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Market Currents

Wednesday, October 21, 2009
3:26 PM TweetThis
  • The government will reportedly order deep pay cuts from the biggest bailout recipients in a plan the Treasury will announce in the next few days. The seven companies that got the most assistance will have to cut cash payouts to their top 25 execs by an average of 90% - to be replaced by stock that they'll be restricted from immediately selling - and cut their total compensation by 50%.
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This news story has 5 comments:

  •  
    All we need now is an 80% tax rate for the wealthy and we'll be well on our way to World Depression II.

    Personally, I think bank execs should be paid with the lowest quality paper their bank owns, but paid based on how the bank currently values it.
    2009 Oct 21 03:35 PM Reply
  •  
    Whoo hoo. Balanced budget, here we come!
    2009 Oct 21 03:35 PM Reply
  •  
    "But this will cause the best minds in these companies to leave!", many will cry. Perhaps the greedy ones, but probably not those who really care about their jobs and their employers.
    2009 Oct 21 03:35 PM Reply
  •  
    Last I checked if not for the taxpayer, none of these companies would exist. Hence no jobs would exist.

    So 90% is better than 100%.

    A win-win. ;)
    2009 Oct 21 06:09 PM Reply
  •  
    If you think it isn't political, it is. It is always politics.

    We're talking about 25 super rich dudes at companies heavily touched by the US Gov.

    This is a press release that Dems can quote in elections to get cheers from the fire and pitchfork crowd.
    2009 Oct 22 08:39 AM Reply
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