If only he had better Cabinet picks!
Following the Senate effort to limit the pay of executives of banks that received federal bailout money, President Obama seems to have taken note of this effort. The Obama administration has now imposed a pay limit of $500,000 per year on senior execs of most financial institutions that may get bailout funds in the future.
What? Only $500,000? Gee, nobody's going to take a job at that salary! (That's sarcasm, people.)
And after the way the banks that have already gotten bailout money have squandered it, why should the banks get any more bailouts in the future?
I think capping execs' pay at $500,000 is mighty generous, since it is more than what Obama makes as President. But the "regulation for thee, not for me" cult is already crying foul. They meep that a pay cap is too much intervention in the economy.
Then what in the Wide, Wide World Of Sports do they think the bailout is?
If you get government funds, you don't have any business expecting there to be no strings attached.
(Source: http://hosted.ap.org/dynamic/stories/B/BAILOUT_EXECUTIVE_PAY?SITE=SCGRE&SECTION=HOME&TEMPLATE=DEFAULT)
Wednesday, February 4, 2009
Obama caps bank execs' pay
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While it should go without saying that even a legitimate President's "ordered" $500,000 pay cap is an unenforceable intrusion into the private sector, as if that weren't enough, Obama LACKS EVEN OSTENSIBLE AUTHORITY to issue the order UNTIL HE OVERCOMES "RES IPSA LOQUITUR" BY SUPPLYING HIS LONG FORM BIRTH CERTIFICATE AND PROVING HIS ELIGIBILITY TO BE PRESIDENT UNDER ARTICLE 2 OF THE US CONSTITUTION.
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