Friday, February 06, 2009

A half million-dollar salary? Draconian?

This is how out of touch with “normal America” that some people on Wall Street are. All these poor people, whining about President Obama’s decree that executive pay be capped at $500,000 if their firms are getting federal assistance during these very rough times. For instance (via, there is this guy:

"That is pretty draconian -- $500,000 is not a lot of money, particularly if there is no bonus," said James F. Reda, founder and managing director of James F. Reda & Associates, a compensation consulting firm. "And you know these companies that are in trouble are not going to pay much of an annual dividend."

You know, I can maybe see (but only just barely) someone’s point that, after making 30 mil a year, half a million dollars a year and no other perks might be somewhat difficult to take. I mean, there is that vacation house in the Hamptons to pay for, the yacht, the hired help to pay… Just like a law of garages (“You will accumulate just enough stuff to completely fill your garage”), so it goes, I guess, for the salary you get. You will find a way to dispose of that salary, even if it is more than the total sum of the average salary of 500 “regular people.” But to call this cap, “draconian” and “not a lot of money”, well… “Delusional” hardly does this justice. They need to take a look around outside their little bubble where they apparently only associated with other very rich assholes. All I can say is that I wish we could sentence people like this to work as a elementary teacher whose salary might reach 30K if they have been at it a few years. Let’s see how they manage then.

On second thought, we don’t want these kinds of scumbags anywhere near kids in their formative years. Maybe they should work as garbage collectors instead.

Sweet Jesus, I am tired of hearing about stories like this. I think we know why this country is in as much trouble as it is. Republicans helped remove any and all oversight on financial institutions, and these guys kept taking and taking and taking.

Meanwhile, we just learn that this country lost almost 600,000 jobs in January alone.

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