Archive for February, 2009
February 14, 2009
HOTCLUE’S OWN ECONOMIC STIMULUS BILL PLAN
SOURCE: N.Y. TIMES, FEBRUARY 13, 2009
>>>A provision buried deep inside the $787 billion economic stimulus bill would impose restrictions on executive bonuses at financial institutions that are much tougher than those proposed 10 days ago by the Treasury Department.
The provision, inserted by Senate Democrats over the objections of the Obama administration, is aimed at companies that have received financial bailout funds. It would prohibit cash bonuses and almost all other incentive compensation for the five most senior officers and the 20 highest-paid executives at large companies that receive money under the Treasury’s Troubled Asset Relief Program, or TARP.
The stimulus package was approved by the House on Friday, then by the Senate in the late evening.
The pay restrictions resemble those that the Treasury Department announced this month, but are likely to ensnare more executives at many more companies and also to cut more deeply into the bonuses that often account for the bulk of annual pay.
The restriction with the most bite would bar top executives from receiving bonuses exceeding one-third of their annual pay. Any bonus would have to be in the form of long-term incentives, like restricted stock, which could not be cashed out until the TARP money was repaid in full.<<<
Well, DANGITALL! Now I’ll have to pare down my personal list of bankers I’d like to snare for a quiet little trip to Vegas in one of their own personal private jets, staying in a luxury suite at one of the big casinos (I really love WYNN and BELLAGIO) and playing with an everyday ten, twenty thousand or so of the Banker Du Jour’s private stash!
Sniff, sniff. Pardon me for a minute while I grab a tissue, my tears are dripping all over my new faux leopardskin and ostrich feather bustier.
Okay, I’m back. I’m serious, this is going to cut into my fun somethng terrible. No more bankers’ top secret bonuses to have my way with. No more hops around the world on those cute little $60 million dollar jets. No more gourmet dinners prepared in penthouse suites by Emeril or Bobby Flay. (That’s really a bad break, Bobby’s awfully cute but now I’ll have to slash HIM from my list too, since I won’t be seeing him quite as often due to this recession. How inconvenient is THAT, I ask you?)
To make things even worse, no more dinners at Stratta, where I always try to coordinate my outfit with their decor, red and gold and white and tastefully gentle brown. Once I even coordinated my clothes with one of Stratta’s individual pizzas, quite an undertaking considering all the different colored things on it, but hey, I wowed Count Babalallapaloozo anyhow.
Oh, yes, he’s still around. Count Babalallapaloozo owns a bank. You didn’t know that, did you? I bet you thought he was one of those multimillionaires who sits around on his yacht thinking up ways to part you from your money and hide it in his Swiss bank account, didn’t you? Well, you’re right, he IS! He owns his own BANK! Right here in the USA!
I don’t know how much longer he’ll be around though. I heard through the grapevine he’s being investigated. Sigh. Isn’t that just my luck. Find a live one with money and he winds up in Leavenworth, although I hear that’s called The Country Club where so many government-inspired bad boys go, so it ca’t be all that bad, can it?
They’d better be building another wing, from the looks of things.
Remind me to check out eHarmony.com. They must have some millionaires on their list, right?
Next week: THE DAWG! Yes, Beth and I are going to tell you about Our New Addition. Come back, ya hear me, and don’t forget, we love y’all, yes we do, even if we have been AOL for a while. Okay, quite a while. 😉
Love,Hotclue Herself, In Person and Unattached.