Bailouts and Corporate salaries and bonuses
Dear President Obama:
The large companies and banks whose greed and irresponsible risk-taking were a signal causal factor in the disastrous world economic crisis are now raking it in through bail-outs, through which they have gained enough cash to give bonuses and salary increases to the executives who's bad decisions led to the crisis.
Their argument for the increases and payouts is that these are needed in order for them to recruit and retain excellent and knowledgable executives.
This absolutely is not true. The people who will not work except for exhorbitant receipts of money are people who only care about their own economic welfare. These are not the best executive talent to lead our corporate economy. These are people whose policies and modus operandi were disatrous for the country and for their own companies. Weh don't need these grasping executives. We need fresh blood above all.
There are large numbers of honest, responsible, intelligent, talented, and experienced businessmen who can now come into their own to lead companies. When there are caps on recompense based on true evaluation of past results, then the grasping ones will fade away and the energetic, public spirited, and honest ones will come into the fore.
Please do not listen to the blandishments of the corporate executives on your staff. They and people like them were among those whose actions and politicies led to this disastrous situation.
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