$700 Billion not based on Data ... (reform)

[Alceste]

Originally Posted by Napoleon

WaMu goes belly up and it's CEO, who's been on the job for less than three weeks, deploys a $20 million parachute. More to come? You bet!

Jeez. 20 million bucks could pay off a lot of bad mortgages!

[Troublemane]

Did ya all hear that China has refused to loan US the money? The greedy bastiges in Washington were all lickin their chops over that loan for 700 billion, which was supposed to come from China (just like the economic 'stimulus package' did)...but the Chinese turned US down! Its only now, after China said no way to that 700 billion loan that we are suddenly hearing talk from Congress* that, well, maybe 700 billion is too much, and we can get by with just $250 billion...

Ya...those jack-arses were gonna try and put pork into this bailout bill!!!--they were all foaming at the mouths when they thought they could rob the public coffers for more, just as Bush is leaving. And Bush comes on today to say we have to move fast and run this legislation through, its an emergency!---Whoa!---hang on here, when they say something has to be done quickly, without thinking about it, thats when we REALLY have to stop em and say, wait a minute. Clear minds and cool heads are what are needed in an emergency, and what I think is going on is we are being lied to that there's really a crisis at all.

Its a made-up crisis in order to force legislation through so we cant examine the ramifications. Thank God the Chinese are unable (or unwilling) to give us that money, and its only NOW we are hearing Congress*, like mopey kids whove been told they cant have BOTH the "Transformer" (tm) and the new Batman (tm) toy, but can only choose one. Bunch'a snot nosed, lying brats we have up there in DC, its pathetic.




(*i.e., like Gallagher said, opposite of Pro-gress)

[Jeremy Mason]

Originally Posted by rojse

The Mafia should look out - the American government and Jeremy Mason are muscling in.

LOL! Yea, America is the mean body guard. However, looking at my fight record, one shouldn't worry too much about little ol' me.

[Neo-Logic]

Originally Posted by Alceste

Jeez. 20 million bucks could pay off a lot of bad mortgages!

Not really. Only about 20 mortgages that are worth $1,000,000 each.

The fact is that CEO deserves every penny. Keep in mind the context in which this happened.

WAMU was not owned by the government or backed by tax payer money at the time of the new CEO. His salary and compensation including the severance package was agreed by all parties including the board members and shareholders. It's a contractual clause that he has lawfully recalled.

I would if I were in his position. No harm in making lots of money if it's legal and deserving. His 20 million package is simply the intersection of his ability to supply and the demand for which his abilities and knowledge were requested by WAMU.

[Alceste]

Originally Posted by Neo-Logic

Not really. Only about 20 mortgages that are worth $1,000,000 each.

The fact is that CEO deserves every penny.

WAMU was not owned by the government or backed by tax payer money at the time of the new CEO.

You are so not a socialist! When 20 families could avoid homelessness from a single man's income over the course of three weeks, it sounds like "a lot" to a socialist, even if it doesn't involve the misuse of public funds.

I would if I were in his position. No harm in making lots of money if it's legal and deserving.

Where as I would be deeply embarrassed about it and seek out ways to apply the fortune to the problems of homelessness and poverty since, in my view, everybody "deserves" food, shelter, education, clean water and a living wage.

Nobody "deserves" that kind of money for three weeks' work. I don't care what they do for a living.

[Napoleon]

Originally Posted by Neo-Logic

The fact is that CEO deserves every penny. Keep in mind the context in which this happened.

Perhaps you could explain precisely what he did that was deserving of $20 million.

[Neo-Logic]

Originally Posted by Napoleon

Perhaps you could explain precisely what he did that was deserving of $20 million.

I did.

Supply & demand. He had a certain set of experiences, knowledge base, and reputation that merited the demand of WAMU board & share holders to hire him, approve his salary, and sign a contractual clause that entitled him by law, to receive his severance package of the aforementioned amount. There is no proof of illegality brought up. And despite his 3 week short tenure, he was still CEO of WAMU and as his contract allows, he has the right to demand his severance package as services rendered.

This was all done privately because WAMU was and still is a private company. Private companies can choose to pay any amount of money they deem fit to any other private parties so long as it's within the scope of the law.

This certainly was. What somebody "deserves" or "doesn't deserve" is merely our subjective opinions. The market has spoken and the 20 million was earned through rendered service and the market has decided he deserves it - and the private contract enforces that notion.

[Jeremy Mason]

Originally Posted by Neo-Logic

I did.

Supply & demand. He had a certain set of experiences, knowledge base, and reputation that merited the demand of WAMU board & share holders to hire him, approve his salary, and sign a contractual clause that entitled him by law, to receive his severance package of the aforementioned amount. There is no proof of illegality brought up. And despite his 3 week short tenure, he was still CEO of WAMU and as his contract allows, he has the right to demand his severance package as services rendered.

This was all done privately because WAMU was and still is a private company. Private companies can choose to pay any amount of money they deem fit to any other private parties so long as it's within the scope of the law.

This certainly was. What somebody "deserves" or "doesn't deserve" is merely our subjective opinions. The market has spoken and the 20 million was earned through rendered service and the market has decided he deserves it - and the private contract enforces that notion.

Who is paying that 20 million exactly?

[Reverend Rick]

I have thought long and hard about this situation. I believe I have the solution. Everyone in Washington is so full of crap, we need to have a fart tax.

[Neo-Logic]

Originally Posted by Jeremy Mason

Who is paying that 20 million exactly?

I suppose the funds will come from either WAMU or its new owner - Morgan Stanley. Depends on the contract, but it's a private deal with private money.

If it turns out that tax payers would be paying for it, I would not support it.