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Obama's CEO Pay Caps Lack Teeth
By Mark Impomeni - Politics DailyPresident Barack Obama recently announced to great acclaim that companies receiving bailout money from the federal government under the second half of the Troubled Assets Recovery Plan, or TARP, would have to agree to limitations on the compensation packages they can provide to executives. It was a populist and popular move that gave the appearance that the Administration was being responsible with the taxpayers' money in administering the program. But an analysis by the Los Angeles Times of the actual rules governing the pay limitations reveals that President Obama's CEO pay restrictions can ...
Chris Dodd Writes Tougher CEO Pay Caps Into Stimulus
By Tommy Christopher - Politics DailyOne of my favorite Senators, Chris Dodd of Connecticut, has taken a good idea and made it even better. He wrote in limits on executive pay that far exceed those proposed by President Obama. From WaPo:The bill, which President Obama is expected to sign into law next week, limits bonuses for executives at all financial institutions receiving government funds to no more than a third of their annual compensation. The bonuses must be paid in company stock that can be redeemed only when the government investment has been repaid. With the measure, lawmakers seek to address public outrage over ...
CEO Pay Curbs: Let the Free Market Work
By Tommy Christopher - Politics DailyA debate has raged on these pages over President Obama's $500,000 salary cap for CEOs taking bailout funds, with Matt Lewis calling them "A Dumb Idea," and David Knowles opining "A Great Idea," with a rejoinder from Matt.Since I'm the guy who is providing these billions in bailout funds, I thought I'd weigh in. Matt is absolutely right, it is up to a company's shareholders to decide how much they pay their CEO. They are going to have to decide which is more important, paying their CEO more than the cap (assuming a CEO who has driven his company into bailout status is even prepared to walk ...
Re: CEO Pay Curbs
By Matt Lewis - Politics DailyI don't want to dwell on this issue too much, but having read many of the comments -- and having read David's post -- I can't resist answering a few of the key concerns:One of the many reasons I have opposed the bailouts from the beginning, is precisely because there is a feeling that if government bails out a private company, that government now "owns" that company. This, of course, is tantamount to nationalization of private business -- which is ultimately much worse than businesses merely going under. You and I may disagree with how much a company and its shareholders decide to pay a given ...
CEO Pay Curbs: A Dumb Idea
By Matt Lewis - Politics Daily... I get why the populist notion that companies pay CEO's too much money. When you look at the amount some of these CEO's make -- even the failures -- it boggles the mind. And, of course, I also get why a politician would want to propose capping the amount of money companies can pay CEO's. On the surface, to the average person, it sounds good.But if your primary goal is to fix the economy (not merely to punish the rich) -- this is a stupid idea that will actually make the problem worse.And when you put it in context, the entire notion falls apart.Imagine telling the Washington Redskins they ...
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