Obama administration punishment for GM CEO - Pay freeze

[Yooper]

GM still owes moolah, to the tune of billions.

Here is where the harshness starts:
"To ensure that taxpayers were not rewarding executives at companies that received the most government help, the law required that their pay packages be subject to restrictions and approved by Patricia Geoghegan, who is special master for executive compensation for the Troubled Asset Relief Program".


The highest paid executive at GM, CEO Dan Akerson, will get $9 million this year, according to Treasury's letter to the automaker.

Poor guy gets a pay freeze.

[313WX]

It's about time.

[Augustiner]

Shit, only $9 million? What's he gonna do, start wiping his ass with twenties instead of hundreds?

[Jimaz]

The only way you could get people to voluntarily play a game as crooked as what real life has become in the U.S. would be to make the players' very lives dependent on their continued playing.

I guess that pretty much sums up this economy.

It somehow reminds me of Franz Kafka's A Hunger Artist. Bizarre indeed.

[TKshreve]

It somehow reminds me of Franz Kafka's A Hunger Artist. Bizarre indeed.

I read this short story in a college Lit class. I still recall the plot every now and then in my head, but didn't think I'd see reference to it ever again. Thanks for that!

Regarding executive compensation, it's out of hand and will be for a long time. Right wing spinsters have too much fun intertwining the fear of losing "American Freedoms" and the ability to compensate at such exhorbitant heights.

The sad reality imo is the effect of this wealth shift. Corporations have hijacked our economy and nobody can do anything about it. Being rich is one thing, but self promotion to becoming ultra rich is another.

[Jimaz]

I read [A Hunger Artist] in a college Lit class. I still recall the plot every now and then in my head, but didn't think I'd see reference to it ever again. Thanks for that!

You're most welcome, TKshreve!

Corporations have hijacked our economy and nobody can do anything about it.

That's just what they'd like us to believe. Check out Grossman's Taking Care of Business.

Either this is a free country or it is not. If it is not, that fact must be exposed.

[Cincinnati_Kid]

Wow, that pales in comparison to the 26.5 million Alan Mullaly is getting. These Corporate Criminals are what's driving this country into the ground.

[Hermod]

Wow, that pales in comparison to the 26.5 million Alan Mullaly is getting. These Corporate Criminals are what's driving this country into the ground.

What do the Tigers have to pay a year for a .240 hitter?

[Detroitej72]

I can't understand why there is such outrage over the car companies paying out, but then you have idiots on the right like Rush who defend the Wall Street criminals and think their entitled to bonuses.

[mjs]

It reminds me off Jon Stewart making fun of the conservatives regarding GE making $14.2 billion and not only only paying zero tax on it, but then receiving $3.2 billion from the taxpayers. Damn, talk about a welfare recipient living high on the hog by scamming the system.

If the republicrats want to balance the budget, quit having the only agreement be that it should be given to the corporations. When did government's primary role become propping up GE, Goldman, BofA, the airlines, or even GM? Eliminate the corporate give aways and tax income over a million at 80%. The budget would be balanced and the growing wealth disparity would be slowed rather than subsidized.

[TKshreve]

Eliminate the corporate give aways and tax income over a million at 80%. The budget would be balanced and the growing wealth disparity would be slowed rather than subsidized.

As simple as that sounds, it would do the trick. No problem.

It's all the "bloody murder" you would hear crying from the right. Their money would be spent in the hundreds of millions to fabricate shell advocacy groups [[with rosey anagrams for names) who would then come out against any whiff of legislation in that direction. It's actually quite ironic that the uber-rich piss away huge amounts of money to simply protect it.

And the whole 0% tax rate loopholes for these titans is downright treason. You, me and the next 200,000,000 of us go right to jail without passing go. Not the rich though.

[hybridy]

http://www.cbsnews.com/stories/2011/...20046867.shtml

not that simple indeed. corporations will just run to the nearest tax haven.

[Yooper]

I'm sick and tired of the poor taking advantage of the rich.
Teabaggers unite! So we can end this travesty, and finally get our fair share!

[Mikeg]

It reminds me off Jon Stewart making fun of the conservatives regarding GE making $14.2 billion and not only only paying zero tax on it, but then receiving $3.2 billion from the taxpayers. Damn, talk about a welfare recipient living high on the hog by scamming the system.

You "progressives" just want to believe and regurgitate everything you read in the NY Times - even after the story about GE's "zero taxes" has been proven wrong. You really ought to broaden your range of news sources and question everything you read.

[firstandten]

You "progressives" just want to believe and regurgitate everything you read in the NY Times - even after the story about GE's "zero taxes" has been proven wrong. You really ought to broaden your range of news sources and question everything you read.

I hope you take your own advice !

[1KielsonDrive]

You "progressives" just want to believe and regurgitate everything you read in the NY Times - even after the story about GE's "zero taxes" has been proven wrong. You really ought to broaden your range of news sources and question everything you read.

Ha, ha, what a joke. WE should broaden our range of news sources and question everything we read. Ha, ha. Coming from someone who watches Faux Snooze. Ha, ha.

[1KielsonDrive]

I wonder if the NO!bama administration has considered the same types of restrictions/penalties for bankers, wall streeters and other gamblers who wagered our economy?

[detroitbob]

Wow, that pales in comparison to the 26.5 million Alan Mullaly is getting. These Corporate Criminals are what's driving this country into the ground.

Ford Motor did not take any bailouts from the Feds, and started their retooling well before GM and Chrysler. The comment about Alan Mullaly has no foundation based on GM's restrictions.

[SaintMe]

I wonder if the NO!bama administration has considered the same types of restrictions/penalties for bankers, wall streeters and other gamblers who wagered our economy?

No matter what party is in charge, Wall Street will be fine. They've been in bed with The Fed and running their own show since the 80s. They paid small fines in the $10,000s, compared to the billions of damage they caused, and weren't even required to admit wrong doing. The recession was not so much a product of left vs. right politics, but of rich versus poor.

[1KielsonDrive]

No matter what party is in charge, Wall Street will be fine. They've been in bed with The Fed and running their own show since the 80s. They paid small fines in the $10,000s, compared to the billions of damage they caused, and weren't even required to admit wrong doing. The recession was not so much a product of left vs. right politics, but of rich versus poor.

I mostly agree except - left vs. right. If you're talking about political parties, it's not left vs.right, it's right versus far-right.

[Gistok]

Ford Motor did not take any bailouts from the Feds, and started their retooling well before GM and Chrysler. The comment about Alan Mullaly has no foundation based on GM's restrictions.

You beat me to the punch detroitbob.... when discussing bailout money and executive pay... you do have to leave Ford out of the equation. They did NOT file for bankrupcy. I just wish there were more Alan Mullaly's to go around.... for Michigan businesses....

Smartest move Ford Chairman William Clay Ford Jr. ever made....

[Cincinnati_Kid]

It doesn't matter that they don't correlate, Ford mortgaged the blue oval before Mulally was named CEO, so even though he helped turn the company around doesn't justify the outrageous bonus he just received. He should be compensated, just not 26.5 million dollars worth. It sends a bad message.

[Wesley Mouch]

Eliminate the corporate give aways and tax income over a million at 80%. The budget would be balanced and the growing wealth disparity would be slowed rather than subsidized.

The left needs to understand that once you game the system for things like 'green investment', you game the system. If you game the system, you allow those w/ all the lawyers and accountants to game the system. So if you don't want the system to be gamed, take ALL the games out of the system. No mortgage deduction, no charitable deduction, nothing. Well, maybe a standard exemption. But that's it!

Stop the games.

[detroitbob]

I just wish there were more Alan Mullaly's to go around.... for Michigan businesses....Smartest move Ford Chairman William Clay Ford Jr. ever made....

Gistok you are 100% right. [[particularly when we agree!) this state needs more people like Mullaly, Illitch, Dan Gilbert etc...now that I've mentioned other oft ill discussed people, I'm sure the tirade will start.

[Cincinnati_Kid]

Gistok you are 100% right. [[particularly when we agree!) this state needs more people like Mullaly, Illitch, Dan Gilbert etc...now that I've mentioned other oft ill discussed people, I'm sure the tirade will start.

Dan Gilbert, now there's a piece of work.