President Barack Obama 1600
Dear President Obama,
I see that with your recent rather limited restrictions to executive compensation you are allowing the continued use of money demanded from modestly paid tax payers to be used for the unconscionable pay to these obviously incompetent or if not incompetent then criminal executives.
First of all why should the tax payer be giving money to healthy banks? And if we are giving money to healthy banks why should their compensation be limited? It is perfectly OK with most of us if they will not take out money if they have to limit their already excessive compensation.
Also why should the vote of the shareholders be non-binding. It is time for the shareholders to have a vote that counts!
If financial institutions have to take Federal money to survive why should their bonuses and other incentives compensation not be “clawed Back”. These people have been incompetent or criminal and the money tax payers are being asked to provide covers these unconscionable pay schedules.
It is hard to see that any of these executives meet the definition of “top talent” that these pay levels are supposed to attract. It appears to me that most of these executives have put most of their time into increasing their salaries, bonuses, stock options and lavish perks. It is time for this to stop.
It appears to me that the scenario of the disastrous merger of Bank of America and Merrill Lynch where the immense loses of Merrill Lynch were not disclosed to the government or the other entities involved is the pattern for all the TARP money distributions. It is obvious that those managing this recovery have no idea how to go about it or what the effects of what they are doing will be.
I do not think most of the American people would approve of their tax dollars going to the executives of these failing financial institutions especially to maintain the pay levels of the people who have caused out economic melt down.
Please do not use our tax money to reward these people!
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