These guys are used to getting paid WAY more than that.
Do you think anybody is going to want to stick around in those jobs, when they can go somewhere else and do an easier job for more money?
Isn't somebody that can turn around a failing bank worth more than $500,000.00?
They'd save us way more tax payer money in the long run.
This is a ridiculous mistake.
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Ummmm, no. I think you are wrong. These are the guys that have gotten these banks into these problems. Let the banks fail. If they are going to take the money from tax payers then we have in turn bought stock in these banks.
ReplyDeleteThe notion that these guys should make more than that is ridiculous. Why are they worth more? They are still getting stock options as part of the bonus and they are already rich to start. Obviously if a bank doesn't take the money than they are not limited in pay. Makes sense, if you need help you must take some cuts yourself.
For instance, if a person is having a hard time with finances and a family member or whoever loans them some money, should they run out and spend it on parties, vacations, or whatever? No, the money was supposed to help that person get out of trouble. You have just burned a bridge with the person or group you borrowed the money from. It's all about responsibility and respect. Not stealing money if the company doesn't need it.
@Drew:
ReplyDeleteThey are worth more if they are able to save us from spending MORE tax money bailing them out in the future.
Also, whether CEOs DESERVE to make more than 100 times what the lowest paid employee makes is not the nature of my argument. (I have repeatedly stated in the past that the top paid employee only deserves a salary of 100x the lowest paid employee, which is how they do things in Japan) but that's a discussion for a different time. What I'm talking about here are people that have made WAY more than $500,000.00 a year now having to take a pay cut. they will leave those jobs and go work somewhere else. that's just how it is.
and about your third paragraph, obviously i don't agree that the banks should be able to spend our money on parties and vacations. there should definitely be some oversight and accountability.