US Chamber: Senate Could Vote by Weekend

After spending the morning on the Hill, U.S. Chamber of Commerce top lobbyist R. Bruce Josten said that he believes that the Senate is moving toward a positive vote on the $700 billion Wall Street bailout bill by this weekend, and expects the House will follow by early next week, meaning Friday's scheduled adjournment is off the table.

In a conference call with reporters just concluded, Josten and Marty Regalia, the Chamber's top economist, said the House is moving toward putting "the finishing touches" on its version of the bailout bill before the scheduled 4 p.m. meeting with President Bush at the White House.

Josten said he understands the desire to prevent bailout company executives from getting golden parachutes, but nevertheless cautioned lawmakers against writing draconian restrictions on executive compensation into the bailout bill.

The reason: If Congress tells the bailout companies that they can only pay their top executives government-level salaries, then they won't get the smart people they need to run them, the Chamber said.

"You don't want somebody running the situation who is purchased on the cheap because they don't have the experience," Regalia said.

-- Frank Ahrens

September 25, 2008; 12:04 PM ET  | Category:  business
Previous: Dow Shoots Out of the Gate | Next: Pelosi: We Hope to Bring a Bailout Bill Soon


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the experienced ones are the ones who made such a mess of things. Lets get some new and well educated people who are interested in real long term investing for the good of this country and it's industries instead of making millions of dollars for themselves

Posted by: Tamara | September 25, 2008 12:20 PM

Right, we need the experience they have to run things into the ground again?? LOL.

If they have any shame they will do it for 100K/year. If not, let them go.

Posted by: apeiron | September 25, 2008 12:22 PM

"getting smart people". Well, the current CEO is a bunch of idiots with high salaries, compensations. I guess their Ivy League degree did help them.

Posted by: CEO | September 25, 2008 12:52 PM

Why are we worried we won't get good people if we restrict the pay of excutives? The smart guys we had in there could not have been any worse. When employees screw up they get fired not golden parachutes. This is really disgusting. Where is all of our intelligence people--like nobody knew this was coming!!!

Posted by: dawnstarusa | September 25, 2008 12:57 PM

Wow, so people who work for the government level salaries (federal employees) now aren't smart...Guess I've been bought on the cheap! So much for my ivy league education and masters degree (without which I couldn't have gotten my job)! If they can't find disinterested, public minded intelligent people, I guess they'll have to stick with the "intelligent" people that have been running the show all along. How nauseating.

Posted by: federal employee | September 25, 2008 1:10 PM

>> If Congress tells the bailout companies that they can only pay their top executives government-level salaries, then they won't get the smart people they need to run them, the Chamber said.

How can they say this with a straight face? The smart people who have run their ships aground and now need taxpayer bailout? The bailout that is being orchestrated by government level slarymen?

Posted by: Anonymous | September 25, 2008 1:14 PM

This is idiotic. It has nothing to do with what Regalia is saying. What will happen is that once these small corporations are bailed out and their CEOs are making $400,000 a year, they will sell themselves to a larger corporation.

The result will be that they are both bailed out and will get their big salaries back. Has anybody thought this through? What will the Government's 5% stock options mean in this small company when it is diluted by the huge value of the stock of the surviving corporation that buys them? And what Government rules will the buying/surviving corporation have to go by? Will all their executives have to take a pay cut to $400,000?

The best laid plans of mice and men go awry.

It just won't work!

Posted by: RPW | September 25, 2008 1:44 PM

Fair is fair I think the Wall street should take responsibility for this mess along with the taxpayers. Why should CEO's continue to make millions of dollars at taxpayers expense. We the taxpayers are getting the short end of the stick in this deal.
To all the greedy CEO's its time to pay the piper....stop looking for handouts free money its your time pay up give back to what you've stolen from the taxpayers... you made you millions of dollars give back.....

Posted by: Jacie - San Leandro, Ca | September 25, 2008 2:27 PM

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