A Cap On CEO Salaries-The Return of the Green-Eyed Monster!

So now some of the real details of this “bailout” are being explained.  The Democrats have long wanted a salary cap on CEO’s.  You know, those individuals who have risen to the top of their respective fields, make millions of dollars as a result and are kept in check by shareholders and a board of directors and work for the government, er…sorry, I mean they work for private industry–but are apparently about to start working for the government.

One news article today on this subject has the following quote:

The chief executive at the now bankrupt Lehman Brothers raked in 72 million. CEOs at Fannie Mae and Freddie Mac, both now taken over by the federal government, made nearly 9 million and close to 3.5 million respectively.

“It’s obscene,” said former Utah teacher Sharon Carrier. “I’m a retired school teacher trying to pay for my medical insurance, and this is insane.”

Sharon may speak for millions of people watching the economic bailout drama unfold.

Obscene???  Of course it is Sharon, I agree.  In fact, I have some other things that I would like to add to the bailout bill myself:

1.  My Neighbor’s House Is Too Freakin’ Big

Here is a home in Houston not too far from where I live.  Isn’t it obscene?  I bet that old school teacher in Utah’s artieries would spontaneously split open if she saw this.  And of course, this is totally unfair–I mean my house is only abt 2900 square feet.  This is like a billion.  AND…a pool!!!  Ridiculous.  I think this house should be divided into 5 smaller houses and sold off so that I don’t have to look at it and drool all the time.

2.  Rolls Royce Should Be Disbanded

Ahh, the elegance, the style…the smack it takes to buy one of these.  And why is it fair that some jerks in Houston are driving around in these while I’m stuck in a Toyota Camry?  That is simply bunk and I think that the bill should include a corporate disbanding of this car company–and while they are at it they should get rid of BMW, Mercedes, Cadillac, Range Rover, (don’t get me started on SUVs), Porsche and other high priced automobile companies.  We don’t need that kind of “in your face” wealth driving around.

3. Turn Napa Valley Into Government Housing

Just look at it.  So clean, so beautiful and…so dadgum expensive.  And for what?  Wine??  Please.  The only people that can afford wine worth drinking are the rich CEO’s anyway.  Besides, is it fair that all of this untouched land, with rolling hills be used to make beverages for the fat cats of our society?  Of course not, the Government should take over this wasted farm land, build government housing and allow some of the less fortunate to live there for a change.

Shall I continue?

Does anyone find it interesting that a reporter would ask a teacher what she thinks about someone making millions of dollars a year?  Of course she is mad about it–but here is a small difference Ms. Carrier:  Although I’m sure you are molding the minds of numerous young future CEO’s, the current CEO’s that make the kind of money that makes you mad are responsible for the salaries of thousands of employees, are responsible for the operation of companies that make things like Steel, and Cereal and Pens and Pencils for your little students to write with, and yes, also responsible for mortgages and small business loans and car loans and credit cards and other evil things that numerous individuals have indulged in the last few years despite no real hope of being able to pay them back.

Let’s call this part of the bailout what it really is–JEALOUSY and ENVY

I don’t mean to get too Biblical here, but there is a great quote on envy:

“A tranquil spirit revives the body, but envy is rottenness to the bones.”  Proverbs 14:30

But that is what Democrats, and now seemingly Republicans are feeding on and answering too–our envy, the green-eyed monster of our lives.

And the difference in envy simply destroying a friendship or marriage or working realtionship–this time we are set to pass legislation that will be used to further destroy our freedom as Americans and are free market society.  Excellent!

This monster is so big now–it cannot likely be contained.

Do I think it is fair that CEO’s of failing (and successful) corporations make millions?  Of course it is fair–maybe not to me personally, but then again, I’m not a CEO–and with all do respect Ms. Carrier from Utah–neither are you.

My favorite passage from the news article quoted above is this:

“The hit for executives could be real, but pale in comparison with those losing their homes.”

That is hillarious.  You know what else?  The hit for executives also pales in comparison to the people who lost everything due to Hurricane Ike and it pales in comparison to the people who died in the World Trade Center on 9/11 and it pales in comparison to the Holocaust–but what in the name of flying monkey butt does any of that have to do with anything.  The CEO’s didn’t cause people to quit paying their mortgages.  The CEO’s didn’t cause people to enter into loan agreements that they could not afford.  The CEO’s didn’t cause people to spend hundreds of dollars a month on cell phones and cable instead of paying their mortgage bill.

I have to stop writing now–so I can duct tape my head so that it doesn’t explode.

Way to go R’s and D’s you are now joining forces to further destroy our Nation. 


(ps–don’t say I never slammed Republicans all you hateful Democrat commenters  🙂 )


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5 Comments on “A Cap On CEO Salaries-The Return of the Green-Eyed Monster!”

  1. RH Potfry Says:

    Well said my friend.

  2. Still, something seems really out of kilter about $72M. If you were on the Board of some of these corporations would you approve? Especially when someone seems to have been sleeping on the job? I went to B school with a bunch of future then, now unemployed, I-Bankers and I can say that many have nary an ethical bone in their bodies. Do they really deserve the salaries??

  3. mklasing Says:

    Oh I agree that in RETROSPECT those salaries look crazy. But see, when the company is doing great, no one complains about the CEO’s salary. The point is–why should the government be able to tell ANY private citizen that his/her salary is capped by Federal law. Who is so arrogant and self-righteous enough to have the authority to say–the amount is simply too much. It is like when Obama says that Oil companies need to give back some of their “windfall profits” or “excess profits”–who is he to say what is “excess?” I think there should be no limit in a free market as to what someone can make. If a CEO can make a billion dollars–then great for him/her. If they use that money and power to break the law–then prosecute–but don’t now create a governement standard salary cap–that sounds very communist to me.

    Don’t get caught up in deciding in retrospect what someone “deserves” to make–under that theory–as you know–none of us “deserve” anything. And yes—a good teacher and a good police officer is worth more in my mind that the CEO of Continental Airlines–but then again they are also worth more than Alex Rodriguez–few people complain about that.

    We have to decide as a Nation–are we free or are we going to let the Government dictate how much money we can make? If it starts at the highest earners–it is but a small leap to the next level and so on and so on. Already we regulate the least someone can make–baby steps—baby steps and suddenly we are speaking Russian.

  4. wickle Says:

    I really don’t care much about salaries. I’m with you completely. If your boss (the Board of Directors) decides that you’re worth $17 gazillion per year, then enjoy it!

    I admit that I balk at severance packages. When someone gets $16 million after running his company into the ground, and then we’re told that we have to pay those kind of wages in order to attract top talent, I think we’re a bit off.

    Some of these CEO’s haven’t shown why we need their kind of “top talent.” Maybe hiring a couple elementary-school dropouts at minimum wage would have made Fannie May better …

    Having said that, I agree that I’m wary of letting the government start regulating it. That’s a slippery slope I don’t want to risk.

    There are all kinds of complicated issues — the incestuous nature of high finance, for example — but that’s a cultural matter that we need to fix. When the high-level capitalists reward each other for epic-level failure, they do invite a revolution. There is wisdom in discretion.

  5. Yea. I agree the gov has no right to cap the wages. Now, if an industry is a true monopoly or oligopoly, then some kind of regulation is in order, but I don’t recall during my days at AT&T before dereg that part of regulation included salary caps…

    Russia (and China 20 years ago) are proof positive true socialism doesn’t work. Maybe sort of in teeny countries, but not big ones. When I lived there (1991), my Russian friends would say to me, “We pretend to work; they pretend to pay us.”

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