I would like to see the following enacted into law:

Any corporation receiving either direct monetary assistance or loan guarantees from the Federal Government shall be subject to the following restrictions:

No employee’s total annual compensation package, including any deferred compensation accruing, may exceed the salary of the President of the United States.

All “golden parachute” clauses in the contracts with current or former employees are immediately declared null and void.

The corporation may not loan money to employees or directors.

The corporation is forbidden to engage in any lobbying activities at any level of government, nor may it contribute financially to any organization which engages in lobbying.

I would also like this to apply to any corporation filing for bankruptcy protection. It is really disgusting to see corporate executives raking in millions of dollars while dumping their pension responsibilities on US taxpayers. Yes, the Pension Benefit Guaranty Corporation is us, and that’s who pays at least some of the pensions every time a company decides to dump its pension obligations via bankruptcy court.
Corporate welfare is not the free market at work, and We the People Have a right to expect something in return for our tax dollars, and the right to demand that no corporate executive claim to be worth more than our exective.

This entry was posted on Thursday, July 24th, 2008 at 7:23 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.