Two points….
“Check this comparison out. Big 3 wages are in the $74+ and the other auto companies nearly half of that! You can't compete with those figures.”
That’s a false claim being made by Republicans to justify their actions. The New York Times debunks the claim that the Big Three auto workers earn $73 an hour. The real number, the truth, is a union worker earns about $55.
http://blogs.moneycentral.msn.com/topstocks/archive/2008/12/11/do-auto-workers-really-earn-73-an-hour.aspx
“The current CEO's on Wall Street (for the most part, there are a few) had nothing to do with running their companies into the ground. They all came in after that was inevitable. To ask a CEO who did not destroy the company to take a pay cut is meaningless. If you want a good CEO to try to get you turned around, you do not force them to take less money.”
The current automotive factory worker had nothing to do with running their companies either. To ask a factory worker who did not destroy the company to take a pay cut is meaningless. If you want a good product produced you do not force workers to take less money.
One of the points the Republicans, including the Bush appointee, the Secretary of the Treasury, fought against in the Wall Street bailout bill were attempts to regulate CEO compensation at the failed institutions we're being asked to shell out our money to save. While logic might indicate that rewarding a CEO for failing doesn't make much sense, apparently it does to Republicans.
I'd like to see Republicans attempt to justify this news item that was published Wednesday, October 1st on MSN's online financial section.
"Congress wants to crack down on CEO mega-salaries for banks participating in the bailout. And while politicians argue how best to do that, Alan Fishman of Washington Mutual (WaMu) is headed for the doors with $19 million in his pocket."
"If that wasn't outrageous enough, consider this: Fishman started the job three weeks ago. I never saw the employment ad Fishman answered, but it must have read something like this:
WANTED: Top executive for train-wreck bank about to be seized by federal regulators. Must be able to look busy while FDIC sells business from under you. Previous experience with angry shareholders sitting on worthless stock a plus. Perks: $7.5 million hiring bonus and $11.6 million cash severance."
"Fishman got the best temp gig in history."
