Friday, January 30, 2009

CEO Compensation & Bonuses

I didn't quite know how to react when I heard President Obama bashing Wall Street executives for handing out billions of dollars in bonuses. Did I hear correctly? Was the President of the United States actually looking out for the little guy? Uncle Peter, get me my smelling salts!

Wall Street was quick to respond. Seems overcompensation runs rampant in Manhattan. They have to dole out billions in bonuses to retain the best professionals. And besides, providing bonuses is not illegal.

Maybe not. But for most of the rest of us tax-paying chumps, this kind of behavior just confirms what we've suspected all along. Those Wall Street bastards are only in it for the money.

It's a no-brainer. If you are all about helping people, you become a nurse, social worker, or educator (along with many other professions). If you are all about making obscene amounts of money, then Wall Street and the financial services sector are where you want to be (next to maybe politics, unless of course you are a professional athlete or entertainer). It's the same reason banks get robbed--it's where the money is, stupid.

Want to end the excess? Tax it. That's right. Let's add another tax bracket. Currently, the federal income tax tops out at 35% on income above $357,700. Let's add another bracket and tax income over $XX million at 50%. Shoot, while we're at it let's add one more bracket and tax income above $XXX million at 75%.

I don't care where you draw the lines. The point is that there is some level of income that exceeds common decency. It's just not nice to make billions of dollars a year. I don't have anything against rich people, and admit to being somewhat fascinated by the filthy rich. But when you reach the level of obscenely rich, it's just gross. I mean really, all things in moderation.

One more thing--if you can't get by on $10-15 million a year, you shouldn't be in charge of anything. And you most emphatically have no business being in charge of a big Wall Street firm or bank. Ain't fittin. See a budget counselor. Shoot, for a couple of million I'd be happy to give you some budgeting tips.

If I was rich or filthy rich, I might feel differently. But I'm not. Just another reason I'm....

The Crotchety Old Man

1 comment:

CathyB said...

Hey there, Crotchety Old Man! I just happened across your blog while doing a search for bloggers in Athens. I'll be back for sure. I don't have time to read much now, but I like the way you think. And I like your references to One Of The Best Movies Ever Made. :-) Stop by my blog sometime. My life is a crazy, chaotic roller coaster, but I do have some cute grandchildren pictures on there. I am hoping that I will find some posts on your blog regarding health care in America. I keep "threatening" a big fat post on the subject, but there aren't enough drugs in my house at the moment to put me in the state of mind to get it done. j/k. Anyway, occasionally I'll search for blogs of interest, and wanted to let you know that I stopped by. Have a great day. CathyB

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