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Obama “paymaster” slashes executive pay at bailed-out companies

Story here.

Topic of discussion: Do you have a problem with this?

My answer may surprise you: No, I do not have a problem with it.  Hear me out, please.

These companies asked the taxpayers to bail them out for their lousy business decisions.  When they agreed to take our money in order to survive, they agreed to be subjects of the federal government and its whims.  Everyone knows that nearly all forms of federal assistance come with a boatload of provisions.  For example, if you’re on welfare and you get a job, your welfare money gets cut.  If you take a federal student loan (or a private loan subsidized in whole or in part by the government), you MUST pay it back, and even bankruptcy won’t get rid of it.  In short, accepting taxpayer funds makes the companies, in essence, wards of the state.

Yes, I know that B.O. is doing this because he’s anti-capitalist and is playing the class warfare card.  And if he were doing this to a private company that had not accepted taxpayer bailout money, I would be raising quite a stink over it and would support a lawsuit against the government to stop such an action.  As such, I don’t have any pity for companies that fail on their own, ask us to bail them out, then get stepped on by the feds.

What say you?

October 22, 2009 - Posted by | capitalism, Obama

3 Comments »

  1. We shouldn’t have bailed them out, but since we did, we own them, our tax dollars were used to save these companies. Should we then allow the feds to run these businesses into the ground (just about evrything they touch, turns to crap)by slashing pay, and likely chasing out executive talent that might be there and discourage any new ambitious talent from coming in? Should we expect a return on our taxpayer assistance? It seems more reasonable to hold those responsible for the business failures accountable, fire them and bring in new management, pay market value for the talent to turn around the business in an attempt to pay the taxpayer back.
    I know, what freakin dream world am I living in.

    Comment by joe | October 22, 2009

  2. I think this is just a distraction to keep our attention away from government Healthcare and a desperate general calling for reinforcements NOW!
    John F###ing Kerry is advising Uh-Obama to wait until after an Afghanistan runoff election is decided before even a possibility of sending more troops.
    Kerry, Swiftboat Malingerer-in-Chief, is so qualified to decide about our troop situation over the on site General’s opinion.

    Comment by tnjack | October 22, 2009

  3. Ultimately, this is cause for concern. Accepting the government loan should not make employees of that company subject to the political whims of the president or his czars. Today, they dictate salary of executives, but who is on the hit-list tomorrow? This sets a dangerous precedent.

    Comment by TheBad | October 22, 2009


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