What world does Wall St live in?

The disconnect from reality practiced by the Investor class is absolutely amazing to behold. The same people who were at the forefront of making sure that the poorest of the poor had restrictions and obligations put upon them in order to receive an existence level helping hand from the government are now saying it's unfair for the government to put restrictions and obligations on the Corporate Welfare they receive.

This article, Dismay on Wall Street over Obama pay cap, put me in a slash and burn response mode. Eyemuff the kids....


The background: President Obama announced that senior executives of companies accepting financial aid from the government will be limited to a salary of $500,000 per year. Strapped in? Okay, let's go...

The salary limit is "still a hefty sum to be sure, and the spirit of the order certainly has popular appeal, but it's a slippery slope when the government puts restrictions on how much an individual can earn in the private sector," said Patrick O'Hare of the independent research firm Briefing.com

News flash, bucko - if a business is being bailed out by taxpayers, it is NO LONGER IN the "private" sector. Obama has not said the restrictions are industry-wide, they apply only to aid recipients.

"Also, the order itself strikes us as a disincentive for financial firms to reach out for aid, which will just prolong the recovery for the sector and the economy."

Really? Look, fuckwit, either they really need the money and are willing to put up with the red tape that comes along with it or they are trying to line their own pockets at the taxpayers expense. Would a financial firm rather go tits-up rather than accept a lower paycheck restriction? Why are they unwilling to accept what WORKERS have had to concede to for a couple of DECADES? Pilots, auto workers, medical personnel, teachers - all have taken cuts in pay in order to keep their jobs and - supposedly - their employers in business. These whiny little bitches are complaining about ONLY getting a HALF MILLION DOLLARS. Fuck them!

Douglas McIntyre at the financial website 24/7 Wall Street said the limits could make it more difficult for troubled banks to retain their best executives.

"Wall Street may keep most of its bankers if they face pay cuts, but it is the top five or 10 percent who make these companies really profitable, and they will soon be on their way to greener pastures if this measure is enacted," McIntyre said.

Another non-logical thinking dickhead...must I point out the obvious to these geniuses of Finance? They Came To The Government For A BAILOUT - which they would not have had to do if these companies were "really profitable." These people FAILED at their jobs - if they were waiters at Appleby's, they'd be bounced out on their asses for breaking all the dishes and pissing in the sink!

Why would someone out there in those "greener pastures" - I assume that means "firms which did not need bailing out" - hire someone who failed so miserably that they had to go to the hated Government to cover their assets?

Don Lindner, a compensation specialist with the human resources association WorldatWork, said the new restrictions could mean a "huge cut in pay" for many top executives.

He says that like it's a BAD thing...Payroll employment fell by 524,000 PEOPLE over the month of December - they took a "huge cut in pay" too. Prick. Cry me a fuckin' river.

"They might leave to find jobs where they are paid more, that's my concern, that the restrictions are so deep that the leadership won't stay," said Linder

GOOD! That's the same "leadership" that took these firms over the fucking cliff! Why Should They Be Rewarded For Incompetence? Conservatives don't allow this at the MINIMUM wage level, why do they embrace it at the MAXIMUM end?

This is the "Greed Is Good" mentality in action. They still think they DESERVE millions in salary after helping to wipe out 25% of the nation's wealth!

Oh, sorry - I have to cut this short. It's time for me to fill out my re-application for Food Stamps, declaring all income, even loans from family members, so I can get my $10 worth this month.

The Audacity of Dopes...Hey, Wall St tycoons! I got yer "Greener Pastures" hangin' right here...

< New Christian Bale mash up | Why did David Berman quit his dad Rick "Dr. Evil" Berman and his band SILVER JEWS ? >
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And I thought Stephen King was prolific. At any rate, great post.

by Tom Hanc on 02/04/2009 03:56:27 PM EST


Kids - let this be a lesson in "What happens if I don't take my Meds?"

by MedfordTim on 02/04/2009 03:59:17 PM EST

[ Parent ]
Let me know when you post this on DU so I can give it some momentum in the right direction.

by Tom Hanc on 02/04/2009 04:08:57 PM EST

[ Parent ]

I still don't have enough "Atta boys" accumulated.

by MedfordTim on 02/04/2009 05:00:42 PM EST

[ Parent ]
my mortgage for a month.  The walking commode pays off 20% of my house.  Longshore work is seasonal in the NW, and shipping is down over 50% worldwide.  I'm at the Dispatch Hall whenever there's a call out, but they've been few and far between since October.  I asked my mortgage company for a three month moratorium on payments due to the rec-(depr)-ession.  Just stick it on the end is all I asked for.  All the phone calls said "you qualify; fill out the forms and wait 34 days."  I filled out the forms, found all the necessary bank statements, mortgage receipts, pay stubs and faxed them from my local bank branch. On Day 39 I received a letter in the mail: request DENIED.  So I say to these titans of banking and finance lounging on their 350' yachts or flying to Cancun on their Bush-bailout bought corporate jets; you know, the ones that that got us here and now beg us for these multi-$billion bailouts:  Float some credit for the masses, or you'll be floating on your asses.

by gatekeeper50 on 02/04/2009 04:26:08 PM EST

A-FUCKING-MEN.

by QED on 02/04/2009 05:01:45 PM EST

"it's a slippery slope when the government puts restrictions on how much an individual can earn in the private sector"

Then don't take the bailout money and go it on your own. Good luck with that, you've done such a good job so far.

"No, you are a paid blogger assigned to counter anyone that posts something negative about the government or Obama." by Mcamelyne II on 05/17/2011

by Robrob on 02/04/2009 05:10:31 PM EST

" ... if a business is being bailed out by taxpayers, it is NO LONGER IN the "private" sector."

Ditto on that.

Also, while some people are trying to fix the problem, too many have been successful at spinning it by bringing up the idea of socialism. It's not that I support the ideology but, given the kind of economy we have right now, something needs to be done NOT in a private fashion.

by Babyfishie on 02/04/2009 06:50:39 PM EST

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