Now Is Not The Time For ‘Punitive Measures’
Today, the White House released a statement criticizing Congress’s potential plan to limit CEO compensation at the companies the federal government is bailing out, firmly standing against any “punitive measures”:
We certainly understand and are sympathetic to the sentiment regarding the pay of CEOs and senior management of these firms, but we have to focus on the problem, and the problem is that we need these firms to participate in the program and sell us this debt. Having punitive measures would provide a disincentive for firms to participate, and that would make the program much less likely to succeed. CEO compensation and corporate governance in public companies are very important issues — especially when receiving taxpayer support — but we need to be focused on fixing this problem in our markets right now. We can and should return to those issues once we get this legislation passed.
"Having punitive measures would provide a disincentive for firms to participate, and that would make the program much less likely to succeed" has to be the most obtuse rationalization of the man’s record-setting obtuse Administration. I don’t even know how he says such things with a straight face. Does someone write this kind of malarkey for him? or does he think it up himself? I wonder when the time for punitive measures actually comes in his mind – some mystical later? Perhaps, he’s speaking for himself – knowing that a large segment of the country wouldn’t mind having some ‘punitive measures’ for him – like yesterday…
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