Obama Administration Unveils Efforts to Limit Excessive Executive Pay
Thursday, October 22nd, 2009
On February 5th, I commented on Obama’s plan to impose a $500,000 salary cap on U.S. executives who were holding onto taxpayer dollars for dear life.
Seven months later Obama has made bold moves in the right direction. Today the Treasury department ordered seven corporations, which have yet to repay their bailout money, to cut executive salaries and bonuses in half. The top 25 highest paid executives will have a $500,000 salary cap imposed on them and will see their perks capped at $25,000. The seven companies affected are: Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial.
The Federal Reserve also weighed in, suggesting the monitoring of pay packages at thousands of banks to ensure salaries do not continue spiraling out of control.
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It’s been a fascinating month of revelations for Canadian Prime Minister Stephen Harper, to say the least.
We may have escaped a general election this fall, but four ridings are going to the polls November 9 for by-elections. The two Quebec ridings will likely remain BQ, but the other two ridings, one each in British Columbia and Nova Scotia, are in play, largely between the Conservatives and the NDP. The outcomes won’t shift the balance of power in Ottawa, but they could test Harper’s ability to win a majority. And for child, youth, and family advocates, they isolate and juxtapose these two parties’ family policies in a way that’s usually not possible.
It’s official, in 2016 the Olympics will shed it’s gracious light on the Brazilian state of Rio De Janeiro in the city of the same name, with it’s stunning beaches, famous statues and vibrant culture. As the world turns it’s attention to the famous city it cannot possible ignore the violence in the slums and favelas.
My political action, or my theory (insomuch as I can be said to have one) can be expressed very simply: create counterweights.
I can’t bring myself to sing the national anthem in public. On the rare occasion (probably the last time I was at a hockey game) where I am required to stand as it plays, I fight the following battle within myself: Sing; No. You’re supposed to; I don’t want to. You’re standing anyway, sing; No, I’ll feel stupid. Isn’t that sad? I’m too cool to sing the Canadian national anthem in a roomful of other Canadians; I haven’t opened my mouth and joined in since elementary school, when it didn’t faze me at all and I belted it out every morning. And I’m not alone – look around your local sporting event – most people are like me, standing silently, waiting for it to be over, or at the very most, mumbling the words quietly under their breath. To be fair, there will always be one or two shameless diehards, bellowing along energetically, bless their hearts.
Isn’t it great to know that the people running this country can’t even be bothered to read a memo regarding allegations of torture? Apparently memos addressed to Senior Military Officers and Foreign Affairs between 2006 and 2007 (16 in total) were never seen by Stephen Harper or then-Foreign Affairs Minister Peter MacKay. Wow, I mean sure they have a lot of things to read and probably have somebody reading every piece of paper they get sent to deem whether it is worth their time, but anybody with half a brain should know that torture is really not okay, and after the 15th memo might decide to pass on the 16th one.