Today, in what is being touted as a bold move by President Obama, the administration has announced a new tough stance requiring all management compensation for bailout companies be restricted to less than $500,000 per year.
This is a less-than-exciting new development since, according to the audit released two days ago by the U.S. Department of the Treasury, the funds for the already passed stimulus package are more than 66% awarded. This figure doesn’t add in the cost of the regulatory process used to award the money or the new boards and reviews that were put together to oversee the process.
If you want to check my math, check out the online audit:
http://www.ustreas.gov/initiatives/eesa/docs/transaction_report_02-02-09.pdf
I suppose this “form over substance” move is merely a ploy since the administration is trying to gain traction for the new economic “stimulus” package which is coming under direct fire. However, since the package has very little to do with bailing out anyone other than the government and states from their own financial indiscretions, it is little more than lip service to be played on tonights evening news cast. If you are not paying attention, however, Obama’s team is setting up a p.r. position for Obama which would resonate with, “man of the people.” The working man and woman will come home and hear the soundbite of Obama siding with their own ideas of, “why are these executives getting off scott-free when I am cutting my expenses and doing without to raise my family?”
Note to reader: if you don’t think that those executives will sneak around these new rules, just like the lobbiests have over the Obama move to “ban” lobbyist control over the executive brance, you need to wake up.
Let me show you a break down of his current plan, (which, by the way, is daily being desconstructed by the budget offices. All the while, the spending democrats are adding new pork.)
http://bx.businessweek.com/obamas-stimulus-plan/
Click on the Obama Stimulus Plan posted on January 29th.
This breakdown shows exactly where the (by some conservative estimates) over 1.3 trillion dollars will be spent once you realize interest – which will inevitabily have to be paid back to the loaning party. Can anyone say, “are we Chinese?”
I am sure you can all remember the insane plastered smile from Nancy Pelosi when her party gained majority and by clear margins. Have we forgotten that this party has the power to roll right over the Republicans in this regard? Pass it for God’s sake, if we are facing “CATASTROPHE” without it. Or are you afraid?
