Post
    Saw this, thought it was funny.

    LETTER FROM THE BOSS.....


    As the CEO of this organization, I have resigned myself to the fact that Barrack Obama is our President, and that our taxes, and government fees will increase in a BIG way. To compensate for these increases, our prices would have to increase by about 10%.


    Since we cannot increase our prices right now due to the dismal state of the economy, we will have to lay off six of our employees instead. This has really been bothering me, since I believe we are family here and I didn't know how to choose who would have to go.


    So, this is what I did. I walked through our parking lot and found six Obama bumper stickers on our employees' cars and have decided these folks will be the ones to let go. I can't think of a more fair way to approach this problem. They voted for change; I gave it to them.

    I will see the rest of you at the annual company picnic.
    All the more reason why employees need a union; to keep knuckleheads like Mr. CEO from retaliating because of the employees political choices.

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    Quote Originally Posted by gamewell35 View Post
    All the more reason why employees need a union; to keep knuckleheads like Mr. CEO from retaliating because of the employees political choices.
    It is called an employee at will. Don't like it? Don't work there.

    Unions are not the end-all, be-all of the worker's world. My life is infinitely better because of where I am, compared to being in the unions that I have been in the past.

    I get paid a base salary, bonuses for productivity, and bonuses for other reasons. I get a raise based upon a rather novel concept - personal performance. No because everyone else got one, be they a piece of filth or not.

    Keep towing the AFL-CIO line though.
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    Quote Originally Posted by scfire86 View Post
    Uhhh...yeah.


    As I stated. If AIG believes that changing the terms of the deal is too onerous, they are free to refuse any further assistance. I've had banks change the terms of their loans in mid-contract. I'm also aware of the leeway credit card companies possess (unlike you) in their ability to change rates. I had one change the billing cycle to 23 days. Of course it didn't matter since I pay my balances in full the day after I receive them.
    So you would be OK with your employer coming in halfway through your contract and cutting your pay. Or hey, you retired and they cut your pension.

    What AIG does with the money they borrowed is their business.

    The real issue here is having the government determining who can make what, that is counter to the American Dream.

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    Quote Originally Posted by jasper45 View Post
    This what you say here, and then you post this:



    I actually agree with this remark though, after being written out of social security at it's inception and having to fend for ourselves all these years, it is immoral, unethical, and just plain wrong to make us be a part of that program.
    Too bad you're a hypocrite, among other things.

    Once again, you're talking, and you can't shut up.
    AHHHH! Light bulb goes on. Those already in the system would stay in the old system. Only new hires would be put into SSI. And those with more than 10 years to retirement could have a choice. Although, I know a few who have their 20 years in and leave to work another job. Then they get a pension and SSI.

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