"President Barack Obama lashed out on Thursday at “shameful” Wall Street
executives for claiming billions of dollars in bonuses while their stricken
institutions asked taxpayers for support.Mr Obama described the bonuses as the
“height of irresponsibility”, and made clear that additional government support
for the industry would be subject to tough conditions on pay and other
But guess what? His tax evading, tax cheating Treasury Secretary Timothy Geitner gets a pretty attractive package:
"Newly minted Treasury Secretary Timothy Geithner’s finances got a recent boost, thanks to a plump $435,000 severance payment from his old employer – the Federal Reserve Bank of New York.(Source)
In addition, Geithner last year earned $411,000 as president of the New York Fed and got another $50,000 to $100,000 for unused vacation and comp time, according to a mandatory financial disclosure statement released by the Office of Government Ethics.
News of his nearly half-million dollar severance payment comes as Geithner embarks on helping President Barack Obama sell the $825 billion stimulus package, designed to help struggling Americans."
Translation: It's ok for government executives to get compensation but private sector -- not so much.
Well, I'm thinking that the companies which took a bailout are sorry they did. It appears that BIG BROTHER aka PSBO (who clearly has no corporate experience) can then tell them how to pay their employees. I wonder how the folks who are cheering PSBO for scolding these Wall Street CEO's would feel if their employers didn't give them their annual bonuses, vacation pay, or comp time?
(Sidebar question: Was Michelle Obama a partner in her law firm? If so, possibly 50% of her income would be generated by her bonus)
Stay tuned folks more Socialism to follow.