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Thread: House votes to restrict Wall Street pay

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    Re: House votes to restrict Wall Street pay

    Quote Originally Posted by Baralis View Post
    The government has to have some oversight and I belive in this case it is warranted. As the current system stands there are no real checks and balances and can be easily corrupted.
    The only problem there is that the government tends to be just as easily corrupted...

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    Re: House votes to restrict Wall Street pay

    Quote Originally Posted by Baralis View Post
    Something that has come out of the Obama administraion that I agree with. I believe this is long over due. The system has been corrupt for a long while now. I have always believed the share holders should have the final say on bonues and exec pay.
    Even if it's illegal?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: House votes to restrict Wall Street pay

    Quote Originally Posted by apdst View Post
    Even if it's illegal?
    Im not sure it is illegal, if it is then yes I would be against it. I see some of you are against this and aside from the goverment stepping in what reason do you have? I am curious why you believe that the shareholders or those that own a segment of a company shouldnt have the majority say when it comes to employee incomes.

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    Re: House votes to restrict Wall Street pay

    Search Results - THOMAS (Library of Congress)

    The requirement that directors on a compensation committee have no financial ties to the company has merit--there really is no substitute for keeping Caesar's wife above suspicion.

    Giving a shareholders a non-binding vote is about an empty a gesture as can be had. Because it is non-binding, most shareholders won't even bother (and the small investors are not likely to follow corporate governance issues that closely to begin with.

    The rest of the bill seems fairly anemic at first glance. The only interesting bit besides the independence of the compensation committee is the section with new regulations for covered financial institutions dealing with risk management, et cetera. Sounds great at first--until you remember that the whole securitization mess was first pitched as a risk management mechanism, as were Credit Default Swaps.

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    Re: House votes to restrict Wall Street pay

    Quote Originally Posted by Scorpion89 View Post
    Really I think the Congress needs to be sent a copy of the 1st Adm and learn it. talk about a clear violation I hope this goes to the Supreme Court.
    Where's the First Amendment violation? Please elaborate.

    (serious question....I'm curious how you got that)

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    Re: House votes to restrict Wall Street pay

    Quote Originally Posted by Baralis View Post
    House votes to restrict Wall Street pay - Economy in Turmoil- msnbc.com





    Something that has come out of the Obama administraion that I agree with. I believe this is long over due. The system has been corrupt for a long while now. I have always believed the share holders should have the final say on bonues and exec pay.
    Ain't fascism just wonnerful?

    The ONLY purpose Congress acheives by depriving the owners of private companies their Fifth Amendment rights is the satisfaction of an empty populist campaign promise to punish those evil CEO's and their "outrageous" pay packages.

    Nothing more.

    What this move will accomplish is new and creative ways to compensate top executives that maybe aren't at public. Don't ask me how, just know that's what happens when government interferes.
    Last edited by Scarecrow Akhbar; 07-31-09 at 10:09 PM.

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    Re: House votes to restrict Wall Street pay

    Quote Originally Posted by Baralis View Post
    Im not sure it is illegal, if it is then yes I would be against it. I see some of you are against this and aside from the goverment stepping in what reason do you have? I am curious why you believe that the shareholders or those that own a segment of a company shouldnt have the majority say when it comes to employee incomes.
    The government mandating this into law kinda goes against the whole, "free market", thing. Wouldn't you say?

    The shareholders do have a say. Every year, they elect board members and trust those board members to make decisions that will increase the value of their shares. If paying out large salaries and bonuses by the board members rubs the shareholders raw, then the shareholders are well within their rights to elect board members who are against hat practice; not the government.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: House votes to restrict Wall Street pay

    Quote Originally Posted by apdst View Post
    The government mandating this into law kinda goes against the whole, "free market", thing. Wouldn't you say?

    The shareholders do have a say. Every year, they elect board members and trust those board members to make decisions that will increase the value of their shares. If paying out large salaries and bonuses by the board members rubs the shareholders raw, then the shareholders are well within their rights to elect board members who are against hat practice; not the government.
    Granted I do not know all the facts on the proposed changes so I may very well turn agaisnt it. Allowing corporate executives and there family members to have a vote can stack the odds into the boards hands giving them full power over their own income and bonuses. Which is exactly what has happened in some of the major cases recently.
    Last edited by Baralis; 07-31-09 at 10:44 PM.

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    Re: House votes to restrict Wall Street pay

    Quote Originally Posted by Baralis View Post
    Granted I do not know all the facts on the proposed changes so I may very well turn agaisnt it. Allowing corporate executives and there family members to have a vote can stack the odds into the boards hands giving them full power over their own income and bonuses.
    You're right, it can, but board members are no different than elected government officials. They get out and talk to the share holders to find out what the mindset is, too. If a board member figures that reforming bonuses and salaries will get him elected easier, he'll campaign on that platform. Obviously, the shareholders only care about the value of their stock increasing and don't care how that happens. Can't say I blame them.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: House votes to restrict Wall Street pay

    I agree with this decision. Corporate execs. should not be able to sign in a $1 million pay raise or bonus without first consulting the shareholders. We've seen enough high profile cases of execs. taking the money and fleeing just before a big crash, placing their shareholders on the backburner.

    In an ideal world this would not be necessary and I am not typically in favor of this kind of government interference, but Wallstreet has proven it lacks the foresight to support its shareholders before it supports its execs. Many execs just see shareholders as the route to their own personal riches and gain, instead of considering what it means to have corporate community.

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