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The Bailout

It’s not related to the content of this site, but I am so damn mad about the financial bailout, mainly because the folks who profited the most from this mess are getting bailed out. So when I saw this post from Fred, summarizing Tom, I had to pass it along. I agree totally.

Rule #1: Cut salaries now

Part of the bailout bill ought to be that any organization which proffers securities for government purchase must agree not to pay any employee or contactor more than $1 million per year for the next four years. No cheating with trips to events on the corporate jet or other perks with draconian penalties TO THE RECIPIENT for violations.

Rule #2: No new golden parachutes

Some executives have contracts which entitle them to huge golden parachutes – especially if their pay is cut. These need to be annulled.

Rule #3: End payment on old golden parachutes

Payments on existing golden parachutes should be stopped.

Rule #4: No dividends for a year

This seems harsh to us shareholders who may have bank securities in our portfolio, but it’s not. Clearly an organization which is being bailed out needs to conserve cash to survive.

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