Senator McCaskill: No Bonuses for "Wall Street Idiots"
The call for Wall Street execs to give up their giant bonuses has gotten louder, and one senator introduced a bill in Congress to formalize it.
I can't say I disagree with Senator McCaskill's logic here: ultimately, my (and, if you're a Yank, your) money is getting used for these bailouts, and I sure don't want it getting wasted on undeserved bonuses.
An angry U.S. senator introduced legislation Friday to cap compensation for employees of any company that accepts federal bailout money.
Under the terms of a bill introduced by Sen. Claire McCaskill, D-Missouri, no employee would be allowed to make more than the president of the United States.
Obama's current annual salary is $400,000.
"We have a bunch of idiots on Wall Street that are kicking sand in the face of the American taxpayer," an enraged McCaskill said on the floor of the Senate. "They don't get it. These people are idiots. You can't use taxpayer money to pay out $18 billion in bonuses."
I daresay that, if your company just got bailed out by US taxpayers, you don't deserve $400,000 a year. Indeed, if that's the case, bonuses should be a fevered dream, and execs should count themselves lucky to even have a job.