Howie on Obama's CEO Salary Cap

" 18774694322. Said Patrick O'Hare of the independent research firm briefing dot com. It's a slippery slope when the government puts restrictions on how much an individual could -- in the private sector. We're not just the government any more where the largest stockholder. I mean I."

" It's like being an aids like investing in a mutual fund day and the mutual fund is investing in companies -- year old think they should be investing in. You can pull your money out of mutual fund he can't pull your money out of the government because they're going to pull bigot make whole Lotta money out of your every paycheck you make. I don't have any Joe I don't have any choice it's like go where I work I don't have any twice. About giving them this money to the government. As so I'm stuck being a shareholder -- bombs like being a shareholder wire these people who lost billions of dollars you think they're entitled to a 1000010 of millions of dollars in bonuses. From 2002 to 2008 the five biggest Wall Street securities firms paid an estimated 10980. Billion dollars in bonuses. Both companies churned out 76 million dollars in combined profits during the same period. Last year the company's had a combined net loss of 25 billion dollars yet still paid bonuses of roughly 26 billion dollars. -- so most of them are now asking for federal bailout money so guess what they they're there are going to be any more bonuses for the idiots who ran these companies into the ground. Okay okay."

" It's not my -- is not my fault what you -- claiming credit and window when the company was in the black and you were taken the ten million dollar -- companies in the red and it's not your fault I don't quite get it."

" 18774694322. -- you're next with Howie -- go ahead Chris."

" I would venture taking my call. It you just really touched on my point -- I kind of disagree wouldn't let him just falling into the class warfare argument here. We don't -- know what at what point does the government -- say that's too so you worked -- pharmaceutical company. Well you know what you're -- too much so we're gonna set a limit on how much you can make. If you're in say the marketing I'm of these -- are longer and companies."

" But our government doesn't have a stake in a pharmaceutical company I mean it don't you think the -- that I'm just I'm drawing a distinction here. Is it the government has no right to tell anybody who's in a private concern how much they can make but it but then again. These companies. Have made us there'd their chief stockholders. How how do you how long would you I I think we've National League came gusto didn't they. It didn't AIG and -- at Citigroup would be gone AIG would -- on because they made such. Good. Moronic investments and you could say yeah but they believe the they believe the squads like government -- Agencies like Fannie Mae and Freddie Mac won't you know what did -- there's there's so damn smart -- fifty million -- should -- they should have known that Barney Frank and Chris -- work complete morons in the should have taken their word for it."

" In and I do agree would you would that a 100% I feel like the best course would have been if we had never offered or provided the bail out in the first place. But the -- did so why I think I'm concerned that this is the first step towards. Doing this -- other industries for whatever reason. May come up."

" If they take your money from us there -- until it you know -- this is not the first time this has been done I mean it's been done in in more dire circumstances the national there was Leo there was a whole miners' strike during world war -- you know. I mean and well what it FDR do we he said he -- he way to go back to work -- I won't take whatever steps are necessary. In and they just what they went back to work. I mean that's just this is just say this is just a financial crisis we don't have dictatorships closing on us -- from from both sides."

" What we also provide plenty of farm subsidies so what point that the government say if you're way up farmer. Excepting subsidies you can always make this much money every year. Well."

" I mean if they. If they if they. More Goodwill for farmers I mean farmers farmers suffered the slings and arrows of of of outrageous. Free market economics you know the prices go up and down I mean you can't you can't sit there in your office on Wall Street not really producing anything but just shuffling papers and make ten million a year. And and then have the economy fall apart and now all of a sudden the government has to bail you -- and still expect to pay -- make ten million a year that's -- capitalism is easy you don't if we make money will keep the money if we have losses won't pass them on everybody else I is that how was that fair."

" Again I agree would be at your promise I just feel like. You know this this becomes something where the government now can set these new limits and and not only deal would make it the private sector more."

" I I I just I think that you know nothing could be what could be worse than the situation we have had here where you know where you have people like up. Like Robert Rubin. Running around you know making 102030. Million dollars a year. Is doing at doing absolutely nothing to prevent these -- banks from my getting down to but losing trillions of dollars. What is it Citigroup. Citigroup's. Capital lot market capitalization is now twenty billion dollars. You know you don't how much are on the hook for India in in every that it debts but would everywhere called toxic securities et cetera two trillion dollars. Who true true how -- how can anybody who got the bank into this situation. -- think that he has the right to get a million or five million dollar bonus. Then again if if they were if they were saying we're taking care what ourselves let's say boy what a stupid bank while I don't know me slack and -- bank but. They do all the stock in the bank can you own stock in the bank now because we've bail them out. Thanks for the call Chris 18774694322. James you're next with Howard cargo ahead James."

" I -- that attractive thanks a couple points number one you can never do only one thing okay. -- law of the -- unintended consequences yes. You know of this well have ramifications. Which. Are hard to imagine at this point. So you know that's number one until you know the reason these guys that are making the kind of money is -- head over the years -- there's -- demand for there's -- But the -- or you know out like that what this means that services on the ball. Okay -- and yes very -- okay then well -- The police beat these guys will find a way to get their compensation. Okay I don't know what it is I mean I can imagine for example they -- abrupt and their clients by you know. 10000 a million copies of their book."

" Well that's been done before Jim Wright is done and and I get the feeling Deval Patrick that's going to be his MO what is book comes."

" So. You know that the point is that the government can't micromanage these things the other. They and we we had to thank you may recall many years ago we had so called luxury tax. Yes we keep these rich people from enjoying the fruits of their labor by buying you know big cars and boasts."

" I put a big tax on yachts image output a couple of a boat yards enough patches Kennedy's district in Rhode Island out of business almost immediately."

" We remain both that the boat building industry and they -- Okay and throw that in there was -- the class warfare. You know motivations than the flat -- people. Yeah -- embarked."

" They were slapping rich people just because they were making money. In this case. These rich people have come to the United States of America and said we screwed up royally you have to protect us and then they took the money. And instead of it it instead of shoring up their bottom lines. They immediately passed themselves up they immediately gave themselves the same amount in bonuses that they've given themselves in previous years. That's outrageous that they used. To -- Tom Daschle's phrase that is outrageous."

" Yet none out. True enough and I understand the instant."

" But it noted there are so greedy that there is no other way to stop them but to say look you've got to get yourself out of this mess. You're like an alcoholic you know we know we can't we can't stop you from drinking. But you're going to have to sober up and get this one project on and then you can have a drink."

" Yeah I understand the -- but it's the point is it's it's the government and all that the government especially. Cannot do only one."

" So what should do but what what should the government do I mean this is this is is so why. So wrong for them to take bailout money and then give themselves bonuses for destroying their own companies."

" Okay I have a suggestion what is hey and that would be to go talk to make sure venture capitalist firms. And see what kinds of restrictions they put on -- vendor's. Who our yelled the -- into the venture capitalists. For the money to make a lot more months."

" These are large -- OJ and I don't corporate hacks."

" Okay that's what it's still just experts who have dealt with the nature of this issue. Before been instead of trying to use a blog you know blog about. You know how about trying to do a little more sophisticated fashion."

" I don't I just don't think you can do you know these these people are again they they're not and they thought they were bright they thought they -- masters of the universe to use Tom Wolfe's phrase. But as we've seen over the last year or so they're idiots there idiots in here in the -- greedy idiots in you know again they're -- 500000. If they if the if they. Can get there if they're so smart that they can get their companies out of this mess always got to do all AIG's gotta do is repay a 115 -- billion dollars. And then they can then they can go back haven't parties they can go back to having you know having rounds of golf by every every day of the week guy in January of law yet. Some some world class golf course but let them pay back the money first thanks for -- James. 18774694322. On Howie Carr. A sore --"