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Obama wants to impose a $500,000 pay cap on executives

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JP826
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Me!! All about ME!

Re: Obama wants to impose a $500,000 pay cap on executives

Posted by Milerose

I work in this industry and I completely agree with what Oboma is proposing. These executives make way too much money and trust me when i tell you that they live a very posh lifestyle. I mean the most fancy resturants, ridiculously expensive outings, etc. They basically burn through money.

I would love to see them get a set salary for $500,000.



Ditto!!!!!! Chat Icon

Well said & very true. I would be living a really good life on $500,000 a year. The more people make, the more they spend.

Posted 2/4/09 11:26 AM
 
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Blu-ize
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Member since 7/05

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Susan

Re: Obama wants to impose a $500,000 pay cap on executives

Posted by SIBride06

Posted by Blu-ize

general statement with a general number. I think this will change.

You will see executives fleeing the industry.

I know some don't care and say good, but a lot of these folks are really good at what they do and deal with a very high level of stress. The jobs are 100000% results oriented and they have to answer to shareholders.

They work 24/7.

Again, some may not care and say good, that's exactly what should happen and I think they are partially right. Frankly, there are some executives that should be out of a job.

I just think the number is low and too general.




Good.. Let them flee the industry. I'm sure someone who has a family to support & is currently out of work will be more than willing to take on those responsibilites with a paycut anyday.




doubt it seriously. Not these jobs. They are relationship and health ruiners.

Posted 2/4/09 11:39 AM
 

roxygrl8
......

Member since 6/06

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Nicole

Re: Obama wants to impose a $500,000 pay cap on executives

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Posted 2/4/09 11:47 AM
 

snowbunny
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Re: Obama wants to impose a $500,000 pay cap on executives

Just remember the trickle down effect from all this

If Big shot is only making $500k what downward pressure does that put on the salaries of everyone in the firm?

If CEO makes $500k then the SVPs that were making $400-500k will now only make $300k

If SVPs are making $300k then VPs making $300 will now expect $150-200

If VPs are getting $$150-200k then Directors can expect salaries to go from $100k to under that

I think you get the point.

These new salaries won't happen over night but will slowly be integrated into industry through job cuts and other turn over.

Now if all all these people make less money what does that mean to NY/CT/NJ when it comes to income taxes?

If these folks make less then they'll spend less. What does that mean to NY/NJ/CT when it comes to sales taxes collections?

Be careful what you wish for....

Posted 2/4/09 11:55 AM
 

Superkat
More a stranger than a friend

Member since 5/06

9730 total posts

Name:
K

Re: Obama wants to impose a $500,000 pay cap on executives

It is absolutely critical. If my taxpayer money is paying for this bailout, it shouldn't be going into the pockets of the corp execs who helped run the ship into the ground.

I know a lot of companies are implementing across the board pay cuts to avoid layoffs. My company implemented a salary freeze.

Posted 2/4/09 12:56 PM
 

Hi-Fi55
12 years...wow....

Member since 2/06

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Dianne

Re: Obama wants to impose a $500,000 pay cap on executives

Posted by snowbunny

If these folks make less then they'll spend less. What does that mean to NY/NJ/CT when it comes to sales taxes collections?

Be careful what you wish for....



This is what I worry about. These people are the ones at posh dinners and expensive clothing stores. How do we compete with their spending habits? What happens when they can't afford to do such things. And yes while most people should be living high on the hog for $500,000. some people also feel living on $150,000. or $250,000. is high on the hog.

Oh and ftr, I am NOT saying that I am against this, I just wonder what will happend to spending because of this.

Posted 2/4/09 1:15 PM
 

Ophelia
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Member since 5/06

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remember, when Gulliver traveled....

Re: Obama wants to impose a $500,000 pay cap on executives

Posted by Hi-Fi55

Posted by snowbunny

If these folks make less then they'll spend less. What does that mean to NY/NJ/CT when it comes to sales taxes collections?

Be careful what you wish for....



This is what I worry about. These people are the ones at posh dinners and expensive clothing stores. How do we compete with their spending habits? What happens when they can't afford to do such things. And yes while most people should be living high on the hog for $500,000. some people also feel living on $150,000. or $250,000. is high on the hog.

Oh and ftr, I am NOT saying that I am against this, I just wonder what will happend to spending because of this.



I will take a wild stab and say that a lot of their spending is actually put on the company tab...they no doubt have many "business dinners" and such that will have to end regardless.

if it saves money and saves more jobs, we'll have more "average Joes" working, shopping, paying their mortgages, not forclosing on their homes.

I mean, think about it on a smaller scale...if you own a business that is failing, you don't spend whatever you want, take your big paycheck..you adjust accordingly. it's the same principle.

and that is, for these company heads to have principle.

we are going through a radical change right now. I honestly don't believe the business world will be the same after this. I don't really know that it should be.

in some respects, I think we are being forced to rethink what making a living/making a life consists of. b/c our current one was basically built on a house of cards. now that they've fallen, we are only beginning to see how many high rollers were just bluffing.

Posted 2/4/09 1:27 PM
 

mrsej
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Member since 1/07

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Mommy

Re: Obama wants to impose a $500,000 pay cap on executives

I am not so certain that I agree on this - these are the people that spend money on luxury items - the people that sell/work/manufacture luxury items are people in the middle class to lower/middle class to lower class. If the executives are not spending money on these items, there will be a trickle effect. I agree that there has to be some accountability based on these bailouts - it is such a bad situation.

Posted 2/4/09 1:28 PM
 

Blu-ize
Plan B is Now Plan A

Member since 7/05

32475 total posts

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Susan

Re: Obama wants to impose a $500,000 pay cap on executives

Travel and expense policies have been drastically modified. Nobody is spending like they used to.

Expense accounts are largely a thing of the past.

Everyone is paying their own way these days.

Posted 2/4/09 1:51 PM
 

stickydust
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Member since 4/06

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Re: Obama wants to impose a $500,000 pay cap on executives

Posted by Ophelia

normally I wouldn't agree with this.

and if it was across the board, I CERTAINLY wouldn't.

but as it stands, limited to the captains that have already let their ships run aground, I have no issue trading their life yatch for a life boat.



I completely agree!

Posted 2/4/09 3:11 PM
 

stickydust
Now a mommy of 2!!!

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Re: Obama wants to impose a $500,000 pay cap on executives

Posted by CathyB

Posted by KeithHernandez

I think you misread it. This applies to executives whose companies received government assistance... not EVERY executive.



But what she's saying is that nobody is going to want to stay at these banks and they will just move to another industry. Then the bank boards will be hard-pressed to find people who are qualified to run these large banks for only $500,000. Top executives at big non-profits make 7+ figures. While I can understand the sentiment, it's just not the way to fix the industry, IMO.



I agree with this also. I think there will be a brain drain at these "bailout banks" and they will have a more difficult time attracting talent. I am sure that people who are REALLY good at what they do will go over to the non-bailout banks who are paying more.

Posted 2/4/09 3:18 PM
 

twiceasnice
LIF Adult

Member since 2/08

1126 total posts

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Re: Obama wants to impose a $500,000 pay cap on executives

I just wanted to add that alot of top executives don't make Millions of dollars in their salary. It is usually much less and they make the Millions from special bonuses and stock options that the company gives to them so less taxes are paid all around (by the exec and by the company).
This is probably why they added a length of time to holding stock for execs.

Posted 2/4/09 3:19 PM
 

leighla
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Lauren

Re: Obama wants to impose a $500,000 pay cap on executives

Posted by stickydust

Posted by Ophelia

normally I wouldn't agree with this.

and if it was across the board, I CERTAINLY wouldn't.

but as it stands, limited to the captains that have already let their ships run aground, I have no issue trading their life yatch for a life boat.



I completely agree!



Me too.

Posted 2/4/09 3:50 PM
 

lucyloo
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Member since 1/06

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Re: Obama wants to impose a $500,000 pay cap on executives

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Posted 2/4/09 4:13 PM
 

BigB
C & J are 10!

Member since 6/05

5912 total posts

Name:
Stacey

Re: Obama wants to impose a $500,000 pay cap on executives

So, their salary will be 500,000 but I am sure that there will be other types of compensation: ie, vacation, use of the corporate apts, use of the corporate jet, they will pay your child's tuition, nanny, rent, it will all lbe worked in as part of the package! They are no fools!

Posted 2/4/09 5:10 PM
 

jellybean78
:)

Member since 8/06

13044 total posts

Name:
Mommy

Re: Obama wants to impose a $500,000 pay cap on executives

Posted by freshstuff

Posted by Ophelia

normally I wouldn't agree with this.

and if it was across the board, I CERTAINLY wouldn't.

but as it stands, limited to the captains that have already let their ships run aground, I have no issue trading their life yatch for a life boat.




totally agree



ITA too!

Posted 2/4/09 5:11 PM
 

wannabemom
look who's freshly baked!

Member since 12/07

7364 total posts

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aka marriedinportjeff

Re: Obama wants to impose a $500,000 pay cap on executives

Posted by snowbunny

Just remember the trickle down effect from all this

If Big shot is only making $500k what downward pressure does that put on the salaries of everyone in the firm?

If CEO makes $500k then the SVPs that were making $400-500k will now only make $300k

If SVPs are making $300k then VPs making $300 will now expect $150-200

If VPs are getting $$150-200k then Directors can expect salaries to go from $100k to under that

I think you get the point.

These new salaries won't happen over night but will slowly be integrated into industry through job cuts and other turn over.

Now if all all these people make less money what does that mean to NY/CT/NJ when it comes to income taxes?

If these folks make less then they'll spend less. What does that mean to NY/NJ/CT when it comes to sales taxes collections?

Be careful what you wish for....



I don't care... let them ALL earn less... from the CEO straight down to the intern... IMO they ALL make too much money relative to their education and work level. there are scientists with 2X the education and just as much stress and workload who earn about 1/5 of these people. (not the CEO, the average investment banker) It's insulting to me that the industry can srew-up so badly and still demand compensation at that level... meanwhile, there are dozens of occupations with similar stress/ dedication level that earn 1/10 the amount....

they need this salary cap. Burning through money is a culture in that industry.... one that must end. Investors get screwed, yet their fees and taxes pay for their life-styles? it must end.

Posted 2/4/09 5:24 PM
 

MSeid
LIF Adolescent

Member since 11/05

805 total posts

Name:

Re: Obama wants to impose a $500,000 pay cap on executives

Posted by CathyB

Posted by KeithHernandez

I think you misread it. This applies to executives whose companies received government assistance... not EVERY executive.



But what she's saying is that nobody is going to want to stay at these banks and they will just move to another industry. Then the bank boards will be hard-pressed to find people who are qualified to run these large banks for only $500,000. Top executives at big non-profits make 7+ figures. While I can understand the sentiment, it's just not the way to fix the industry, IMO.



ITA!

I understand the logic of not paying top execs at companies that received bailouts. TOTALLY GET THAT However, if Obama starts trying to restructure pay on Wall St. deeper it will change the industry and street forever and that could be dangerous.

Talent will leave these bad banks to firms that can afford to pay them-could backfire. JMO-let me add that I totally understand why others who aren't directly involved with Wall St. see bonuses as ridiculous but I see NFL salaries as more ridiculous regardless of revenue...

Posted 2/4/09 6:47 PM
 

MSeid
LIF Adolescent

Member since 11/05

805 total posts

Name:

Re: Obama wants to impose a $500,000 pay cap on executives

Posted by wannabemom

Posted by snowbunny

Just remember the trickle down effect from all this

If Big shot is only making $500k what downward pressure does that put on the salaries of everyone in the firm?

If CEO makes $500k then the SVPs that were making $400-500k will now only make $300k

If SVPs are making $300k then VPs making $300 will now expect $150-200

If VPs are getting $$150-200k then Directors can expect salaries to go from $100k to under that

I think you get the point.

These new salaries won't happen over night but will slowly be integrated into industry through job cuts and other turn over.

Now if all all these people make less money what does that mean to NY/CT/NJ when it comes to income taxes?

If these folks make less then they'll spend less. What does that mean to NY/NJ/CT when it comes to sales taxes collections?

Be careful what you wish for....



I don't care... let them ALL earn less... from the CEO straight down to the intern... IMO they ALL make too much money relative to their education and work level. there are scientists with 2X the education and just as much stress and workload who earn about 1/5 of these people. (not the CEO, the average investment banker) It's insulting to me that the industry can srew-up so badly and still demand compensation at that level... meanwhile, there are dozens of occupations with similar stress/ dedication level that earn 1/10 the amount....

they need this salary cap. Burning through money is a culture in that industry.... one that must end. Investors get screwed, yet their fees and taxes pay for their life-styles? it must end.



There are extremely educated people on Wall St. who invested a lot of their time and hard work into a career in the financial industry, especially one as competitive and difficult as Wall St. As far as not being educated on Wall. St. I personally find that humorous-pursuing an MBA is not a walk in the park. I am confused as to why you think ALL of Wall St are overpaid and underworked. Sometimes it could be quite the opposite. That generalization is a bit much. And since my DH is a Wall St employee I find that comment offensive considering he works his a$$ off and is very good at the specific work he produces.

Message edited 2/4/2009 6:54:23 PM.

Posted 2/4/09 6:53 PM
 

SweetestOfPeas
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Member since 3/06

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Re: Obama wants to impose a $500,000 pay cap on executives

for those who do not agree with this cap, where would these execs be if not for the bailout? probably out on their keesters right? they'd be on the unemployment line right behind folks much lower on the "food chain" in their firms.

the way I see it, you can't have your cake and eat it too. millions of ppl lost their jobs and these fat cats are bonusing themselves to the tune of millions - all on the taxpayer's dime. how is that fair? Chat Icon

maybe the $500k across the board is too general, perhaps they can implement a tiered system. but I personally prefer this option to millions of $'s they're so generously paying themselves - while these execs keep laying off people in their firms.

eta: I want to add that if millions of ppl are getting laid off, everyone should suffer at these firms who are accepting $ from the bailout. not just the little people who have already lost their jobs or those not getting raises and those who go to work every day in fear that this will be their last day on the job. you can't expect to walk away unscathed just b/c you're an exec... who incidentally, have quite possibly contributed to this mess in the FIRST place!

Message edited 2/4/2009 7:05:32 PM.

Posted 2/4/09 6:55 PM
 
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