Haven't these weasels stolen enough money?
"Some said the government's restrictions on companies that accept government funding may be ineffective, and that Treasury Secretary Henry Paulson will not aggressively enforce the rules"
How is that going down with your breakfast bowl of shit, 'murka?
"Treasury sets pay limits for bank officials; Rules will apply to firms that receive federal funds" by Kimberly Blanton, Globe Staff | October 15, 2008
The US Department of the Treasury yesterday moved to curb lucrative bonuses, stock options, and golden parachute severance packages for top executives at leading financial companies, including Bank of America Corp. and State Street Corp., which have a major presence in Boston.
The limits were required for all companies participating in the government's plan to shore up the economy by injecting $250 billion into in the banking system. While the government said only healthy financial institutions would receive cash infusions, it imposed compensation limits to protect taxpayers' investment in the companies.
Like giving money to the rich guy in town as the homeless starve, no?
How about SAVING SOME HOUSES for people, huh?
Under the plan, the Treasury Department will purchase preferred shares in nine of the nation's largest financial companies, as well as in hundreds of regional banks. Chief executives at those nine companies earned a combined $289 million last year, according to the Institute for Policy Studies. Some executives may have to return bonuses if their firms lose money, though compensation analysts said that was not stated clearly in the legislation.
Pfffft.
The government also reduced the size of the tax deduction companies can take for their executives' pay from $1 million per executive to $500,000.
Where is MY WRITE-OFF?
Bank of America said it does not believe the provisions will affect compensation for chief executive Kenneth Lewis, who received a total of $24.8 million last year. While Bank of America was not a subprime lender, it did make money by packaging such loans and selling them to investors.
Some said the government's restrictions on companies that accept government funding may be ineffective, and that Treasury Secretary Henry Paulson will not aggressively enforce the rules. --more--"
But Hank never wanted to do any of this, and he so regrets it!
Pfffffffffftttt!
