Wednesday, February 04, 2009

When the trickle down drippage from the golden parachute isn't gold

So, according to CNN, President Obama has announced that he'll deflate Golden Parachutes for execs who take bail out money:

"For top executives to award themselves these kinds of compensation packages in the midst of this economic crisis isn't just bad taste -- it's a bad strategy -- and I will not tolerate it. We're going to be demanding some restraint in exchange for federal aid -- so that when firms seek new federal dollars, we won't find them up to the same old tricks," the president added.

Under Obama's plan, companies that want to pay their executives more than $500,000 will have to do so through stocks that cannot be sold until the companies pay back the money they borrow from the government. CNN

What I'd like to know is will company execs still be able to provide these huge payouts to execs if they take money from banks who've received bailout money that was, ostensibly, meant to help the economy and prevent job loss for the unnecessary acquisition of another large company that will cause massive layoffs and do significant damage to local economies in two states. . .you know, the Wye-Pfi deal?

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