President Obama's Executive Pay Limit Could Be Damaging To New York - wcbstv.com: "'Without the talent of Wall Street to bring us back into a position of leadership in the global economy, we're going to be in bad shape as a world economic power,' said Kathryn Wilde of the Partnership for New York.
Wylde says the Obama salary cap [$500,000 for companies that take TARP money] will lead to a critical brain drain – China and the United Arab Emirates have already come to poach Wall Street talent. She also says lower salaries in the financial industry will mean dramatically lower tax revenues for the city and state.
'We also depend heavily on the financial services industry to fund our economy and our tax rolls,' said Wylde. 'Last year 20 percent of our income taxes in the states – 12 percent in New York City came from Wall Street.'"
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So if we don't let corporations grotesquely overpay the geniuses who wrecked our economy, they will display their patriotism by leaving for China? Buh bye. Don't let the door hit you on the *** on the way out. And it is shocking how heavily New York relies on taxing these huge salaries.
1 comment:
It is completely enforceable. It is a condition of accepting government bailout money. If a private corporation doesn't want the taxpayers dollars, fine. Keep on overpaying your executives and let the stock holders do what they want. But if a corporation wants to use our taxpayer dollars to save their corporation, they can't give it to their incompetent CEO to keep him from moving to China. Pretty simnple, really.
And the Obama birth certificate issue is actually a non-issue at this point, even if you write about it WITH YOUR CAPS LOCK KEY STUCK. The litigation is going nowhere and the nation has moved on to bigger issues, such as the meltdown of the housing and financial markets and Iran developing nukes.
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