Above is a video excerpt of a news conference, reported on by Political Intellegence, in which "President Obama is backing up his outrage over Wall Street pay with action today, announcing plans to put a $500,000-a-year limit on the salaries of CEOs whose companies dip into the government's financial rescue fund. Firms that want to pay executives more than $500,000 would have to use stock that could not be sold until the firms pay back the government." (Source: Boston Globe)
Oh how sweet, He is looking out for the little guy and holding Wall Street and the Banks accountable. In all actuality it was Democrat Senator Claire McCaskill from Missouri who actually introduced that legislation a week ago in spite of her own party. She was also one of the driving forces, on the Democratic side of the isle, in trimming the pork from the House version of the AERA that is in the Senate now and being talked about in the press. All I'm suggesting is to give credit where it resides, and this time it came not from the Oval Office but the middle of the Heartland. Here is a video below via CSPANJUNKIE from last week.
Here is a quick time line of the controversial credit given or lack there of:
29th of January: Obama refers to the actions as SHAMEFUL decrying the bonuses by Banks & Wall Street
30th of January: Speaking from the floor, Senator McCaskill introduces legislation capping salaries at level with the President if they are receiving Federal Bailout assistance. Calling the bank and wall street executives idiots and saying that they are throwing sand in the faces of the American taxpayer
31 January: President Obama holds weekly address that mentions new plan of accountability next week by Tim G of the Treasury with no specific mention of the salary cap whatsoever. [LINK]
04 February: Timmy Geithner and President Obama hold press conference outlining plan for CEO pay cap rules with no mention of Senator McCaskill's original legislation five days previous. [LINK]
At the very beginning of his remarks during the press conference Wednesday and continuing throughout, President Obama gave credit to Tim Geithner for all his hard work when it was Senator McCaskill that began this policy shift. What is really sad is that Obama's policy shift and assumption of authorship of this idea allowed for one hundred thousand dollars more than the pending legislation introduced by Senator McCaskill would have allowed. Is that because Wall Street and the Banks could not handle such a severe cut so they tried to circumvent the legislation from being passed? Either way it is still sad to see. Obama's policy shift according to reports still allows for extravagant spending as long as it is posted on the company website for all to see and also allows for higher salaries than half a million dollars if they get approval from shareholders and file the proper forms with the Treasury.
This is political plagiarism by its prime stake holders and the people we elected to serve us at its worst! And is it just me or does Robert Gibbs the White House Press Secretary remind anybody of George W. Bush in the way he answers questions and the mannerisms deployed when he doesn't want to answer a question honestly? Now we are learning more of the Obama Administration's choices for Cabinet and high ranking positions are more tainted than Al Capone Gang and the New York Mafia combined.
This Administration was suppose to be the Change You Can Believe In and all we are seeing is, pardon me for saying this, is the stereotypical racist acronyms come to light. Mr. Obama, you are not the HNIC nor were you the CHANGE candidate for some Township Office or City Council seat, you have been elevated to the highest office in this land! Please respect it and use the office for the good that is America's legacy, not this constant corruption and convoluted power grab that we are seeing unfold. You may have won an election; but any man who truly has power over a group of people, knows that authority is given by humbly approaching the office to which they were given, earning the respect of the people they serve, who then allow that person to rule with them for a period of time, anything less is tyranny and deserves to be removed from power (Declaration of Independence).
According to the latest statistics one in a hundred Americans are incarcerated today. Yet at the same time according to another report, which I have not been able to verify, as to the character of who exactly makes up Congress. Here are the numbers just related to financial issues of the 500 plus members of Congress:
- 117 have directly or indirectly bankrupted at least 2 businesses;
- 71 cant get a credit card bad credit;
- 19 accused of writing bad checks;
- 7 have been arrested for fraud;
There may be a part three but not till next week, unless something major breaks out.