Last week’s CI CyberNews CyberPoll focused on the Obama administration’s plan to require the seven companies that received the most bailout assistance to cut the compensation of their highest-paid executives. Here’s a breakout of the responses:

• 46%: Go for it. It’s our tax money, and it should not be used for compensation/bonuses.
• 20%: Good idea, but it’s like closing the barn door after the horse has bolted.
• 34%: Bad idea. Those execs will leave the companies helmless, and who does that help?

Comments included:

“This really sets a scary precedent for government intrusion. Also, there is no way you’re going to get quality individuals to move into these positions and stay there if you’re not willing to pay anywhere near market rates for compensation.”

“It is all smoke and mirrors to divert attention from the disaster that is the Obama team.”

“Excellent, should do more! If they leave the company, all the better. Their ‘great talent and foresight’ ran the companies into the ground. Compensation in times of major company losses is criminal!”

“You need to read ‘The Great American Bubble Machine’ in Rolling Stone magazine. It tells it all.”

“Reports are that the companies will be paying out RECORD bonuses this go-round. For what? These guys are overpaid, under-taxed (bonuses taxed at the capital gains rate of a whopping 15%) and underperforming. Welfare should not be for the rich.”

“America used to have a philosophy that anyone could succeed, and anyone could get rich, by the fruits of their own hard work and commitment. Today, we have a belief, almost an expectation, that people can get rich for nothing, without making the effort. Too many are more interested in lining their own pockets than in the greater good. If we allow the financial sector to return to bonus-based benefits, we are straight back on the road to the disaster we’re already in. Have we learned NOTHING from that?”

“The bonuses for these executives, especially with the banks, are obscene. I hope they DO leave!”

“Capitalism is the cornerstone of American business. However, the overall executive compensation system in America is way beyond rational, not only for those 7 TARP companies, but also for the majority of American corporations.”

“Whose salary is next?”

“First of all, the original CEO & FIO & COO should have been fired before! Loss of the new people down to the levels mentioned will create an exodus and probable demise of the company!!”

“I want tax payer money paid back, and the best way to have the company recover is to let the market decide what people are worth and keep the best people.”

“How do you award bonuses from companies that were going to go under? NO bonuses should be awarded until the public debt has been repaid.”


Many thanks to all of the CI CyberNews readers who have participated in our CyberPolls! Not a CI CyberNews subscriber? Follow this link to sign up for your free subscription!