Being a fiscal conservative and a Constitutionalist with a tablespoon of Libertarian thrown in, I am torn on the issue of CEO pay. I have to admit it's (how CEO are compensated) more complicated than I am willing to comprehend but I believe I would like to see Congress putting more effort to stabilizing and increasing the value of the dollar, illegal immigration, social security, health care, Iraq, energy policy/oil supply, etc.
I guess I look at this from the bottom up, The borrower who is $4000 behind on his payment BECAUSE it adjusted sharply north and he will lose the house. What kills me is I recently learned may of these people are leaving the homes locked with the pets inside. So screw the sub prime borrower who over dipped into his equity --- he is getting his just deserts BUT there are too many innocent victims in this mess. I would like to see some of the CEO's SEE this and DO SOMETHING ABOUT IT....BUT no...that will never happen...they will keep on shopping and flying around in corporate jets.
I am with you on things 99% of the time but not this one.
These guys developed and oversaw a system that predated on people. Have you read loan documents lately. There is a lot of "there for's" "in the even of's " in those doc's. It is a legalize maze meant to confuse and frustrate the average person. Remember, we all did not have the benefit of an education from the Hugh McColl School of Business and a PHD Harvard Law Degree!
Additionally, This bunch also managed to manipulate a system to take advantage of Wall street. Now I am no fan of that crowd but none the less the guys testifying are very smart in a deviant sort of way to pull something off on a pretty sharp crowd on Wall Street. You simply can not do something like this if your above board and legitimate.
I see these individuals as nothing more then Economic Terrorist! They probably have made Osama Bin Ladens Party 'A' List. It amazes me that they just may have single handedly brought down the US Economy.
In reality your probably correct. I just can not bring myself to defend them.
I actually prefer to remain silent, but I am having trouble getting past the feelings of revulsion.
I think I jumped too quickly and instead of replying directly about the CEO's compensation, I stated I have a problem with Congress's priorities. I apologize.
Are these folks receiving excessive salaries and bonuses? Probably. Are these three responsible for today's problems? I would say their practices are a larger part of the problem. Don't forget about the originators, brokers/agents, appraisers, etc. But as we have debated on this forum over and over, it's the enforcement of law and adequate penalties that is lacking.
It's an election year and we are witnessing the greatest "Horse & Pony" show in a hundred years. With both the candidates (D & R's) and both houses of Congress. All talk and no action.
Oh Please!...The loose credit and lowered standards were approved and pushed by the Toga draped buffoons in the senate and the regulation arm of the FED.Everyone has right to purchase a home at any cost was the Socialist babbling of the Politburo.Don't blame the facilitators for the lending mess.The CEO pay is not the business of the Roman senate or the average U.S citizen.The stockholders are the ones to be concerned.So before you throw the Orange Man down the well of your last rural home appraisal ,maybe you should look to you touchy feely government that has stolen every dollar you paid them.Anyway , where does the senate get off with that kind of pay to interview sports stars...Sheesh , Home ownership is not a right (Also Health Care)..:new_2gunsfiring_v1:
It is if it was obtained through illegal methods and contrary to the laws of the land. Ask the Don's of the Mafia? It is the responsibility of our government representatives to insure the safety and soundness of our country. Bombs and bullets are not the only threat we face. The economic soundness of the US banking system is a critical element, IMHO.
What I am absolutely opposed to is any bail-out of these companies by the public. Nothing like taking two hits to your wallet because of crooks like this.