Sunday, December 21, 2008
US CEOs vs Japanese CEOs
Wall street businesses have used ~1.6 billion dollars of bailout money on bonuses for executives and are still flying hither and thither on corporate jets. This is our tax money from far from grand incomes being used to subsidize the grand lifestyle. We do need to have high enough tax rates on high salaries or some incentive to not have salaries so high in the first place. At one point in our history the portion of salaries over a million or so were taxed at about 90%. It was a deliberate decision at that time to level the field.
Although Congress put language in the bailout bill to keep the money from being used to enrich the already rich, the Bushites insisted on putting in a qualifier, no money from securities auctions could be used for executive compensation, and then treasury did not use securities auctions. Woo Hoo.