Thursday, February 5, 2009

More on Executive Pay Canard

Last night, my wife commented to me that she was pleased to see that our man President Obama was finally going to put some limits on the CEO pay issue for bankermen that take our children's money to cover their gambling debts. I said that it would indeed be a good thing, but we should wait and see what lies in the fine print. This morning we have it, in a report on Bloomberg entitled, "Goldman, JP Morgan won't feel the effects of executive salary caps." The report states,
The rules, created in response to growing public anger about the record bonuses the financial industry doled out last year, will apply only to top executives at companies that need “exceptional” assistance in the future. The limits aren’t retroactive, meaning firms that have already taken government money won’t be subject to the restrictions unless they have to come back for more.
Well, there it is, in black and white. A cap for those who take even more of the kiddies money, only in "da future" -- bankermen love that phrase. There is a wonderful picture of Obama giving a speech with Tim Geithner leering from behind. One can almost sense the bankerman's hand behind Mr. Obama's jacket, pulling the strings as Mr. Obama speaks. I feel sorry for Barack, he is certainly a good man, who will in no way be able to handle the snakes he is in bed with.

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