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Setting a cap on salaries, specific at first?
"President Barack Obama is imposing a $500,000 pay cap on some senior executives whose firms receive government financial rescue money.
Obama said the lavish bonuses for some Wall Street executives was "shameful." The president described the new restrictions Wednesday..."
I understand the theory behind it, but where will it stop? first its people taking government money, but then when the taxes stop coming in from these high salaries, where does it go next?
will the administration than say the stocks they bought to give companies capital, then they sell the stocks to regain the money, the company tanks. or they start imposing a tax on the people who own stock in the companies?
I see this as just another beginning to the end, where will it stop?
5 Answers
- 1 decade agoFavorite Answer
What this is laying out is an outline for future bailouts. Chances are, there is not going to be any retro action concerning the already issued bailout funds. The salaries and bonuses were already negotiated into the original bailout plans, and the government will not be able to change the rules in the middle of the game.
Moving forward, it is apparent that they will attempt to control private business further.
And bonuses are not evil. If a company was forecast to lose $900 million before they hire a new CEO, and they offer him 50% of whatever he brings the company in under a $900 million loss, what's wrong with giving him the 50% promised. Even if his bonus is a gaudy number, he saved his company an equally gaudy number!
Source(s): “I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.” — James Madison, 4 Annals of Congress 179, 1794 - Anonymous1 decade ago
It won't stop.
If I owned one of those companies, I would give the money back, declare chapter 7 reorg, close the doors for a month and move the headquarters to Ireland where the tax rate is only 12%.
- Anonymous1 decade ago
Well, if the taxes that come from the high salaries actually PAY THE SALARIES, then not much good is being done, is it?
- kenLv 61 decade ago
So why would a qualified CEO take the job unless there was a pot of gold ant the end of the rainbow.
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- 1 decade ago
Gee whenever someone is charged with tax evasion it NEVER is the low to middle class it is ALWAYS the people you are talking about.... so what taxes are you talking about if they don't pay them!
