Monday

Let's Fix the Bailout Banks

I think we all can agree that there is a problem with the banks receiving our money. (You know…the “bailout” funds?) In my opinion, the number one problem is a set of executives who are self-entitled. They are fat-cats who are used to living the high life, at all costs. That “at all costs” is what led to their fraudulent activity. I’m sure they were certain that their behavior would never cause problems. I’m sure they thought that even if it did, they’d never be caught. I’m sure they thought that even if they were caught, they had enough money to buy their way out of any trouble. At least they were right on one count.

Given the situation with the banks (and the fact that I now own up to 80% of some of them), I have a few proposals as to how we can better the situation.

I think we should withhold any more money from any company that doesn't agree to forgo ALL bonuses as well as cut executive pay by at LEAST 50% if not 75% to 90%.

Will it totally change the lifestyle of the executives? Not really. They'd still be far above the rest of us because a 90% cut for someone making $150 million would bring them down to $15 million. Most of the execs are making well above $1million. Even if they were JUST making $1 million, a 90% cut would have them still making $100K. That would mean a drastic cut in lifestyle for them, but would still have them WELL ABOVE most Americans.

More math to help put it in perspective? Sure. Let's say an exec is just making $500,000 (possible for lower-paid, newer or younger execs). A 90% cut would still have them making $50K. Again, a DRASTIC change in their lifestyle, but puts them above a good portion of Americans. (Average salary is something like $42K.)

I think this should have been done in the first place before even $1 was handed to them by our government. It would have SIGNIFICANTLY reduced the payout amount needed. Just think, they don't have just one or 2 execs making $1 million or over, they have SEVERAL...as in up to a HUNDRED at some of the companies. You do the math! Even 100 execs making JUST $1 million would equal $100 million; and most of them are making WELL over $1million.

Think this is drastic? As my MIL pointed out, they wouldn’t have ANY money for ANYTHING if the people hadn’t taken control of their company and given them money to bail their fraudulent tushes out. They should be SO grateful for our help that they’re willing to make whatever concessions are necessary in order to help the company survive with the least amount of money. They should be THANKING us for giving them the money to pay the bills not calling their lawyers to have them threaten to sue if they don’t get their bonuses.

Something to remember AIG? Without our money you’d be dead right now and not ONE of you would have a job ANYWHERE! Think THAT’S better than a pay cut and no bonuses? Tough! I now own more than a majority share in your company. I am now your boss. Deal with it, or leave. You’d be saving us a lot of money either way.

-Me

No comments:

 
ss_blog_claim=5f12071e297865b5da7de79fc3eee05b