On Oct. 22, Smith interviewed Elizabeth Warren, the chairperson of the Congressional Oversight Panel - basically the government-mandated babysitter of companies that were bailed out by TARP funds.
"Guys, you can't party on like it's 2007," said Warren. "If you're going to have to take taxpayer dollars, then it means the game has to change."
And she believes the government will need to do whatever it takes to instill in them a change of heart:
You really begin to wonder what it's going to take to get the attention of the people in charge of these very large corporations. They have taken taxpayer money. Unemployment is now running at almost 10 percent. Millions of families are facing foreclosure on their homes. And yet the executives want to say I take your money when I make mistakes and I still want to compensate myself richly because I'm the one who's in charge of this big company. Being in charge also means being responsible. And I think what that really means is, you take the pain when you've had to turn to the taxpayer and asked them for their money for support.
Of course neither she nor the "Early Show's" Harry Smith mentioned that these companies often hand out high-end bonuses because they're legally bound to do so - it's in their contract. Or that, since these companies are now operating with taxpayer funds, there's a good argument to be made for attracting and paying the best executive talent to steward that money. But when there are greedy Wall Street types to berate, why engage rational arguments.
In fact, Smith cited Sen. Chuck Schumer, D-NY, and others who believe the government should expand its authority to limit compensation beyond just TARP recipients. "If we can do this with people that we bailed out," he said, "why wouldn't we make these suggestions or make this law across the board and put a governor on compensation for everybody in private enterprise?"
Governed compensation and private enterprise in the same sentence seems to be a bit of an oxymoron, doesn't it? But Elizabeth Warren didn't rule it out.
"It reminds us that there is a compensation problem in American industry," she replied, and suggested government needed to change laws that deal with how private enterprise pays its executives.
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The last country that tried such things got breadlines.
October 22, 2009 - 12:33 ET by jazbo"Democrats; Breeding voters like farm animals since 1962"
there goes the "taxpayer funded" argument
October 22, 2009 - 12:40 ET by Candance MooreI'm sure that all of those people who defended the pay czar yesterday will come here and say that this is crossing the line.
Holding my breath starting now....
Watch Out Harry
October 22, 2009 - 12:45 ET by allanfIf your pay was determined by a pay czar you wouldn't make 2 cents.
cd,
October 22, 2009 - 12:53 ET by R D HelmWere you listening to Rush's show earlier when that guy called in and said he agreed with what the pay commie-czar was doing because these people were being paid with "his" tax money?
Rush absolutely teed-off on the guy.
It was great radio.
-Dave
Our elected representatives have failed us.
STOP!
October 22, 2009 - 20:05 ET by miss911ninjaYou're turning blue! And we can't lose a single living and breathing person who gets it!
perhaps all the entertainment field-
October 22, 2009 - 12:46 ET by JIMMY1660to include pro sports-film and TV/ media super stars must be looked at as well.
so open Pandora's box and lets see whats in there. Surprise.
BHO- THE PROGRESSIVE PIRATE
"liberal" control
October 22, 2009 - 12:51 ET by iveseenitallControl your pay, control your health care, control your speech -- welcome to the world of "liberals". What a misnomer that word is. Sick, self-loathing, incompetent, jealous, pathetic, immature, vicious, ignorant human beings. And that's just for starters!
NEVER,NEVER trust a "liberal"
So, an $800,000-per year
October 22, 2009 - 19:49 ET by ThisnThatSo, an $800,000-per year executive will not be able to make any more than $200,000 in the future, eh? The former is taxed at 33%; the latter at 25%. Loss in federal taxes as a result of this decision?
Genuine economic idiots, if you ask me. And for what? Simple -- the exercise of raw power, that's it.
__________
"mmm, mmm, mm. Barrack-Hussain-Øbama↓." - The liberals coolaid drinking song
I said last night that limiting pay was coming to companies...
October 22, 2009 - 12:49 ET by R D Helm...that didn't take bailout money.
These people are all communists, pure and simple, and their ultimate goal is to destroy the private sector in this country.
-Dave
Our elected representatives have failed us.
Commies!
October 22, 2009 - 12:59 ET by iveseenitallRight on, RD. Not so long ago we were once again mocked for using the word. But all of us who said it are being proved correct.
P.S. Everyone should read Witness by Whittaker Chambers. A half centry ago he said they would never stop. Sadly, he also said that they have already won. ( 1950's).
NEVER,NEVER trust a "liberal"
isia,
October 22, 2009 - 13:51 ET by R D HelmI think it's time people in this country who are "plugged in" stop tiptoeing around the obvious when it comes to who and what Obama and most of the left actually are.
It's as if people have erected a mental barrier to the truth because they don't want to deal with it.
>And I am including a whole lot of conservatives, as well.
-Dave
Our elected representatives have failed us.
CBS's Katie Couric compensation
October 22, 2009 - 12:52 ET by cbrown90I wonder if Harry Smith is thinking about his fellow employee Katie Couric when she was making $75,000 a day for drinkning coffee and talking with house wives on the Today show. Now her contract is worth 4 times as much for the lowest rated news cast of the big 4 networks. Once they start going after CEO's then they will start going after "talent", too. How about $25 million for 10 weeks working on a movie?
Okay Harry... how about
October 22, 2009 - 12:53 ET by Jack BauerOkay Harry... how about starting by cutting the pay of your BOSS?
Meanwhile, what about HARRY SMITH Chief Jerk of CBS Corp.
Propaganda machine
October 22, 2009 - 13:03 ET by iveseenitallRight. No "compensation" is too much for the propaganda machine.
NEVER,NEVER trust a "liberal"
Excellent Idea!
October 22, 2009 - 13:00 ET by tdabbsWinston Churchill
Let's strart with Harry Smith, then Katy Couric, and then Congress. What a great idea! The media people need a fair pay rate. I think twice the lowest paid staff member, or janitor whichever is lowest, should be sufficient. I think its best in our new egalitarian society, that the highly paid newspeople lead the way. What a privilege for them to have such a great opportunity!
I think Congress, should be limited to $250,000 from ALL sources of income, and be required to take the public health care option, forgoing their current benefits, in the new improved Obamacare. Since they want it for us so badly they wish to force it on us (only as a favor to us, because they know SO much more then we do, praise be to them), it must be so good they want it for themselves, and their families as well.
"And yet the executives
October 22, 2009 - 13:28 ET by Benny"And yet the executives want to say I take your money when I make mistakes and I still want to compensate myself richly because I'm the one who's in charge of this big company. Being in charge also means being responsible. And I think what that really means is, you take the pain when you've had to turn to the taxpayer and asked them for their money for support."
Ok? Obama is an executive, right? Obama wants to and is taking our money, right? He's made and continues to make mistakes, right? Obama continues to compensate himself (date nights, flying in chief's, Vegas junkets, etc.,etc.,etc.), because he's in charge, right? So when in the FUCK is this ASSHOLE going to take responsibility for his own actions and share in the pain? Well? How about it Ms. Warren!
"THEY BETTER CAREFUL, IF THEY START TREATING US LIKE TERRORIST, WE JUST MIGHT START ACTING LIKE TERRORIST!"
Benny, Please chill
October 22, 2009 - 13:52 ET by Scuba DudeBenny,
Please chill on the language.
The Obama Administration: THE most fiscally irresponsible Administration EVER
I listen and I read this crap
October 22, 2009 - 13:33 ET by Delsaakmost every day and it only proves to me I am living in a parallel universe!
This is so crazy and this Elizabeth Warren is waisted space but has power.
At least my parents are not alive to witness this.
So who's to say....
October 22, 2009 - 13:37 ET by Prester John....that BHO can't start confiscating the salaries of executives of ANY company that has a federal government contract for afterall, aren't their salaries in large part paid for by taxpayer dollars?
Do the executives of defense contractors like General Dynamics, Northrop Grumman, Lockheed Martin have anything to worry about?
What about NASA contractors?
Or how about companies that do consulting work for the feds?
Enquiring minds want to know.
"The Truth is Treason in the Empire of Lies"
www.campaignforliberty.com
What scares me
October 22, 2009 - 13:48 ET by ohiochiliis that a CZAR is ordering this. Fox is reporting he never consulted with his boss, the messiah. Every day links are added to the chains we can believe in.
dream
October 22, 2009 - 14:17 ET by goldbough"why wouldn't we make these suggestions or make this law across the board and put a governor on compensation for everybody in private enterprise?"
Oh man, this is their dream! Bring everyone down so everyone is poor except Congress. Can't we just give them some land to live out their dreams (and watch them fail) and quit messing with the rest of us?
October 22, 2009 - 15:12 ET by jessieHWhy not close the doors at CBS, since no one watches, any way.
This is wrong
October 22, 2009 - 16:02 ET by Free Thinker"It reminds us that there is a compensation problem in American industry," she replied, and suggested government needed to change laws that deal with how private enterprise pays its executives.
There is no "compensation" problem in America. If someone has a talent, or skills, or can negotiate a wage, it is not the role of the government to decide whether it is too much or too little. It is not the role of the government to even comment. Who is this lady and what makes her think she has the right to decide who gets paid what? This is America and her statement is chilling in its anti-American tone and premise.
it's only the beginning
October 22, 2009 - 16:54 ET by jon_torlinAnti-capitalism at work, folks.
Boy, we are screwed.
-Jon
In addition....
October 22, 2009 - 17:16 ET by CobraManI propose that any college graduate who received federal tuition assistance should not receive hiring/signing bonuses, lucrative employment contracts, "excessive" pay packages, contractual bonuses, and the like for at least 10 years after any and all federal assistance payments are received. If it's good enough for the employees of the corporations who received government assistance, then it's good for ANYONE who received government assistance at any time in their lives, including the journalists of the News media. After all, it' only fair, right?
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The US Constitution
Unless you're a fetus.
The US Supreme Court