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In a few weeks, the Treasury Department’s czar of executive pay will have to answer this $100 million question: Should Andrew J. Hall get his bonus?
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Mr. Hall, the 58-year-old head of Phibro, a small commodities trading firm in Westport, Conn., is due for a nine-figure payday, HIS CUT OF PROFITS from a characteristically aggressive year of bets in the oil market.
(emphasis mine)
There is little doubt that Mr. Hall is owed the money under his contract. The problem is that his contract is with Citigroup, which was saved with roughly $45 billion in taxpayer aid.
Corporate pay has become a live grenade in the aftermath of the largest series of corporate bailouts in American history. In March, when the American International Group, rescued at vast taxpayer expense, was to give out $165 million in bonuses, Congress moved to constrain the payouts, and protesters showed up at the homes of several executives.
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OK, why shouldn't Mr. Hall get his bonus? First let me say he was evidently smart enough to MAKE money for his company. Wasn't that his job? Isn't that his contract, a share by percentage of PROFITS? Profits, a feat NOT accomplished at CitiCorp, or elsewhere, as a whole, but some of those executive bonuses got paid anyway.
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This is precisely why the government should have stayed the hell out of this mess. There is no place in American business for the government to decide which contracts get honored and which do not. IF the government had not stepped in at Citi, the parts of that company that were insolvent would NOT have been able to pay those high bonuses. There would have been no money for it, as there was not only no profit, there was damned little operating money left. Those non-operating parts would have gone away, to be replaced by other companies / entities.
As it is, the government has allowed those worthless sections to remain, with their less than worthless CEOs and Boards in tact to steal more money. It's galling!
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Would the country have been harmed immediately and deeply by a huge financial collapse like in 1929? Most probably, but it's preferable to the slow, crawling, socialist death they've created for us on Capitol Hill. A second mortgage is not the answer to not being able to pay the first mortgage. Unless you live inside the Beltway, that is.
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Schteveo says storm the Bastille
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9 comments:
Well said Stevie. As is always the case, anytime Uncle Sam gets involved in something it gets FUBAR. In fact, that's the only thing they seem to be capable of.
The marketplace should have been allowed to operate as intended, meaning, many of these companies (and their leaders) should have been allowed to go under, where they belong.
But had that happened, yo president and his hacks would have lost a valuable asset. You see, making these CEO's into bigger villians than they may actually be, is a great diversion for president Obongo. It keeps the sleeping, mindless public from seeing what he's really doing to them.
I'm no BOHICA supporter, but don't you think he'd get MORE good will and votes from helping the majority, than in helping people who most people have quit listening to. Or whom investors already hate? I know Citi and GM and B of A have a lot of money, but the PEOPLE have more money ultimately have more than any corporation.
I think there's something in the water in DC that makes them stupid.
He is helping the majority, (congress) it's just not the majority you're thinking of. (the people) Obummer knows he doesn't have to be concerned with the people. It's the MSM's job to make sure the people stay confused and asleep, and they're obviously good at it.
Yomama knows, as any politician knows, that the public has a VERY short memory, and an even shorter attention span. In 2011, Yomama (with the MSM's help of course) will start making himself look like the 2nd coming, even more than he does now. It's worked before, (Bush) and it may very well work again.
In South Los Angeles , a apartment building was destroyed by a fire.
A Nigerian family of six con artists lived on the first floor, and all six died in the fire.
An Islamic group of seven welfare cheats, all illegally in the country from Kenya , lived on the second floor, and they, too, all perished in the fire.
Six LA, Hispanic, Gang Banger, ex-cons, lived on the 3rd floor and they too, died.
A lone, white couple lived on the top floor. The couple survived the fire,
Jesse Jackson, John Burris and Al Sharpton were furious They flew into LA, met with the fire chief, on camera. They loudly demanded to know why the Blacks, Black Muslims and Hispanics all died in the fire and only the white couple lived.....?
The fire chief said, "They were at work."
OH, man that's cold.
The Pope and Nancy Pelosi are on the same stage in front of a huge crowd.
The Pope said, "Did you know that with just one little wave of MY hand I can make EVERY person in the crowd go crazy with joy? This joy will not be a momentary display like that of your subjects, but will go deep into their hearts, and they will forever speak of this day and rejoice."
Pelosi seriously doubts this, and says, "One little wave of your hand, and all people will rejoice forever?? Show me," she said.
So the Pope slapped her.
QUOTABLE QUOTES
" When they go back to Washington, I want them so rattled that they will have the Depends company on speed dial."
– Jerry Doyle on politicians and their "town meetings"
Profits, a feat NOT accomplished at the GOVERNMENT but ALL of those "executive bonuses" got paid anyway!
The answer is yes. that's our own SFP's very nice bro and he will share with us
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