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Democrats Set Bailout Conditions as Treasury Chief Rallies Support – NYTimes.com

But Mr. Paulson said that he was concerned that imposing limits on the compensation of executives could discourage companies from participating in the program.

“If we design it so it’s punitive and so institutions aren’t going to participate, this won’t work the way we need it to work,” Mr. Paulson said on “Fox News Sunday.” “Let’s talk about executive salaries. There have been excesses there. I agree with the American people. Pay should be for performance, not for failure.”

But he quickly added: “But we need this system to work, and so we — the reforms need to come afterwards.”

Sorry, I don’t follow. I thought, you know, the banks desperately needed this help. I thought that was, you know, the point. We’re worried that they’ll turn their backs on our bouquet and box of chocolates and then do what exactly? Is the idea that if we don’t let the executives keep their packages, they will intentionally destroy their companies rather than take the fed’s gift money?

Um, the fix is in kids….

Written by adswithoutproducts

September 22, 2008 at 10:14 am

Posted in crisis, marketing

2 Responses

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  1. The fix is in by making that an issue, you mean. The Dems “win” on the golden parachutes/compensation issue, the public is supposed to believe we have populists in power, the insane 700 billion dollar Wall Street bailout goes into effect.

    This is an idiot’s feint. Who cares about the compensations? If the bill is voted in, it will effect a shift of about 8,000 dollars per household to the richest 1 percent. Stripping out the compensations of CEOs is meaningless. Of course, the 700 billion is going to solve nothing – the vast fictional shadow financial system, that realm of pure rentseeking, can swallow a century’s worth of 700 billion dollar bailouts and still crash.

    roger

    September 24, 2008 at 4:29 pm

  2. roger,

    i know. I’m not much worried about executive comp either. Of course it’s not the fundamental issue. I think I was just impressed with Paulson’s cojones in saying something like this. It shows just how deep the fix was in.

    CR

    September 24, 2008 at 7:11 pm


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