Obama Was Not the First to Propose Pay Caps for Fat Cats!

obama_wash_020309Just hours ago, it hit the national wire services when President Obama announced that he proposes to cap the salaries of CEOs whose companies had to accept Congressional Bailout Funds to keep from filing bankruptcy. Hmmm….Sounds rather familiar… Wait, I WANTED TO DO THE SAME THING STARTING IN DECEMBER OF LAST YEAR! That’s two months ago!

The cause I started is called 18:1, and the url is http://apps.facebook.com/causes/168082?recruiter_id=6971264. If you want, you can still join the cause, and even order a T-Shirt at Cafepress.com.

http://www.foxnews.com/politics/first100days/2009/02/03/obama-plans-cap-executive-pay-government-assisted-financial-institutions/

I just heard a trader on Wall Street from “Seaport Securities” say that it’s more a philosophical issue than a practical issue. He said he was opposed to having a government that was “heavy-handed” and would meddle with communism.

My question to this man — who I’m sure is at the top of his field — isn’t communism when the government comes in and pays the company to make a certain product? I think that it’s more in-line with the ideals of capitalism if the government says, fine. If you don’t take the bailout, then pay your CEO 10 Trillion dollars a year, but if you do have to take the taxpayers’ money to keep from filing bankruptcy, then you need to limit the amount you pay your CEO.

How ’bout it?

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2 Comments on “Obama Was Not the First to Propose Pay Caps for Fat Cats!”

  1. Ted Says:

    While it should go without saying that even a legitimate President’s “ordered” $500,000 pay cap is an unenforceable intrusion into the private sector, as if that weren’t enough, Obama LACKS EVEN OSTENSIBLE AUTHORITY to issue the order UNTIL HE OVERCOMES “RES IPSA LOQUITUR” BY SUPPLYING HIS LONG FORM BIRTH CERTIFICATE AND PROVING HIS ELIGIBILITY TO BE PRESIDENT UNDER ARTICLE 2 OF THE US CONSTITUTION.


  2. May be you are correct that The President is not the first but whatever is announced is the need of the hour. How can the hard earned tax payers money be provided for the luxuries of these inefficient persons.


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