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Thread: Congressional probe into executive compensation

  1. #1
    Cyburbian
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    Congressional probe into executive compensation

    http://www.nytimes.com/2008/03/07/bu...hp&oref=slogin

    Wall Street CEO's and former CEOs are testifying before Congress regarding "unfair" compensation, severance pay, and other benefits in the midst of the subprime mortgage crisis.

    I really don't understand what Congress is trying to do. Is Congress trying to fine these guys, or is this is the beginning talks of a much larger investigation that might lead to tighter controls over business?

    Yes, I agree that some of these guys are to blame for the subprime loan packaging. However, I really don't agree with Congress' role, unless they are waging bets and trying to jumpstart this investigation, hoping that the next president will be more in line with their views.

    What do you think?

  2. #2
    Cyburbian TexanOkie's avatar
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    Perhaps all of the above. However, unless employment law reads "equal benefit" rather than "equal opportunity" I don't think a fine will work. It might just be trying to get word out to the nation about alleged corporate greed, but if that's the end goal why is Congress wasting its time in a formal investigation?

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    Cyburbian Brocktoon's avatar
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    It seems like these questions should be asked by the board of directors and shareholders rather than Congress.

    Congress should have investigated the CEO's that took huge paydays as the companies they oversaw went into bancruptcy and the PBGC took over the pension liabilities.
    "If you don't like change, you're going to like irrelevance even less" General Eric Shinseki

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    Cyburbian boilerplater's avatar
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    Maybe they're trying to discover if Lou Dobbs actually has a good point. It can be argued that the loss of the middle class is a threat to democracy. I have my doubts that these investigations will lead to any real changes though. The pendulum hasn't swung quite that far yet.
    Adrift in a sea of beige

  5. #5
    moderator in moderation Suburb Repairman's avatar
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    Quote Originally posted by Brocktoon View post

    Congress should have investigated the CEO's that took huge paydays as the companies they oversaw went into bancruptcy and the PBGC took over the pension liabilities.
    This is the only reason Congress should be meddling in the CEO stuff, as their bankruptcies resulted in substantially increased costs to the government. Otherwise, this is a matter between shareholders & their boards, unless there is evidence of some kind of fraud.

    "Oh, that is all well and good, but, voice or no voice, the people can always be brought to the bidding of the leaders. That is easy. All you have to do is tell them they are being attacked and denounce the pacifists for lack of patriotism and exposing the country to danger. It works the same way in any country."

    - Herman Göring at the Nuremburg trials (thoughts on democracy)

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