Thread:

CEO's Will Retain Golden Parachutes

It was announced this AM that the brilliant CEO's on Wall Street will be allowed to retain their massive salaries as well as any severance parachutes, at our expense, the only penalty will be that the corporations will not be allowed to deduct the pay. WTF! Our fearless leaders in Washington folded! Also, I wonder how far down these benifits go; COO's, CFO's, VP's, managers? This reinforces my feelings, do not re-elect any incumbent...

Originally Posted by pb123

Lead by Example - There are also smaller, but symbolic acts lawmakers can take. For instance, at a time when lawmakers are asking taxpayers to fork over $700 billion, all 535 lawmakers should say no to their annual pay raise. They should also say no to the $6.6 billion in earmarks just passed for this year.
Nobody expects Congress to find $700 billion in spending cuts to pay for this massive bailout package. But what has to change is that taxpayers need to pressure Washington to adopt the same fiscal discipline that they are now demanding of Wall Street. Uncle Sam just cannot keep spending money without figuring out a way to pay for it.


I like this, can't we petition for this instead of banning water.

pb, I don't know where you found this, but its dead on...

I'm sure most of these people have language written in to their contracts that require a buy out (parachute) in the event their contract is terminated. More than likely financial performance is not a consideration for the buy out in the event the termination is not mutual. If the companies did not buy them out, i'm sure everyone would end up in court and the company would most likely lose. I'm also sure there are outs written in to the contract for things like fraud, but fraud can be difficult to prove.

There isn't much downside for the company when they know the feds will eventually bail them out anyway.

RvRat, you are absolultely correct, those contracts are cast in stone. I have one myself. However, if the FBI is looking at these companies, and there is the possibility of anything illegal then let them go to court, but not at tax payers expense. A good example of these kinds of contracts is the guy from WaMu who will get approximately 15 MILLION for 13 days of work. His lawyer really wrote him a great contract...