My congratulations to the St. Louis based bank CEO that resigned today. His bank was one of many that was forced to take a government bailout via TARP. As the story is told, his annual salary was some $350k and his compensation package called for a 10% profit participation bonus based on his branch's profits. Last year, his bonus amounted to about $750k. plus. But guess what? Under the new retro rules, he is over the limit on pay. This administration can't have evil rich guys making money by making their companies profitable.
This bank CEO shrugged and said so long.
How does this keystone cops administration expect the financial industry to maintain the needed talent to turnaround a very ailing system without reward? Will they be presented with the Presidential Medal of Non-Freedom as payment?
Now Geittner and Obama want the power to seize any company it deems "at risk" relative to the economy as a whole. These are NOT companies insured by the government (as banks are) or companies taking bailout funds. They have also expressed the desire to control compensation and cap pay in other industries. Who's next and where does it stop?
Let your local congressman and senators that this does NOT represent American values.
