So, you wanna be bailed out, eh?

Do I really need to say anything about these pieces of news? Do we really need to subsidize the bastards with our tax money? How can an executive of a failing company POSSIBLY get a ^%$# bonus?

They want to be bailed out? Okay - then RETURN the bonus money.

From 2/21/2007 NEW YORK, Feb 21 (Reuters) - "Bear Stearns Cos. BSC.N said on Wednesday it has created maximum bonus pools of $305 million for 12 top executives if the investment bank beats the upper range of performance targets in 2007."

From 4/4/08 NEW YORK (AP) - "The chief executive of American International Group Inc., the largest insurer in the U.S., received compensation the company valued at about $13.9 million in 2007, nearly half of what he earned a year ago.
According to a proxy statement filed Friday with the Securities and Exchange Commission, Martin Sullivan received the same base salary of $1 million for both years. But his cash bonus was cut substantially to $3.6 million from $10.1 million in 2006.
Sullivan was paid $697,910 in other compensation, or 'perks.' The total included $322,534 for use of the company plane, $153,023 for a car and driver and $160,488 for home security and other assorted 'living expenses.'
Sullivan also earned stock and stock options valued at about $3 million when granted."

Here is what an Aussie had to say:
"Executive salaries: from the subprime to the ridiculous
Michael West
September 25, 2008

HENRY Paulson has got to be kidding. He wants American taxpayers to hand a cool $US700 billion ($A833 billion) to his pals on Wall Street in return for a gigantic bundle of their delinquent assets … without his pals taking a pay cut.
Could there be a finer reward for failure? Could there be a worse deal for taxpayers?
No stake in the upside, no ceiling on extortionate Wall Street salaries, no guarantee the system will be stabilised. Just the mother of all rip-offs: a deal to privatise Wall Street's profits and socialise its losses.
How about this bit: "Decisions by the Secretary (Paulson) pursuant to the authority of this act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency." Like a Roman emperor, Paulson's pals get an explicit protection against any review by the courts and Congress while taxpayers fork out top dollar for rubbish the banks can't sell. It is the quintessential dudding.

The four biggest investment banks, which included Bear Stearns and Lehman Brothers, shelled out $US30 billion in bonuses last year. Lehman just went under and Bear Stearns was bailed out earlier in the year."

How about Ford Motor Company - are they coming to the window with their hands out next? Consider this from Reuters news on April 4th 2008:

"In addition to information about the Annual Meeting, the 2008 proxyprovides a detailed review of total 2007 compensation provided, granted to orreceived by five named executive officers during the year -- based on thecompany's 2007 performance. Details include:
Alan Mulally, Ford president and chief executive officer, earned $2,000,000 in salary and received incentive bonus awards of $7 million. Total 2007 compensation was $21,670,674, which includes salary, bonuses, the Company-recognized expense for stock options and other stock-based awards, as well as all other compensation.
Don Leclair, Ford executive vice president and chief financial officer, earned $1,005,633 in salary and received incentive bonus awards of $3 million. His 2007 compensation totaled $11,703,127.
Mark Fields, Ford executive vice president and president, The Americas, earned $1,255,634 in salary and received incentive bonus awards of $2,850,000. His 2007 compensation totaled $8,389,898.
Lewis Booth, Ford executive vice president, Ford of Europe and Premier Automotive Group, earned $868,133 in salary and received incentive bonus awards of $2,250,000. His 2007 compensation totaled $10,264,463.
Mike Bannister, Ford executive vice president and CEO, Ford Motor Credit Company earned $708,700 in salary and received incentive bonus awards of $2,150,000. His 2007 compensation totaled $8,677,747."

God help us if our government bails these companies out without demanding a return of all bonus money for the last 1-3 years.
That is my opinion.

Popular posts from this blog

Olive oil and lemon juice gallstone cleanse works!

The Kent County Youth Fair is Moving and I am PUMPED for Lowell.

A review of Terro ant bait vs Raid - Terro wins big time.