Obama To Rein In Excessive Exec Pay

June 11. 2009

President Barack Obama

President Barack Obama seeks to rein in the irrational amounts of money certain corporate players are reaping at shareholders and taxpayers' expense.

It is one thing if one heads up or works for a privately held company that does not have shareholder responsibilities. However, when one works for publicly traded companies and attempts to scrape out its coffers to pay one's salary and or golden parachute, when one departs said corporations, is unconscionable.

Some will refer to this move by the Obama administration as socialism, but in this instance, it is being practical. Some CEOs are overrated and overpaid, turning in results that do not warrant or justify their exorbitant pay.

It became a status symbol of sorts in corporate America that has done the nation a great disservice. Greed rather than good work motivated pay raises with no tangible efforts or results to show for it.

A bonus used to mean one did well at work, bringing in higher sales. Now it is a sense of entitlement, even when one fails.

Knowing that one will reap such benefits even in the face of failure is not exact a motivation to care about a company or legitimately increasing its revenues through good old fashioned hard work.

In this, corporate America and the nation in turn, has been turned upside down. The hardworking people that were sensible with their life savings and life's work, have been unjustly punished and financially destroyed, by greedy criminals the Bush administration let run loose that created massive chaos and economic disorder, during this unspeakably wicked folly and corruption.

Democracy and capitalism works. They have their merits, but it is destroyed when unconscionable men and women decide the illegal redistribution of wealth and the populace's expense is the way to make a living.

What you'll have is a handful of very rich people and a suffering, falling nation with millions upon millions of poor.

US government seeks to rein in executive pay

Democrats want to push administration on US corporate pay strategies

On Thursday June 11, 2009, 11:28 am EDT - WASHINGTON (AP) -- The Obama administration is taking a half-step toward taming U.S. executive pay. Some lawmakers prefer a fuller stride.

Democrats on the House Financial Services Committee said Thursday the administration's efforts to hector the private sector into reining in executive pay might not go far enough.

The administration contends that excessive compensation contributed to the U.S. financial crisis, but rejects direct intervention in corporate pay decisions.

Instead, the administration plans to seek legislation that would try to rein in compensation at publicly traded companies through nonbinding shareholder votes and less management influence on pay decisions.

http://finance.yahoo.com