Do you SUPPORT Obama's capping of CEO wages for the financial firms that were bailed out? Yes or No?
Sorry, I didn't mean to ignore the question--just honestly forgot it as I was answering the other.
I support the Obama administration requiring companies that accept bailout money to also accept the terms under which that money is being offered, including pay to executives and other employees, with regard to compensation for future services. However, I do not support companies unilaterally violating the terms of contracts with their employees for past services based on those bailout requirements. If the companies want to accept the bailout money, and they need to reduce those salaries/bonuses/etc. (future and/or past) to comply with the bailout requirements, then they need to renegotiate those contracts. It's wrong for the companies to sign a contract with the employee saying, "If you achieve X, Y, and Z this year, you will be paid $X", and then after the employee has achieved X, Y, and Z, to come back and say, "Sorry, because of the bailout requirements, you're only getting a small percentage of $X, regardless of what our contract says." The company has to either fulfill their end of the contract (if necessary, declining bailout money to do so), or renegotiate the contract. If a renegotiation isn't possible, the company is free to terminate that employee--after paying that employee, per contract, for past services. The only way I can see that the company shouldn't be required to pay for past services per contract (other than a contract renegotiation) is if the employer is in bankruptcy protection or the like--and my understanding is that even that typically requires at least partial future compensation for past payment delinquency.
It's kind of like an NFL team trying to meet a salary cap, with some player having a large contract which makes that difficult. They can either renegotiate the contract with the player, cut the player (but still pay them for any previously-earned contract money), or drop out of the league to avoid the salary cap. Regardless of which they choose, they can't simply declare that "because of the salary cap, we're going to pay you less for last year than we contracted to do, and that's that."
And on top of that--if the employees of these bailed out companies don't like the terms of what is offered to them for future services, and feel they can negotiate better deals by doing so, then I fully support their right to form/join a union if they so desire.
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I'm not saying that in their position, it's likely to do them a whole lot of good--but if they want to do it, they should be allowed to do so.