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Expand the pay czar's role

Posted Oct 22 2009, 07:59 AM by Jim Van Meerten
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So the word is out that Kenneth Feinberg, the Obama hatchet man, is going to have the pay of the top 25 executives at 7 of the companies who have not paid back the TARP money, by as much as 90%. If that's a good idea for those companies why not look at the rest of the people who got us into this mess. What's good for the goose is good for the gander, right? There are more than just these 175 executives who deserve pay cuts.

Let's cut the pay of the top 25 executives at the SEC and FDIC, they were asleep at the wheel. Next cut the pay of the 25 top ranking members of both the House and Senate Banking Committees, they didn't create legislation to keep us out of this mess. How about the top 25 executives of the external accounting firms of those 7 companies, they certified financial statements that didn't reflect the true worth of the companies?

While we are on a roll let's cut the pay of the top 25 executives of Standard & Poor's, Moody's, Fitch and A M Best they didn't have proper ratings on these companies. Oh, and let's not forget the top 25 analyst at all the brokerage firms who failed to warn us by downgrading these companies when they should have.

There is a a lot of blame to be spread around and a lot of small investors who took big hits because they listened to the investment advice of people who they trusted, people who they thought were looking out for the little guys.

Little guys of America, unite! Let's hear your comments on who else should take a pay cut. You and I have already taken ours.

Jim Van Meerten is an investor and blogs about financial concerns here and on Financial Tides. Please leave your comments below or email FinancialTides@gmail.com

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Comments

 

Right on!!!  Let's start by changing the income tax laws.  There must be a very smart person somewhere that can formulate a tax schedule that would make it more attractive to earn a reasonable amount - reasonable meaning the the amount main street would pay.

r james (Posted 10.22.09 8:46 AM) Report Abuse

The top 1% of incomes in this country control should have an income tax rate of 75% with no exclusions and no exemptions allowed.  They would still have enough money to live far more lavishly than the rest of us can even imagine.  Enough is enough.

janie (Posted 10.22.09 8:59 AM) Report Abuse

You forgot Fannie Mae and Freddie Mac

and about changing those income tax laws - have you heard of the Fair Tax?

s fagan (Posted 10.22.09 9:09 AM) Report Abuse

I would like to see a pay cut in Washington across the board.  They are suppose to be public servants.  They also receive too much time off!

Karen (Posted 10.22.09 9:13 AM) Report Abuse

Why don't we tax everyone to make it where we all make the same money no matter how slack we are.........Oh forget the last comment I thought I was in the USSR not the USA.  We get paid here for the amount of effort and smarts we have.  That is stupid say we should tax the top 1% at 75% why would they work hard the if they don't make any money for themselves until October.  They would just stop working and make less and take home the same.  I would bet most people who say that are slackers who don't pay any tax at all.  As for me I like the fact that if I work harder and get smarter I can make more money.  Lets all get back to what made this country great and leave the communism to China.  It doesn't work it never has.

Chris (Posted 10.22.09 9:19 AM) Report Abuse

Lets go to a national sales tax so that everyone pays some tax based on what you spend but it is all the same %.  That is fair!  I think then all of these crazy expensive programs the feds have would go away if we all had to pay our part.

Jeff (Posted 10.22.09 9:28 AM) Report Abuse

Jim Van Meerten for President!  Finally a voice of honor and truth.  

jabird (Posted 10.22.09 9:30 AM) Report Abuse

Jim Van Meerten for Pay Czar!  

jabird (Posted 10.22.09 9:46 AM) Report Abuse

First cut the pay for those in Congress.

Gwen Berth (Posted 10.22.09 10:09 AM) Report Abuse

r james is on the right track.  Let's have a flat rate (I've heard 17%) with no deductions or excemptions.  I'm sick of people saying the rich should pay more.  If we all paid 17% then we would all be paying "our" share.

Larry D. Miller (Posted 10.22.09 10:21 AM) Report Abuse

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