Tuesday, October 07, 2008

Dear Senator Specter

Senator Casey,
& Congressman Doyle:

I just had to write something simple and to say that I cannot understand how the system is set up in such a way that corporate execs can tank their company to such an extent that we the people have to bail them out and concurrently anyone with any management authority of that company walks away with any money at all.

There are people out there being ruined by proxy. They have no standing to sue the people that really did it to them to recover their loss. We ought to do it for them legislatively.

Execs walking away from bankrupt or effectively bankrupt companies with multi-million dollar compensation packages is embarrassing enough when the only people being hurt are shareholders. When their customers are being hurt and the public is footing the bill it's just unacceptable.

3 comments:

Blake said...

Did you read aboutt the AIG executives that recently ran up a $450,000 bill at a luxury resort AFTER the taxpayers took it on the chin for them?

Forget taking away their salaries. At this point, they ought to be in prison and I'd be happy to be the one to put the cuffs on them-- none too gently, either.

David said...

that doesn't bother me nearly as much as the $20 million in salary for the former head of Leaman.

What's worth that much?

Blake said...

No one working for the government-- and that's exactly what these guys are doing now, whether they like it or not-- needs to be making $20 million to do anything.