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Thread: House votes to restrict Wall Street pay

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    House votes to restrict Wall Street pay

    House votes to restrict Wall Street pay - Economy in Turmoil- msnbc.com

    The House bill includes Obama’s suggestions to give shareholders a nonbinding vote on compensation packages and prohibit directors on compensation committees from having financial ties to the company and its executives
    Obama said giving shareholders a “say on pay” and diminishing management influence on pay packages would go far in curbing the lavish pay seen at some banks.
    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.
    Last edited by Baralis; 07-31-09 at 06:00 PM.

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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.
    I don't think it's the government business what a company pays anyone. This is just populist class warfare codifide.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: House votes to restrict Wall Street pay

    Quote Originally Posted by MrVicchio View Post
    I don't think it's the government business what a company pays anyone. This is just populist class warfare codifide.
    My god, I think I actually agree with you!

    I do believe that the government should have a say in the companies it bailed out, being as they are essentially shareholders (whether or not this was a good idea is not the point here) but certainly not corporations who are still standing without government aid. As much as I hate the path that corporate America has gone, it certainly isn't the governments job to dictate this.

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    Re: House votes to restrict Wall Street pay

    Quote Originally Posted by Midwest Lib View Post
    My god, I think I actually agree with you!

    I do believe that the government should have a say in the companies it bailed out, being as they are essentially shareholders (whether or not this was a good idea is not the point here) but certainly not corporations who are still standing without government aid. As much as I hate the path that corporate America has gone, it certainly isn't the governments job to dictate this.
    Companies make mistakes, people can bee greedy bastards... however, that's life, you cannot legislate "fairness" into life, and regulating pay is just one more yoke upon the freedom of America.

    Oh and while I DISLIKE government as shareholder... as long as they have a stake really they do have say in pay, but they SHOULD NOT BE BALE TO BACK THAT WITH THE POWER OF THE GOVERNMENT. The influence should be as any other shareholder.
    Last edited by Renae; 07-31-09 at 06:29 PM.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: House votes to restrict Wall Street pay

    Quote Originally Posted by MrVicchio View Post
    Companies make mistakes, people can bee greedy bastards... however, that's life, you cannot legislate "fairness" into life, and regulating pay is just one more yoke upon the freedom of America.

    Oh and while I DISLIKE government as shareholder... as long as they have a stake really they do have say in pay, but they SHOULD NOT BE BALE TO BACK THAT WITH THE POWER OF THE GOVERNMENT. The influence should be as any other shareholder.
    Twice in one day I agree with you! I think I need to sit down!

    In all honesty though, I think if the government is to regulate in any capacity it should focus more on anti-trust legislature. It blows my mind that it has been admitted that much of the financial crisis has been because corporations that were "too big to fail" did just that. As you said, companies DO make mistakes, and people ARE greedy, but if one person's greed or one company's mistakes causes the entire nation to suffer economically, then that seems to be where the concern should lay. Government regulation of pay is not the answer.

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    Re: House votes to restrict Wall Street pay

    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.

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    Re: House votes to restrict Wall Street pay

    Quote Originally Posted by MrVicchio View Post
    I don't think it's the government business what a company pays anyone. This is just populist class warfare codifide.
    Depending on how it is written I do not see it this way at all. I see it not as granting the government powers to dictate what someone makes but instead its shareholders which imo is the way it should be.

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    Re: House votes to restrict Wall Street pay

    Quote Originally Posted by Midwest Lib View Post
    Twice in one day I agree with you! I think I need to sit down!

    In all honesty though, I think if the government is to regulate in any capacity it should focus more on anti-trust legislature. It blows my mind that it has been admitted that much of the financial crisis has been because corporations that were "too big to fail" did just that. As you said, companies DO make mistakes, and people ARE greedy, but if one person's greed or one company's mistakes causes the entire nation to suffer economically, then that seems to be where the concern should lay. Government regulation of pay is not the answer.
    The problem with that line of thinking is that it belies the myth that the economy will not recover or self correct without the "government" saving it.

    History has shown this not to be true. Government almost invariably causes more problems then were at the outset. Tis better to have a hard fast fall and subsequent recovery then this crap we're getting now.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: House votes to restrict Wall Street pay

    Quote Originally Posted by Baralis View Post
    Depending on how it is written I do not see it this way at all. I see it not as granting the government powers to dictate what someone makes but instead its shareholders which imo is the way it should be.
    Is this government telling a business how it must operate?

    Yes it is.

    That's my big problem with it.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: House votes to restrict Wall Street pay

    Quote Originally Posted by MrVicchio View Post
    Is this government telling a business how it must operate?

    Yes it is.

    That's my big problem with it.
    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.

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