Well here we go - Obiwan ORDERS pay cuts for executives

[Selene]

As we all stand by watching and saying, come on, it can't happen here.

Ok. It is not happening then. He will acquire the huge reserves of the insurance companies, which will include 401K's and other legislatively created, tax deferred accounts.

And the beat goes on.

Breaking News Alert

The New York Times

Wed, October 21, 2009 -- 2:42 PM ET

-----

U.S. to Order Steep Pay Cuts at Firms That Got Most Aid

Responding to the growing furor over the paychecks of

executives at companies that received billions of dollars in

federal bailouts, the Obama administration will order the

companies that received the most aid to deeply slash the

compensation to their highest paid executives, an official

involved in the decision said on Wednesday.

Read More:

http://www.nytimes.com?emc=na

Adam

[Ed Hudgins]

Why not eliminate the salary of every member of Congress who until they spend only what revenues the U.S. government takes in and cap spending that to, say, 15 percent of GDP, for a start!

[Selene]

Why not eliminate the salary of every member of Congress who until they spend only what revenues the U.S. government takes in and cap spending that to, say, 15 percent of GDP, for a start!

I was thinking more of an Alinsky approach. Get power and start the firing squads.

"The Radical may resort to the sword but when he does he is not filled with hatred against those individuals whom he attacks. He hates these individuals not as persons but as symbols representing ideas or interests which he believes to be inimical to the welfare of the people. (Alinsky 1946: 23)" This is from Reveille for Radicals (1946):/alinsky.htm

http://www.infed.org/thinkers

This is how he is reviewed with consistent references to Tom Paine, muckrakers etc.

"About the Author Saul Alinsky was born in Chicago in 1909 and educated first in the streets of that city and then in its university. Graduate work at the University of Chicago in criminology introduced him to the Al Capone gang, and later to Joliet State Prison, where he studied prison life. He founded what is known today as the Alinsky ideology and Alinsky concepts of mass organization for power. His work in organizing the poor to fight for their rights as citizens has been internationally recognized. In the late 1930s he organized the Back of the Yards area in Chicago (the neighborhood made famous in Upton Sinclair's The Jungle). Subsequently, through the Industrial Areas Foundation which he began in 1940, Mr. Alinsky and his staff helped to organize communities not only in Chicago but throughout the country. He later turned his attentions to the middle class, creating a training institute for organizers. He died in 1972."**

Adam

**63 years late

[Jerry Biggers]

Regarding the protests from those companies and financial institutions who compromised themselves by readily accepting the Obama Administration 's "bailouts" and "stimulus" funds - and now don't like the strings attached, I am reminded of a retort from Hank Rearden (although it may have been D'Anconia - don't have the book in front of me!) to businessmen:

"Brothers, You Asked for it!"

And the same retort also applies to the MSM and to all Americans who voted for Obama. There had been sufficient warnings of what was to come if Obama was elected.

[BaalChatzaf]

It is the Golden Rule in action. He who as the Gold makes the Rules.

Ba'al Chatzaf

[Michelle]

:lol:

Good. Maybe people won't be clamoring over eachother so quickly for the free lunch now.

Edited October 22, 2009 by Michelle R

[jeffrey smith]

:lol:

Good. Maybe people won't be clamoring over each other so quickly for the free lunch now.

No, they'll just be clamoring for other people to pick up the check for them.

It's what Billy Beck calls the cannibal pot, although I don't know if the phrase is original with him.

http://www.two--four.net/comments.php?id=4406_0_1_0_C

[sbeaulieu]

Regarding the protests from those companies and financial institutions who compromised themselves by readily accepting the Obama Administration 's "bailouts" and "stimulus" funds - and now don't like the strings attached

Although I do agree with the sentiment on corporations compromising themselves, I'm curious as to whether or not they knew this was coming as a result...i.e., in the fine print? They mentioned a few corporations already having paid the government back in full, so they are off the chopping list.

Anyone have details?

~ Shane

[DavidMcK]

Regarding the protests from those companies and financial institutions who compromised themselves by readily accepting the Obama Administration 's "bailouts" and "stimulus" funds - and now don't like the strings attached

Although I do agree with the sentiment on corporations compromising themselves, I'm curious as to whether or not they knew this was coming as a result...i.e., in the fine print? They mentioned a few corporations already having paid the government back in full, so they are off the chopping list.

Anyone have details?

~ Shane

Companies that have paid back TARP money:

JPMorgan Chase - Borrowed $25 billion

Morgan Stanley - Borrowed $10 billion

American Express - Borrowed $3.4 billion

Capital One - Borrowed $3.6 Billion

Goldman Sachs - Borrowed $10 billion

US Bancorp - Borrowed $6.6 billion

Bank of New York Mellon Corp - Borrowed $3 billion

State Street Corp - Borrowed $3 billion

BBT

Companies that still owe TARP money:

Citigroup - $50 billion

Bank of America - $45 billion

AIG - $40 billion

Wells Fargo - $25 billion

General Motors - $13.4 billion

PNC Financial - $7.6 billion

GMAC Financial Services - $5 billion

Chrystler - $4 billion

Regions Financial - $3.5 billion

Discover Financial - $1.2 billion

The above is from Web answers, an answer provided by Hadamard. Most of the companies that paid the money back didn't need it in the first place, but were forced because the Axis powers (Paulson, Bernanke and the executive branch (Obama/Bush) thought that some taking the money and others not showed off the weakness of the banking/financial system. As soon as some companies saw what was involved in taking gov't money they paid it back.

Edited October 24, 2009 by DavidMcK

[sbeaulieu]

Thanks for the info ;)

Pretty jacked move by the Fed to make the other corps take the money just to save face. Doesn't surprise me in the least, though.

~ Shane