Bailout CEOs who refuse pay cuts unpatriotic-Frank

[RedEarth]

Source: Reuters)

NEW YORK, Sept 23 (Reuters) - Wall Street titans who refuse to take a pay cut to join a proposed $700-billion U.S. financial system bailout were "selfish and unpatriotic", a senior Democrat said on Tuesday.

House Financial Services Committee chairman Barney Frank said he doubted the legislation would pass the Democrat-controlled Congress without including limits on compensation for executives of firms offloading bad assets.

...

"What he is saying here is, this program that they think is very important, we need it to get the economy out of the doldrums, but if it is going to nick them of a couple of million of the millions that they already have, they are going to boycott it," Frank told CNBC.

"I hope they are not that selfish and unpatriotic," he said. "This is going to be a hard sell to a lot of elected officials even with this."



Read more: http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN2340224020080923

[hisownpetard]

1. They should all, collectively, choke to death on their caviar. Revolting human beings.

[TwilightGardener]

2. If these firms balk at the bailout because of CEO compensation limits, then they

must not truly need a bailout. It's a good weeding-out tool that will save taxpayers money.

[GinaMaria]

9. I think you found the litmus test

for how bad things really are. They can't be that bad if these guys can walk away. If it's as bad as they say, they would be scrambling for crumbs.

[pa28]

27. Excellent idea.

The CEO's in question can explain to their shareholders why maintaining 100m bonus packages for themselves is more important than a bailout.

[calimary]

3. Get thee to the Greatest Page!

THIS is how we should be fighting back! Take THEIR favorite buzz phrases and talking points and jam them back down THEIR throats til they FUCKING CHOKE!!!

ABSOLUTELY these pirates should be labeled as selfish and unpatriotic if they refuse to tighten their belts and give BIGTIME concessions - IF they expect to be handed OUR 700 BILLION dollars, that is.

[bobbolink]

4. Balking at refusing pay cuts? They should be fined for EVERYTHING!

:nuke:

[FiveGoodMen]

5. I'd rather see them taken out and shot. But that's just me.

[bobbolink]

7. Nope, definitely not "just you".

But some suffering before the shots are fired....

:evilgrin:

[FiveGoodMen]

17. Absolutely!

[The Wizard]

25. Shoot them all. (NT)

[angstlessk]

6. "WERE "selfish and unpatriotic"" "WERE"? as if it is a DONE DEAL ALREADY???

what's this WERE shit?

[dweller]

13. that was Reuters, Frank said 'are' n/t

dp

[JerseygirlCT]

8. Go Barney!

I know in the scope of the numbers we're talking about this won't add up to a lot. But it's REALLY important in a symbolic way. We simply shouldn't be asked to use our money to protect their inflated gains. They made incredibly stupid gambles with other people's money. They don't deserve to be rewarded for that.

Wonder how they would have operated if there were malpractice in their profession?

[curious one]

10. People remember part of the $700 Bil is going to be paid to fat cats that do not need it.

[yy4me]

11. If these big-wigs will not give up their bonus money then there

must be money somewhere to pay them and they feel free to make that statement. Sounds like they already have their answers ready. Don't go along with us then we don't need you. Personally, I think they should all be denied any bonus dollars or stock options. If it comes down to the government bailing out these corporations, then I think all top management should be fired, no compensation whatsoever.

The Tax Paying American citizens should be given shares in the companies that are bailed out. If it works, we make some money, if it doesn't, we're all down the tubes anyway.

[APPLE_PIE]

12. Raise the tax rate on more than $1,000,000.00 to 90%

Close all the loopholes and raise the tax rate on more than 1 million dollars to 90%.

Keep it there until the bailout is paid for.

[L0oniX]

14. Patriotism is for fools and scoundrels. see list below.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=103&topic_id=386952&mesg_id=386952

[mbperrin]

15. Lee Iacocca worked for $1 a year when Chrysler took help from

the government. The rest was in company stock - no success, no reward.

Of course, that goes against everything the current group ME ME ME ONLY execs stand for. I'm opposed to a bailout anyway, but there is plenty of precedent for a CEO to work for free if their company is on the dole.

[santamargarita]

16. Those bastards aren't Americans anyway!

They're fascist pigs!

[dakdirty]

18. The hardest thing

is explaining to my children someday how the fascists were able to foist this atrocity upon our country. People are jailed for a long time for crimes far less serious and far-reaching as the ones we're now being asked to help finance.

[LatteLibertine]

19. Most

of these CEOs ought to be in court facing some sort of criminal charges. If the laws don't exist we sure need to fashion them. I'd give them exactly ZERO "executive compensation" with this bailout. Some were getting 7% pay raises or 14million a year or greater while their companies were posting 2.1billion dollar losses.

[jazzjunkysue]

20. Unpatriotic to which country? The point is, these are not all american companies.

This is barely out there yet: The realization that these are multinational companies who not only don't care about the US but may be actively working to drain our coffers.

Duh!

[GinaMaria]

29. that's something I hadn't thought of

I need to get my head out of 60's. Holy crap this is just another layer on the huge pile of 'No' we already have. This is really scary. We have got to make the consequences for any of our reps who sign off on this horrible and they have to know before they vote!

[GoddessOfGuinness]

21. Everybody else has been taking pay cuts and layoffs due to outsourcing

for years now.

These damned CEOs are the 21st century version of Louis XVI and Marie Antoinette.

[Virginia Dare]

22. Money is their God and their King...n/t

[Bozita]

23. Barney Frank will be on with Charlie Rose tonight

http://www.charlierose.com/home

A discussion about the economy with Rep. Barney Frank

Barney Frank


A conversation with Ali Babacan, Minister of Foreign Affairs of Turkey.

Ali Babacan

[BearSquirrel2]

24. Wouldn't shareholders step in ...

I would imagine that shareholders would step in if a CEO refused to take a pay cut in order to save the stock price from going to zero.

If the CEOs refuse ... then the company will go bankrupt, the regulators will step in and summarily cut their pay. Nuff said.

[ayeshahaqqiqa]

26. Great grandma was right

Wall Street CEOs are crooks and liars. Never trust them. She learned the hard way in 1929.

[ShortnFiery]

28. Barney Frank needs to jump off the "bail out" scam. This will KILL democratic chances in the

fall election. Let the selfish corporate crones sink or swim without robbing the taxpayers. It's not our fault and we should not feel obliged to bail their arrogant, bloated a**es out of debt. :thumbsdown:

[NNadir]

30. The bailout itself is unpatriotic.

It's simply another high pressure sales tactic from the Bush administration.

It's bullshit.

I don't believe them.

[Piewhacket]

31. Pay cut? They should be hanged.....

or shot, or lethally injected, as they may choose, immediately following
their fair trial using military tribunals and secret evidence.

it won't make an immediate difference financially, but the example will do a lot to
restore future confidence in the markets. (maybe not, but worth a shot, eh?)

[trthnd4jstc]

32. Cenk said, if you will not take a pay cut, you must not need federal help. n/t

[pauldp]

33. Pay Cut?! They should be fired along with Paulson and Bernanke!

Buh Bye.

[OakCliffDem]

34. K & R

[Pete2069]

35. One of Bush's parting gifts to corporations

$700,000,000,000 just a parting gift for his elitist
pocketbook..


I wonder how much Bush Sr. Carlyle Group plays into the
welfare deal...  
Carlyle Group has been heavily buying and investing into
financial institutions and CEOs of Goldman Sac and others
financial companies..

Carlyle partners in crime.

http://www.politicalfriendster.com/showPerson.php?id=145&name=Carlyle-Group

This is all about corporations taking our money overseas and
laughing in our faces.
http://www.carlyle.com/Media%20Room/News%20Archive/2006/item6868.html
London – Global private equity firm The Carlyle Group and
technology investor Kennet Partners today announce that they
have acquired FRS Global from S1 Corporation (NASDAQ: SONE).
Financial terms are not disclosed.
FRS Global is headquartered in Belgium and employs 190 people.
It has the largest installed customer base in the sector, with
over 900 customers worldwide, including HSBC, Citibank, JP
Morgan, HBOS, Wachovia, Bank of Montreal, BBVA, BNP Paribas,
Royal Bank of Canada, and UBS among 

*****************
http://www.privateequityonline.com/Articles.aspx?aID=5811
After taking our money AIG........
AIG invests in
""""Nigerian""""microfinance
platform 
19 Sep 2008 08:50 GMT Amid uncertainty over how the government
bailout of its parent company will affect its future, AIG
Investments closed a deal yesterday with an undisclosed
investment in Blue Intercontinental Micro Finance Bank. 
********
Report: Carlyle, MBK, Affinity line up for Korea Life stake 
18 Sep 2008 08:39 GMT The three buyout firms are reportedly
seeking to acquire a 10 percent stake in the Korean life
insurance company that could value the enterprise at more than
$7.5bn. 

[RainDog]

36. pay all of wall street minimum wage

and see if they can live off of it.

in other words, fuck them.