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OB-GYN
To Your Health, America. Live Long and Prosper!
08:54 AM on 09/18/2009
I see it as good to reign in excesses in publicy supported enterprise. And that's what our Banking System is. Consider too a hefty annual federal tax on the Big Four, as payback for getting there on our backs.

Please go after the Wall Street Traders too: add a tax to every put and call to help pay back the tremendous losses the American public took last November on. Some would say demolish short trading in general. In addition to derivatives, this too could have been addressed by now.
09:05 AM on 09/18/2009
Exactly... traders--of all people--should be familiar with risk, including the losses that come as well as the rewards. Bankers and traders can't accept the rewards without question and then deny the consequences of investments gone wrong; risk is a two way street. IMO, It's time they personally paid up for the losses--even if that means shaving a few hundred thousand off of their already bloated pay.
ProudNeoCon
helping people does not require government
10:29 AM on 09/18/2009
The funny part is that good traders (those who understand the risk and did not loose money) will retire.. and all banks will be left with is rejects who could not make it...
09:07 AM on 09/18/2009
Great ideas doc.
08:48 AM on 09/18/2009
Public company bonuses have been an issue for years. Many Wall Street firms started out as private entities. Once these companies went public, they have access to capital and liquidity from the common citizens. GS still wants to think of themselves as a partnership, which they clearly are not. For that reason alone, the bonuses are excessive. It is having your cake and eating it, something that the Health Care lobby for example also feels they still have a right to do. That is not democracy. At all. Even an asset manager of a public company who brings in 100x of base salary the bonus is still excessive.

In addition, the contract occurred after the bail out but before the pay czar had power of it. The optics say a window of opportunity was taken advantage of. Something that old Wall Street, including what happened in the BAC/MER merger bonus loved to do.

Without something done, the message is sent that Wall Street has not changed on iota given the situation. We also need to send a message to the Health Care lobby that exploiting the people is over as well. The Baucus bill adds mandates for coverage without competition mandates. Even “letting” the private sector sort it out is not a mandate. Yet another extraordinary brazen rip off of the American people as well.
08:45 AM on 09/18/2009
This is getting scary. Before you know it the "Compensation Czar" will be telling everyone how much they can earn. You better support the president and contribute to his campaign or..... They are taking control of student loans, and again, if you want your children to get money for college make certain you are on the right page politically. Add to this government-take over auto manufacturing, Wall Street, and soon the health industry. If you need a knee replacement you had better support you local Democrat and this administration....their collecting your emails and info right now in preparation in the "report your friends and family " campaign. Power forever over all
08:47 AM on 09/18/2009
Your post is dripping with paranoia.
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rkfdred
08:54 AM on 09/18/2009
Sorry, but I think this is long overdue. Everyone should be able to make a decent, respectable salary for the work they do but raping a company for their personal advantage. It is ridiculous to think that one person is worth hundreds of millions of dollars per year. NO ONE is that valuable. It is a sad time when making more than 2 or 3 million dollars is not enough. These same people could drop dead tomorrow and their companies will continue on just fine. The greed in corporate America is beyond the pale and needs to be reigned in. There should be no reward for bad behavior or actions that nearly brought the world to it's knees. It is an insane world we live in today. GREED is rampant.
08:31 AM on 09/18/2009
Obama is working night and day to place as much of the US economy under his control as possible.
08:42 AM on 09/18/2009
He is quite an egoManiac isn't he.
09:00 AM on 09/18/2009
He was bought by wall street
he just following orders from up above..
08:30 AM on 09/18/2009
Let's put it this way: you wouldn't expect an individual receiving welfare to also benefit from a huge paycheck or an insane bonus. The government says that one or the other has to go. The same is true for bankers who receive corporate welfare and take risks that disrupt the health of the economy--either way it's the taxpayers' dime.

"Under the proposal, the Fed could reject any compensation policies it believes encourage bank employees -- from chief executives, to traders, to loan officers -- to take too much risk."

Glad to see the Fed taking some action on behalf of all taxpayers and consumers.
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deneufeldt
For the 99%
09:19 AM on 09/18/2009
Amen
08:05 AM on 09/18/2009
To require approval of the FED?!

I thought the Fed was partly responsible for this entire meltdown ... why allow them to regulate pay?

Pathetic!
07:42 AM on 09/18/2009
I'm against capping remunerative packages for ANY class of workers!

I'm in favor of taxing progressively higher discretionary income at progressively higher rates.
08:16 AM on 09/18/2009
Well said.
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ETSpoon
10:13 AM on 09/18/2009
How can you consider a person with a yearly income in excess of several millions of dollars a year a "worker?" A capitalist, yes. A corporationist, yes. A coordinator, yes. But worker?

I agree, however, that the tax code needs revision to get federal income tax collection back on a fair and equatable progressive footing.
07:38 AM on 09/18/2009
Believe it when I see it in action.

Seems there is too much theater and tough talk of what will be done at some in the never ending future to placate the public into thinking something is actually being done.
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vippy
Carpe Diem!
07:35 AM on 09/18/2009
The right thing to do would be the bankers having to pay back their salary to make up for their bad decisions and causing this financial mess! Talent, my behind, let them go somewhere else and see what the job market is like. Perhaps China will hire them, yeah right, Chinese are way too smart and won't hire our riff raff. China has an excellent education program. But who listens to the public anyway. We can scream and holler and our politicians think they know best, though they never saw this tsunami coming. Vote them all out of office and start with a new crew. Does not matter what party since both parties are corrupt. I bet we get their attention then.
09:48 AM on 09/18/2009
China's greatest educational tool is: be found to make a mistake that becomes known globally and you won't live long.
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PhilipTaylor
SEARCH FOR: POLITICS QUICKER THAN ANYWHERE ELSE!
06:48 AM on 09/18/2009
$700,000 as the average income at G0LDMAN is shocking - the Front Desk job?

I guess if you skim you have to "Share SOME OF IT" all the way down to the bottom of the 30,000 employees or someone will "R@T" on you!

It is time for Shareholders to REBEL!
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PhilipTaylor
SEARCH FOR: POLITICS QUICKER THAN ANYWHERE ELSE!
06:49 AM on 09/18/2009
Why the FED?

Wall Street OWNS and OPERATES the FED Flunkies from Harvard!
08:02 AM on 09/18/2009
Because the FED is the one who has to fork over the most money and loan guarantees when these companies need a bailout.
09:16 AM on 09/18/2009
Talking to yourself again? Try living in New York on 10/hr. Remember Goldman is Lib with the 3rd Reish carrying their water and all.
ProudNeoCon
helping people does not require government
10:31 AM on 09/18/2009
Shareholders are the only ones who should have an ability to do so... However, it is not them who putting the regulation in. It is government...
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monicaangela
???????
06:38 AM on 09/18/2009
An effort to look good before the 20 nations who are calling the financial shots for the world meet. So we want to keep everybody in line so we won't lose talent....if this is talent, I say lose, lose, lose, let them go work for another country and ruin their financial system, these are the same people that let this banking fiasco happen and we are trying to get them in line and control pay packages of bankers in other countries just so we can keep them.....Did I miss something, on any job I have ever had or provided, if I or anybody else messed up this badly, we would have been shown the door, and encouraged to go work for another country. LOL !!!
09:56 AM on 09/18/2009
I am with you these putzes are not someone I would want to employ, retainment bonuses give me a break? Who would want to retain someone who failed so badly. And don't talk about legally contracted to provide the bonuses...that amounts to the argument health insurance companies make about tort reform. Contracts can and are regularly broken on lesser grounds.

The only difference is private citizens are suing for gross misconduct and negligence. I fail to see how traders and executives can find any grounds to sue.
ProudNeoCon
helping people does not require government
10:32 AM on 09/18/2009
Do you even understand how diverse Wall Street is? The guys who blew up a long gone..
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jimstaro
06:15 AM on 09/18/2009
I'll believe it when I see it!! And the way things have worked in this countries twisted capitalist ideology those 'tens of thousands' getting their wages curbed will be the lower rungs, the ones that actually do the work, certainly not the execs in the suites, they'll figure out how to squeeze there's out of everybody else, just like they figure out how to squeeze us their customers!
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nirek
Proud progressive Vietnam vet. against WAR
05:57 AM on 09/18/2009
Just think about how much can be saved by paying reasonably rather the huge payments to execs and not paying a livable wage to the folks who do the work.
Just because someone has a college degree does not mean they should be paid 100 times that of a worker. Lets make payment on what you do not your education. Fair pay for what you do .
05:57 AM on 09/18/2009
hey all you conservatives, remember when you pushed so hard for globalism. LOL the global economy is coming to regulate you.

enjoy :-)
08:43 AM on 09/18/2009
conservatives are ALWAYS wrong, it's amazing.
ProudNeoCon
helping people does not require government
10:34 AM on 09/18/2009
The banks will more to other countries... It may take 20 year but it will lead to rise of new economies... Once it happen, who will pay taxes in US?
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bungerman
Sarcasm is my middle name.
04:11 AM on 09/18/2009
this might not be a good place to ask but....

Anyone have a link to a non-partisan explanation of the financial meltdown? Preferably one that blames both sides of the equation? Not just the Freddie and Fannie argument or the deregulation debacle ? Thanks.
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marco01
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StJames
In absentia luci tenebrae vincunt
09:08 AM on 09/18/2009
I don't have a link, but try the archives of the Economist. They explained it very well in their magazine...I'm sorry to say my subscription ran out and right now money is too tight to renew...but like every other publication they have an online edition. The Economist is published in the U.K. and they really gave a balanced and understandable explanation.