No matter what your complaint is with President Obama, you have to admit that he has stood fast against making empty gestures to assuage the American public’s anger with the bailouts and the fact that a lot of taxpayer money has gone to line the pockets of big (failing) company executives.
“I’ve always believed that our system of free enterprise works best when it rewards hard work,” President Obama said in remarks at a White House event honoring veterans. “But it does offend our values when executives of big financial firms — firms that are struggling — pay themselves huge bonuses even as they continue to rely on taxpayer assistance to stay afloat.” (CNNMoney)
Oh that’s great, I’m sure taking away a few billion in bonuses will fix things right up. Great job Mr. Feinberg (he is our ‘pay czar’ you know).
But some compensation experts have warned that actions taken by the Obama administration could have a disastrous series of unintended consequences, including the loss of top employees to companies that are not hindered by government restrictions.
Oh well, God forbid these companies lose the top employees who were the cause of the financial disaster in the first place. We certainly want to have the best of the worst for top American companies like AIG.
