Hooray for Chris Dodd! (Representatives, Congress, salary, Obama)

[evilnewbie]

Apparently Chris Dodd has a bigger backbone than Obama's lackluster protection of taxpayer against corporations... his cap on executives goes right to the heart of corruption and WAY beyond what Obama offered... Thank You Chris Dodd!!


Stimulus amendment puts tough limits on executive pay - CNN.com


excerpt from link

• Firms taking more than $500 million from TARP would be required to restrict compensation paid to the 20 top-earning employees and other key executives. For companies getting $250 million to $500 million from TARP, that includes senior executives and the top 10 earning employees. The number of affected employees would go down from there for companies taking less than $250 million from TARP.


• Severance payments known as "golden parachutes" for senior executive officers or the next five most highly compensated employees would be banned at companies receiving TARP funds, ending those often sizeable severance payments for departing executives.


• Top executives at TARP-funded firms would be barred from receiving bonuses exceeding one-third of their annual salary. For many top executives, that would mean a dramatic reduction. The Wall Street Journal cited as an example the 2007 compensation of Bank of America Corp. CEO Kenneth D. Lewis, who was paid a salary of $1.5 million that year, but actually earned a total of $16.4 million including a bonus, stock-option awards and restricted stock. At the same salary level, Lewis' 2009 compensation would be restricted to about $2.25 million under the Dodd provisions, the Journal said.


• The secretary of the Treasury must review past compensation paid to the top 25 employees of TARP recipients and seek reimbursements "if those payments were contrary to the public interest or inconsistent with the purposes of the [stimulus package] or the TARP," according to Dodd's statement.

[MovingForward]

Originally Posted by evilnewbie

Apparently Chris Dodd has a bigger backbone than Obama's lackluster protection of taxpayer against corporations... his cap on executives goes right to the heart of corruption and WAY beyond what Obama offered... Thank You Chris Dodd!!


Stimulus amendment puts tough limits on executive pay - CNN.com


excerpt from link

• Firms taking more than $500 million from TARP would be required to restrict compensation paid to the 20 top-earning employees and other key executives. For companies getting $250 million to $500 million from TARP, that includes senior executives and the top 10 earning employees. The number of affected employees would go down from there for companies taking less than $250 million from TARP.


• Severance payments known as "golden parachutes" for senior executive officers or the next five most highly compensated employees would be banned at companies receiving TARP funds, ending those often sizeable severance payments for departing executives.


• Top executives at TARP-funded firms would be barred from receiving bonuses exceeding one-third of their annual salary. For many top executives, that would mean a dramatic reduction. The Wall Street Journal cited as an example the 2007 compensation of Bank of America Corp. CEO Kenneth D. Lewis, who was paid a salary of $1.5 million that year, but actually earned a total of $16.4 million including a bonus, stock-option awards and restricted stock. At the same salary level, Lewis' 2009 compensation would be restricted to about $2.25 million under the Dodd provisions, the Journal said.


• The secretary of the Treasury must review past compensation paid to the top 25 employees of TARP recipients and seek reimbursements "if those payments were contrary to the public interest or inconsistent with the purposes of the [stimulus package] or the TARP," according to Dodd's statement.

Chris Dodd is a Democrat. Congress is crafting the bill, not Obama.

[evilnewbie]

Did you forget Obama's plan for the future banking bailout? Its convenient to forget... these additions go way beyond what Obama wanted... even you can't deny that... and yes, I know Dodd is a democrat... I am not blind to ideology... I seek what is right regardless of whether it comes from the left or right... I am not like you who thinks that "good" only comes from the left...

[MovingForward]

I would appreciate it if you would refrain from assumption about where I think "good" comes from. It might interest you to know that I have voted Republican in my lifetime. Back when "Republican" meant something very, very different than what it means today.

No, I have not forgotten Obama's ideas for the bailout. The fact that Democratic senators and representatives, however, are willing to say "No" to Obama should tell you something not only about those senators and representatives, but should also tell you something about Obama.

[evilnewbie]

If someone was willing to go against their party and say "No" to Obama... I would say that person had guts... as for what that says about Obama, we'll that all depends on the issues... as for this issue, executive compensation... Obama's plan was pretty pathetic... this plan has a lot more teeth in it... taxpayers shouldn't be pushovers... Dodd made sure of that...