Bye, Bye Capitalism
Well, if your business accepted the government, uh, I mean taxpayer's money, what did you think was going to happen?
AP – President Barack Obama looks on as Treasury Secretary Timothy Geithner speaks about executive compensation, … WASHINGTON – President Barack Obama on Wednesday imposed $500,000 caps on senior executive pay for the most distressed financial institutions receiving federal bailout money, saying Americans are upset with "executives being rewarded for failure."
YAHOO! has it here.
I do not think there should be a cap on someone's pay. In our free market society, each business decides who gets paid what based on experience and performance. If you perform badly, you really should be fired, especially if the company is in such bad shape you need to accept this so-called bail-out money. And you should defintiely NOT get a bonus, but it is still up to the business. Now, am I frustrated with what these businesses are doing with this handout? YES, but there were no restrictions placed on this money and no one in congress even bothered to really look at the financial records of these businesses to decide if they were even worthy of this money. In a free market, businesses succeed and businesses fail. Businesses come and go. It happens. We should let it happen. They do not deserve a bottomless wallet.