We have a bunch of idiots on Wall Street... - GoFuckYourself.com

Redmanthatcould · 01-30-2009, 12:35 PM

An angry U.S. senator introduced legislation Friday to cap compensation for employees of any company that accepts federal bailout money. Under the terms of a bill introduced by Sen. Claire McCaskill, D-Missouri, no employee would be allowed to make more than the president of the United States.

Obama's current annual salary is $400,000.

"We have a bunch of idiots on Wall Street that are kicking sand in the face of the American taxpayer," an enraged McCaskill said on the floor of the Senate. "They don't get it. These people are idiots. You can't use taxpayer money to pay out 18 billion dollars in bonuses."

http://www.cnn.com/2009/POLITICS/01/...pay/index.html

CDSmith · 01-30-2009, 12:57 PM

Quote:

Obama Calls Wall Street Bonuses ‘Shameful’

WASHINGTON — President Obama branded Wall Street bankers “shameful” on Thursday for giving themselves nearly $20 billion in bonuses as the economy was deteriorating and the government was spending billions to bail out some of the nation’s most prominent financial institutions.

“There will be time for them to make profits, and there will be time for them to get bonuses,” Mr. Obama said during an appearance in the Oval Office with Treasury Secretary Timothy F. Geithner. “Now’s not that time. And that’s a message that I intend to send directly to them, I expect Secretary Geithner to send to them.”

It was a pointed — if calculated — flash of anger from the president, who frequently railed against excesses in executive compensation on the campaign trail. He struck his populist tone as he confronted the possibility of having to ask Congress for additional large sums of money, beyond the $700 billion already authorized, to prop up the financial system, even as he pushes Congress to move quickly on a separate economic stimulus package that could cost taxpayers as much as $900 billion.

This week alone, American companies reported as many as 65,000 job cuts, and public anger is rising over reports of profligate spending by banks and investment firms that are receiving help from the $700 billion bailout fund. About half of that money is still available, but the new administration has yet to announce how it will use it, and many analysts think it will take far more to stabilize the banking system.

Should Mr. Obama have to go to Congress to seek more money for the bailout fund to avert the failure of more banks, he would most likely encounter opposition within both parties and demands for tighter restrictions on pay for executives of institutions that receive government assistance.

Mr. Geithner has already signaled a willingness to impose stricter compensation limits as part of a revamped approach to dealing with the banking crisis, but with his strong words on Thursday, Mr. Obama seemed intent on reassuring Congress and the public that he would step up the pressure on bankers before granting them additional assistance.

Mr. Obama was reacting to a report by the New York State comptroller that found financial executives had received an estimated $18.4 billion in bonuses for 2008, less than for the previous several years but the same level of bonuses as they received in 2004, when times were flush.

“That is the height of irresponsibility,” Mr. Obama said. “It is shameful. And part of what we’re going to need is for the folks on Wall Street who are asking for help to show some restraint and show some discipline and show some sense of responsibility.”

The Obama administration and lawmakers have begun to consider ways to control executive pay; the bailout fund, known as the Troubled Asset Relief Program, or TARP, would be the main vehicle for exerting such control. The administration of former President George W. Bush issued guidelines last October to try to control executive pay at companies receiving government help, but so far they have done little to curb large salaries.

During his confirmation hearings, Mr. Geithner said the administration is preparing rules that would require executives at companies receiving taxpayer money to agree that any compensation above a certain amount — he did not specify how much — be “paid in restricted stock or similar form” that could not be liquidated or sold until the government had been repaid.

Some lawmakers, meanwhile, have said they are considering so-called “clawback” provisions that could be invoked by the government to take back bonuses and executive pay from officials at companies that encountered problems.

In the meantime, public outrage is already forcing some companies to rein in their lavish spending. John A. Thain, the former Merrill Lynch executive who was forced out of Bank of America, said this week he would reimburse Bank of America for an expensive renovation of his office that included an $87,000 area rug and $35,000 commode.

But it took the urging of the Obama administration to force Citigroup, which received an infusion of taxpayer funds last year, to abandon plans to buy a $50 million corporate jet. On Thursday, Mr. Obama made reference to the jet, without singling out Citigroup by name; his remarks came one day after the president met at the White House with business leaders, including Richard D. Parsons, the new chairman of Citigroup.

On Capitol Hill, Senator Christopher J. Dodd of Connecticut, the chairman of the Senate Banking Committee, issued his own warning on Thursday, saying companies would be summoned to testify if taxpayer money was involved.

“Whether it was used directly or indirectly, this infuriates the American people and rightly so,” Mr. Dodd said. “So I say to anyone else who does it, if you do it, I’m going to bring you before the committee.”

There is also political pressure to rein in pay in industries beyond banks and investment firms. The pressure reflects the substantial disparities between pay increases for senior executives, the low rate of wage growth for workers and the frequent disconnect between compensation and the long-term strategic success or failure of corporations.

Mr. Obama’s message on Thursday was reinforced by Vice President Joseph R. Biden Jr., who pledged in an interview with CNBC and The New York Times that the government would spend the remaining $350 billion of the troubled assets money “wisely and prudently and transparently.”

Mr. Biden said that he, like the president, was outraged by reports of large bonuses going to Wall Street executives.

“I’d like to throw these guys in the brig,” he said. “They’re thinking the same old thing that got us here, greed. They’re thinking, ‘Take care of me.’ ”

http://www.nytimes.com/2009/01/30/bu..._r=1&th&emc=th

One of the CEO's who was asked about these bonuses on tv news said "You have to pay your top people".... Yeah buddy, the same "top people" who got the company into financial hot water in the first place. Good plan.

pocketkangaroo · 01-30-2009, 12:59 PM

I don't see how they are idiots. They are like a casino, they can't lose. If there business fails, they just borrow/steal from the government.

spunky99 · 01-30-2009, 01:21 PM

i want a job where i can bankrupt the company i work for and get a sweet bonus

2012 · 01-30-2009, 01:22 PM

no way .

tony286 · 01-30-2009, 01:22 PM

Quote:

Originally Posted by spunky99

i want a job where i can bankrupt the company i work for and get a sweet bonus

yeah isnt that nice.

Reak AGV · 01-30-2009, 01:28 PM

Quote:

Originally Posted by pocketkangaroo

I don't see how they are idiots. They are like a casino, they can't lose. If there business fails, they just borrow/steal from the government.

Bingo

Klen · 01-30-2009, 01:31 PM

This show what caused crisis-money going to private pockets instead public economy.

AlienQ - BANNED FOR LIFE · 01-30-2009, 01:39 PM

Giuliani is a fucken retard.

"Former New York Mayor Rudy Giuliani on Friday defended corporate bonuses, saying that cutting them also means slashing jobs in the Big Apple.

"If you somehow take that bonus out of the economy, it really will create unemployment," he said on CNN's "American Morning." "It means less spending in restaurants, less spending in department stores, so everything has an impact."

OK so...

SO who is going to buy more things on average in the course of one day Mr. Giuliani?

A: 20 Families that divide a 5 Million
B: 1 family with 5 Million?

dav3 · 01-30-2009, 02:27 PM

Obama/Biden are doing more good in 10 days than Bush did in 8 years.

GetSCORECash · 01-30-2009, 02:31 PM

Quote:

Originally Posted by CDSmith

One of the CEO's who was asked about these bonuses on tv news said "You have to pay your top people".... Yeah buddy, the same "top people" who got the company into financial hot water in the first place. Good plan.

What they need to do is pay the government back.

pornguy · 01-30-2009, 02:49 PM

Quote:

Originally Posted by spunky99

i want a job where i can bankrupt the company i work for and get a sweet bonus

All you had to do is what corporate America did. Base your business on LOANS to make a profit, then you get the bail out because you can not pay the load.

Need a new domain. Take out a loan
Need a new Server. Take out a loan
Need custome content. Take out a loan

HandballJim · 01-30-2009, 05:54 PM

Quote:

Originally Posted by dav3

Obama/Biden are doing more good in 10 days than Bush did in 8 years.

I like Obama but whats up with spending all this money on bs?

IllTestYourGirls · 01-30-2009, 06:35 PM

Obama is king of say one thing do another. Was Obama tricked into voting for the bailout by Bush with never thinking that these CEOS were going to take billions in bonuses? Please tell me he is not that stupid.

I have never seen a liar bigger than Bush until Obama.

EscortBiz · 01-30-2009, 06:38 PM

how do you know that people who would of gotten paid less would of not made a bigger mess? imagine a bigger mess?

MetaMan · 01-30-2009, 06:48 PM

Jewsssssssssssssssssssssssssssssss

LiveDose · 01-30-2009, 07:08 PM

She forgot to mention the bunch of idiots we have in Washingon DC.

tony286 · 01-30-2009, 07:54 PM

Quote:

Originally Posted by EscortBiz

how do you know that people who would of gotten paid less would of not made a bigger mess? imagine a bigger mess?

because when someones payout is based on hitting a number and getting a shitload of money for hitting it. all that matters is that number and the greater good of the company goes bye bye.

Drake · 01-30-2009, 08:09 PM

Being a CEO of those companies is a win-win situation, a dream job. Whether the company is prospering or teetering on bankruptcy, their paycheck just keeps getting bigger.

Drake · 01-30-2009, 08:17 PM

Do shareholders decide who gets bonuses?

crockett · 01-30-2009, 09:16 PM

I actually love the fact that Obama has been speaking out against this BS on the jet and the bonuses. It's fucking ridiculous that these ass fucks are getting bailed out then going on a fucking walmart shopping spree so to speak.

It's fucking unaccepable and we all damn sure know Bush nor McCain would have ever said a damn word about it. I'm glad this other guy is now speaking out about it too.

It should be a fucking law if these companies are taking tax payer money that their saleries get cut. You damn sure know they wouldn't have been reaching for the cookie jar if they knew their pay would be cut to nothing.

I just love the fact that Obama did it the way he did too.. Put them in the public spotlight and told them to "fix it". That is just outright awesome IMO..

qxm · 01-30-2009, 09:27 PM

Quote:

Originally Posted by AlienQ

Giuliani is a fucken retard.

"Former New York Mayor Rudy Giuliani on Friday defended corporate bonuses, saying that cutting them also means slashing jobs in the Big Apple.

"If you somehow take that bonus out of the economy, it really will create unemployment," he said on CNN's "American Morning." "It means less spending in restaurants, less spending in department stores, so everything has an impact."

OK so...

SO who is going to buy more things on average in the course of one day Mr. Giuliani?

A: 20 Families that divide a 5 Million
B: 1 family with 5 Million?

Giuliani is the only mofo whose face and sarcasm I can't stand.... he stands way down there next to Limbaugh in my list.. both a couple of douchebags who offer no real solutions and a bunch of criticism/sarcasm....

lofasz · 01-30-2009, 09:52 PM

Executives on Wall Street are receiving the money.
Taxpayers are paying the money.

You may want to rethink your conclusion about who the idiots are imo.

Iron Fist · 01-30-2009, 09:59 PM

Quote:

Originally Posted by spunky99

i want a job where i can bankrupt the company i work for and get a sweet bonus

In one line, that pretty much says it all.

And they know it.... "Fuck the company, let me see how much shit I can get out of here before they axe me."

Douchebags.

woj · 01-30-2009, 10:12 PM

calling management of these companies idiots is like calling a skilled race car driver an idiot because the car's engine failed... sure he could have gone easy on the pedal, but that's stupid, the whole point of his job is to push the limits of the car so he can win the race, rather than just drive around in circles like an idiot and finish in 42nd place...

tony286 · 01-30-2009, 10:18 PM

Quote:

Originally Posted by woj

calling management of these companies idiots is like calling a skilled race car driver an idiot because the car's engine failed... sure he could have gone easy on the pedal, but that's stupid, the whole point of his job is to push the limits of the car so he can win the race, rather than just drive around in circles like an idiot and finish in 42nd place...

Actually like a race car driver if he doesn't know how far he can push and doesnt respect the boundary at the end of the day he like the race car driver with the blown up car is still a loser and deserves nothing.

Drake · 01-30-2009, 10:39 PM

Quote:

Originally Posted by woj

calling management of these companies idiots is like calling a skilled race car driver an idiot because the car's engine failed... sure he could have gone easy on the pedal, but that's stupid, the whole point of his job is to push the limits of the car so he can win the race, rather than just drive around in circles like an idiot and finish in 42nd place...

Not sure that I follow the analogy. These large companies are failing because management pushed their companies to the limits in bad investments, poor planning, and now want bailouts and pay hikes? They're already about to finish in 42 place behind all the companies that invested wisely and planned properly, and this is why they're asking for government loans.

01-30-2009, 12:35 PM	#1
Redmanthatcould Confirmed User Industry Role: Join Date: Dec 2006 Posts: 2,771	We have a bunch of idiots on Wall Street... An angry U.S. senator introduced legislation Friday to cap compensation for employees of any company that accepts federal bailout money. Under the terms of a bill introduced by Sen. Claire McCaskill, D-Missouri, no employee would be allowed to make more than the president of the United States. Obama's current annual salary is $400,000. "We have a bunch of idiots on Wall Street that are kicking sand in the face of the American taxpayer," an enraged McCaskill said on the floor of the Senate. "They don't get it. These people are idiots. You can't use taxpayer money to pay out 18 billion dollars in bonuses." http://www.cnn.com/2009/POLITICS/01/...pay/index.html

01-30-2009, 01:21 PM	#4
spunky99 Confirmed User Industry Role: Join Date: Jan 2004 Location: Vancouver Posts: 3,462	i want a job where i can bankrupt the company i work for and get a sweet bonus __________________ Spunky Cash - GND Bank - Good Girls Bank - Bliss Bucks - Nuts For Mobile - Daddy I Get Paid To Be A Whore Click Here To Make Money With Spunky - Domains For Sale - ICQ 281841678

01-30-2009, 01:22 PM	#5
2012 So Fucking What Industry Role: Join Date: Jul 2006 Posts: 17,189	no way . __________________ best host: Webair \| best sponsor: Kink \| best coder: 688218966 \| Go Fuck Yourself

01-30-2009, 01:39 PM	#9
AlienQ - BANNED FOR LIFE best designer on GFY Join Date: Mar 2003 Location: IALIEN.COM - High Definition Video and Photographic Productions -ICQ 78943384 Posts: 30,307	Giuliani is a fucken retard. "Former New York Mayor Rudy Giuliani on Friday defended corporate bonuses, saying that cutting them also means slashing jobs in the Big Apple. "If you somehow take that bonus out of the economy, it really will create unemployment," he said on CNN's "American Morning." "It means less spending in restaurants, less spending in department stores, so everything has an impact." OK so... SO who is going to buy more things on average in the course of one day Mr. Giuliani? A: 20 Families that divide a 5 Million B: 1 family with 5 Million? __________________ NAKED HOSTING FTW!11 I'm On The INSANE PLAN $9.95/mo! \| The Alien Blog Adult News Worth Reading Updated Daily \| Content For Sale! 641 PICS 216 MINUTES OF VIDEO $350.00 \|ICQ: 78943384 \|

01-30-2009, 02:27 PM	#10
dav3 Confirmed User Industry Role: Join Date: May 2007 Posts: 7,348	Obama/Biden are doing more good in 10 days than Bush did in 8 years. __________________ Webmasters :: Juicy Ads :: ACWM :: Crak Revenue :: Money Tree

01-30-2009, 12:59 PM	#3
pocketkangaroo Confirmed User Join Date: Jan 2005 Location: Chicago, IL Posts: 8,452	I don't see how they are idiots. They are like a casino, they can't lose. If there business fails, they just borrow/steal from the government.

01-30-2009, 01:31 PM	#8
Klen Industry Role: Join Date: Aug 2006 Location: Little Vienna Posts: 32,235	This show what caused crisis-money going to private pockets instead public economy.

01-30-2009, 06:35 PM	#14
IllTestYourGirls Ah My Balls Industry Role: Join Date: Feb 2007 Location: Under the gold leaf ICQ 388-454-421 Posts: 14,311	Obama is king of say one thing do another. Was Obama tricked into voting for the bailout by Bush with never thinking that these CEOS were going to take billions in bonuses? Please tell me he is not that stupid. I have never seen a liar bigger than Bush until Obama. __________________

01-30-2009, 06:38 PM	#15
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01-30-2009, 06:48 PM	#16
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01-30-2009, 07:08 PM	#17
LiveDose Show Yer Tits! Industry Role: Join Date: Feb 2002 Location: Somewhere Out there... Posts: 25,792	She forgot to mention the bunch of idiots we have in Washingon DC. __________________ Scammer Alert: acer19 acer [email protected] [email protected] Money stolen using PayPal

01-30-2009, 08:09 PM	#19
Drake Hello world! Industry Role: Join Date: Mar 2003 Posts: 12,508	Being a CEO of those companies is a win-win situation, a dream job. Whether the company is prospering or teetering on bankruptcy, their paycheck just keeps getting bigger.

01-30-2009, 08:17 PM	#20
Drake Hello world! Industry Role: Join Date: Mar 2003 Posts: 12,508	Do shareholders decide who gets bonuses?

01-30-2009, 09:16 PM	#21
crockett in a van by the river Industry Role: Join Date: May 2003 Posts: 76,806	I actually love the fact that Obama has been speaking out against this BS on the jet and the bonuses. It's fucking ridiculous that these ass fucks are getting bailed out then going on a fucking walmart shopping spree so to speak. It's fucking unaccepable and we all damn sure know Bush nor McCain would have ever said a damn word about it. I'm glad this other guy is now speaking out about it too. It should be a fucking law if these companies are taking tax payer money that their saleries get cut. You damn sure know they wouldn't have been reaching for the cookie jar if they knew their pay would be cut to nothing. I just love the fact that Obama did it the way he did too.. Put them in the public spotlight and told them to "fix it". That is just outright awesome IMO.. __________________ In November, you can vote for America's next president or its first dictator. Last edited by crockett; 01-30-2009 at 09:18 PM..

01-30-2009, 09:52 PM	#23
lofasz Confirmed User Join Date: Oct 2008 Posts: 120	That is backwards... Executives on Wall Street are receiving the money. Taxpayers are paying the money. You may want to rethink your conclusion about who the idiots are imo.

01-30-2009, 10:12 PM	#25
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	calling management of these companies idiots is like calling a skilled race car driver an idiot because the car's engine failed... sure he could have gone easy on the pedal, but that's stupid, the whole point of his job is to push the limits of the car so he can win the race, rather than just drive around in circles like an idiot and finish in 42nd place... __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager