Schumer: Banks Won’t Take Help if CEOs Don’t Get to Keep Huge Salaries

[Robbien]

Schumer's quote: "imposing tough requirements on the banks for executive pay could mean that fewer banks will choose to enroll in the program".

Ian Walsh's reaction says it best:

Who cares what Bank CEOs want? The government could nationalize the banks tomorrow, if it chose. If the government thinks that the companies need the money, the government can force them to do whatever the hell it pleases. That's what it means to be the government. As for the CEOs and executives, they can be tossed out any time the Fed feels like it. If they're such selfish bastards they'd rather their companies went bankrupt than take a cut in pay, they deserve to go. And if their companies don't need the money, well hey, that's fine too.

We're begging them to take a trillion dollars or so, for the good of the country? Is this for real?

No wonder the market tanked again today. Schumer and his Bush Dog gang can even mess up giving the rich billions of our taxpayer money.

[BrklynLiberal]

1. So let them opt out...and go down the tubes!!!

I vowed years ago that I would never vote for Schumer's re-election!!!!!

[roguevalley]

21. social(ist) darwinism then. let 'em die. or better yet, have a bank

run on them before they go to jail

[Occulus]

2. Know what that tells me?

The bailout wasn't even necessary in the first place.

Logic 101.

[Sal Minella]

6. Exactly -- "give it to my on my terms or I won't take it" = I don't really need it. anyway.

[dmr]

20. That's my impression and if the bankers

think the so-called bail out is meant for them to profit and make life easier for them, they've got another thing coming. Americans are angry, don't push us too far.

[billyoc]

3. That's OK, Chuck, I don't NEED that many banks anyway.

[daninthemoon]

7. My town seems to build more banks than any other building. It's

alweays seemed upside down to me. There are no lines, so why do banks outnumber gas stations 5/1?

[flygal]

34. Yeah, what the hell is the deal with that?

My hometown has neighborhood banks popping up all over. They have small staffs - maybe half a dozen. Oh and casinos are the other thing growing like weeds. Banks and casinos. yuk.

[lamp_shade]

4. Well isn't that interesting?

[DJ13]

5. Schumer is too close to the financial industry

His positions on this bailout seem closer to Paulson than Obama.

[Hubert Flottz]

8. Chuck Schuberman?

[tnlefty]

18. !!!

:spray: Thank goodness I didn't have much liquid in my mouth. :thumbsup:

[99th_Monkey]

9. Damn those pesky Democrats, undermined the looting of Treasury. .. who do they think they are?? ~nt~

[stillcool]

10. Cool! We can save some money!..

who's got Schumer by the short hairs?

[dkofos]

11. Then let them DIE.

[malaise]

12. Fugg Chuck

That is all.

[GeorgeGist]

13. sometimes chuck the schmuck is dumb as a ...

hockey puck.

[Solly Mack]

14. Please beg me to take money...please

I'm in such dire straits that I need you to beg me to take money

[onethatcares]

15. screw em,

I wish I had it so well.

[Winterblues]

16. Boy talk about tone deaf...Schumer can't be that dumb....

Does he want to force our tax payer money onto them?

[yellerpup]

17. GW Bush proves that CEOs are highly overrated.

These asshats either want a job or they don't. Next!

[craz3z]

19. I love reading Ian

I've been following his posts at FDL since sometime last winter. He's given a lot of great insights and helped me understand things better. Besides Ian, I read Krugman's blog, The Agonist and Calculated Risk every day. These are all great places to get info.

I hope you don't mind if I link to the full post you quoted.

http://firedoglake.com/2008/10/14/schumer-banks-wont-take-help-if-ceos-dont-get-to-keep-huge-salaries/

[Robbien]

32. I've also been an avid reader of Ian for years

He's posted at various different web sites over the years and it has been a bit difficult keeping track of his wanderings, but his insight has always made the trek worthwhile.

Thanks for correcting my oversight and including the link.

Agonist is a great site also. Numerian, Stirling and the rest of the financial bloggers are must reads in understanding the mess we are in.

[Common Sense Party]

22. The market "tanked" today?

No, it didn't.

[tomp]

23. clueless chuck. that's my fucking senator! nt

[The Backlash Cometh]

24. Why can't the the stockholders boot them out?

[Buns_of_Fire]

25. They can, but unfortunately only indirectly.

The Board of Directors normally hires the CEO. The stockholders vote for who fills the seats on the Board of Directors. More often than not, though, it's a rubber-stamp process, since the big voting blocks like insurance companies, banks, and funds carry the most clout.

Which is where you get the "interlocking directorship" problem -- where Fatass "A" is on the board of Company "B", while Fatass "B" is on the board of Company "A". One big inbred daisy-chain of "you fondle my naughty bits, and I'll fondle yours."

CEOs only get these outrageous packages because the Boards GIVE it to them.

I say, we eat the Boards of Directors, too...:grr:

[The Backlash Cometh]

31. Agreed. The BoD have to go too.

[OmmmSweetOmmm]

26. I will never pull the lever for him again.

[SammyWinstonJack]

27. Guess they don't need a bail out, then?

Opps! :silly:

[Waiting For Everyman]

28. The OP's exactly right. Quit playin', Chuck!

"...ya don't need a weatherman to know which way the wind blows".

[G_j]

29. Isn't that blackmail?

that's the ticket Chuck!!

[barbtries]

30. is that statement supposed to

make us lowly taxpayers rethink our position on CEO salaries? fuck them! FUCK THEM. i cannot even fucking believe they would try to run this. if they're worth so much fucking money, let them go get a job somewhere else.

greed. if i had to reduce the sorry state of the world to one word that word would be greed. not a pretty sight.

[w4rma]

33. Good. Those banks that make that choice should go out of business. (nt)