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http://www.nytimes.com/2009/03/11/business/economy/11bailout.html?pagewanted=2&_r=1Financial institutions that are getting government bailout funds have been told to put off evictions and modify mortgages for distressed homeowners. They must let shareholders vote on executive pay packages. They must slash dividends, cancel employee training and morale-building exercises, and withdraw job offers to foreign citizens.
As public outrage swells over the rapidly growing cost of bailing out financial institutions, the Obama administration and lawmakers are attaching more and more strings to rescue funds.
The conditions are necessary to prevent Wall Street executives from paying lavish bonuses and buying corporate jets, some experts say, but others say the conditions go beyond protecting taxpayers and border on social engineering.
Some bankers say the conditions have become so onerous that they want to return the bailout money. The list includes small banks like the TCF Financial Corporation of Wayzata, Minn., and Iberia Bank of Lafayette, La., as well as giants like Goldman Sachs and Wells Fargo.
They say they plan to return the money as quickly as possible or as soon as regulators set up a process to accept the refunds. On Tuesday, Signature Bank of New York announced that because of new executive pay restrictions in the economic stimulus package, it notified the Treasury that it intended to return the $120 million it had received from the government only three months ago.
Other institutions like Johnson Bank of Racine, Wis., initially expressed interest in seeking bailout funds but have now changed their minds. Bank executives told The Milwaukee Journal Sentinel that one reason they rejected the government money was to avoid any disruption in the bank’s role in the local community, including supporting the zoo or opera company if they chose to.
http://www.nytimes.com/2009/03/11/business/economy/11bailout.html?pagewanted=2&_r=1
GOOD, I hope they return or reject it all. Obama's grand plan to ensnare business and banks to do the bidding of government is being seen for what it is, and the more businesses and banks reject this poison, the better off we all are.
They must...cancel employee training and morale-building exercises
On Tuesday, Signature Bank of New York announced that because of new executive pay restrictions in the economic stimulus package, it notified the Treasury that it intended to return the $120 million it had received from the government only three months ago.
Seriously? That's a condition for bailout money?
All I have to say is they had better not start laying people off. To do that after rejecting free money so that executives can have cushy salaries would be.....cold
Seriously? That's a condition for bailout money?
All I have to say is they had better not start laying people off. To do that after rejecting free money so that executives can have cushy salaries would be.....cold
Of course. Their employee training and morale building seminars all seem to be in the Cayman Islands, and other posh resorts.
Of course. Their employee training and morale building seminars all seem to be in the Cayman Islands, and other posh resorts.
If they do that, then don't patronize their business. Otherwise... you have no say in what they do, and shouldn't care.
What do you care where they are? Seriously?
If I owned a business, and laid off 20% of the work force but gave myself a 2.5 million dollar bonus, what say have you in the matter?
If they do that, then don't patronize their business. Otherwise... you have no say in what they do, and shouldn't care.
What do you care where they are? Seriously?
If I owned a business, and laid off 20% of the work force but gave myself a 2.5 million dollar bonus, what say have you in the matter?
Compensation for CEOs and other officiers are disclosed in the Company reports for public companies. The shareholders are responsible for electing the BOD that makes the decisions about hiring the CEO and other companhy officiers.If YOU own a business, you can run it any way you want. However, these CEO's do not own the business. The shareholders do, and they got ripped off by the CEO's, who lived high on the hog on their dime. That's why they bailed. The CEO's ran the businesses into the ground so badly that the stocks began tanking, so the shareholders began leaving. If the businesses accept government money, then you can bet your ass they won't be ripping off the government like they did their former shareholders. That's why the strings - Because the CEO's cannot be trusted to act responsibly. If they don't want the government money because they have to use it in a responsible manner, then screw 'em and let 'em sink.
If YOU own a business, you can run it any way you want. However, these CEO's do not own the business. The shareholders do, and they got ripped off by the CEO's, who lived high on the hog on their dime. That's why they bailed. The CEO's ran the businesses into the ground so badly that the stocks began tanking, so the shareholders began leaving. If the businesses accept government money, then you can bet your ass they won't be ripping off the government like they did their former shareholders. That's why the strings - Because the CEO's cannot be trusted to act responsibly. If they don't want the government money because they have to use it in a responsible manner, then screw 'em and let 'em sink.
If they do that, then don't patronize their business. Otherwise... you have no say in what they do, and shouldn't care.
Unless, they are on the taxpayers dime, then we do have a say.
And that socialist mindset is exactly why every business and bank that can, will refuse or give back every penny
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