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Cake for Bailed-Out Execs

Many Readers Who Comment are waging class warfare in response to Amit R. Paley's report that a Bush administration-ordered sentence in the $700 billion financial bailout law effectively repealed the only way to limit lavish pay for top corporate executives.

The comments are full of bile for politicians of both parties but especially President Bush, corporate leaders and corporations, unions, union workers and nonunion workers. If there is a central theme, it is one that has been from the beginning of this financial crisis: unhappiness with the bailout.

There is a sort of Real People against The Man theme here that wasn't showing up a few weeks ago.

We'll start with realadult, who wrote, "...So lets get all the people writing in re the need to break the unions in the auto bailout to tell us how to break this lot. I mean we do want to put a stop to this waste of taxpayer's money, right? We don't want to live in Animal Farm, where all animals are equal, but some more equal than others."

magellan1 added, "The UAW has a contract that was negotiated and the workers are going to get the billions that they are "owed". Then we see that the executives will also get the billions they are "owed". We taxpayers are now going to get what we aren't owed - another big hosing."

And bitterpill81 said, "And we go after the workers to make the sacrifices. How American !"

But charko825 said, "The UAW did not agree to ONE concession....
LET THE BIG THREE GO UNDER!! America needs to be purged of all unions..."

hc2254 advised, "If you hate rich people so much then stop buying their products. Put your money in a mattress, stop buying music CD's, stop going to restaurants, stop buying cars, appliances, etc. Go on strike. Sure workers will get laid off first but you have to be willing to fight, even if in a disorganized manner."

Chagasman said, "The capitalist system is nothing but a game to see how much those in charge can steal from society. Bush and his gang of thieves have already proven that they are capable of the most heinious of crimes against humanity, so they must feel that adding a little bit more to the total won't make much of a difference in the end..."

merganser said, "Gee, surprise, surprise. Now we know why TARP as administered by Paulson is not doing what it was intended to do. Let's see if Obama's Wall Street crew acts any differently than Bush's. My prediction is better rhetoric and empathy, but same results."

bryony1 asked, "Is it too late to stop the bailout... or has the money already been disbursed? Since the GOP has dug its heels in, saying the autoworkers have to be gouged... or there won't be an automakers' bailout, can't the Dems now refuse to proceed with the financiers until the loophole is closed...?

whizkidz1 wrote, "...The business "leaders" of this country have become so insane with their greed, they can't stop to think about where they will go after this country has crashed and burned."

txengr said, "Unfortunately I doubt that this was a loophole. I bet it was intentional. I am very disappointed at the corruption on wall street."

HunterGatherer suggested that "Scoundrels like these used to be tarred and feathered and run out of town on a rail. It was a good precedent and should be followed again soon."

steviana wrote, "The Republicans decry class warfare any time it suits them. Yet they are definitely on the side of the money class. Unless executive pays are legally restricted, there are always loopholes...

EXPAT4 said, "Take the money back. The American public is getting jerked around and soaked by a bunch of conmen in the senate, congress and the private sector...Throw the bums. -all of them- out into the street."

crt-nyc suggested that "... the Treasury should immediately purchase a "troubled asset" of nominal value (say $100) so that each financial institution shall be subject to the TARP executive compensation requirements. Any financial institution that refuses to sell any troubled asset to the Treasury should receive no additional TARP funding, and its refusal to sell a troubled asset should be widely publicized..."

But kevink2 said "...crt-nyc's suggestion is a clever one that could be executed by the executive branch alone, once Obams's administration is in place. An alternative would be for Congress to add a provision in the tax code that taxes at 101% any compensation over X dollars coming directly or indirectly from a company recieving bailout funds."

shadocat wrote, "Executive compensation was NEVER in any danger of being restricted. Remember the Golden Rule: 'Whoever has the Campaign Contributions makes the rules.' "

coloradodog asked, "Loophole? You mean punked again by Bush - his final Holiday president to joe-six-pack who is footing this bill. Weak Sister Pelosi should have caught this. Looks like she just caved and looked the other way again for the fat cat executvies. She should resign or be recalled."

And dja4000 wrote, "For all you people that are blaming the republicans and bush for this mess, think again, the democrats are just as much to blame. This wouldn't have happened without the democrats votes..."

We'll close with a comment from a different story, the one about the shoes being thrown at President Bush on his visit to Iraq. i_go_pogo asked, "How come the guy still had shoes? Where was the TSA?"

All comments on the bailout article are here.

By Doug Feaver  |  December 15, 2008; 7:39 AM ET
Categories:  Auto Industry , Bailout , Bush , Congress , Economy Watch  | Tags: Bailout, Bush, Congress, Economy Watch  
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Next: The SEC's Madoff Mess


Yeah! Running a company into the ground without losing a penny of your OWN compensation isn't as easy as you people seem to think! It takes a steely, single-minded dedication to one's own well-being that, frankly, most rank-and-file don't have the stomach for.

It ain't easy being sleazy!

Posted by: WilyArmadilla | December 17, 2008 9:02 AM | Report abuse

Perhaps the people who think CEO's are overpaid should assume the responsibility of the CEO. Then they may find out what the role of a CEO really is.

Posted by: ahashburn | December 15, 2008 3:22 PM | Report abuse

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