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JimVanMeerten (67.58)

Power to the Pay Czar

Recs

5

October 22, 2009 – Comments (3) | RELATED TICKERS: BAC , AIG , GMA

So the word is out that Kenneth Feinberg, the Obama hatchet man, is going to have the pay of the top 25 executives at 7 of the companies who have not paid back the TARP money, by as much as 90%. If that's a good idea for those companies why not look at the rest of the people who got us into this mess. What's good for the goose is good for the gander, right? There are more than just these 175 executives who deserve pay cuts.

Let's cut the pay of the top 25 executives at the SEC and FDIC, they were asleep at the wheel. Next cut the pay of the 25 top ranking members of both the House and Senate Banking Committees, they didn't create legislation to keep us out of this mess. How about the top 25 executives of the external accounting firms of those 7 companies, they certified financial statements that didn't reflect the true worth of the companies?

While we are on a roll let's cut the pay of the top 25 executives of Standard & Poor's, Moody's, Fitch and A M Best they didn't have proper ratings on these companies. Oh, and let's not forget the top 25 analyst at all the brokerage firms who failed to warn us by downgrading these companies when they should have.

There is a a lot of blame to be spread around and a lot of small investors who took big hits because they listened to the investment advice of people who they trusted, people who they thought were looking out for the little guys.

Little guys of America, unite! Let's hear your comments on who else should take a pay cut. You and I have already taken ours.

Jim Van Meerten is an investor and blogs about financial concerns here and on Financial Tides. Please leave your comments below or email FinancialTides@gmail.com

3 Comments – Post Your Own

#1) On October 22, 2009 at 10:48 AM, vriguy (78.46) wrote:

I'm with you.  Let us not forget the Federal Reserve - the root cause of all these bubbles, and the Dept of the Treasury - for a poor job all round.

Have to blame the American people as well - for letting these clowns screw us. Wait, I forgot, the people have already had their haircuts.

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#2) On October 22, 2009 at 11:37 AM, davejh23 (< 20) wrote:

Forget the top 25...how about just taking every GS bonus dollar?  All their profit is coming from bond trading, and wouldn't have been possible without borrowing from the Fed.  They may have paid back the loans, but they're still indebted.  Take away the bank holding company status, and access to Fed money and see what happens.  This goes for the other investment banks as well.  How about making all former Presidents and Congressmen/women permanent public servants?  100% of speaking fees go to government...it wouldn't have been possible without their public office...Bill Clinton has made hundreds of millions since leaving the White House. 

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#3) On October 22, 2009 at 11:49 AM, rd80 (98.66) wrote:

+1 rec

Sidebar - I wonder how much income tax revenue NY, NC and other locales lose from this.  

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