Congress Agrees On Stimulus With New Measures Against Execs

February 14, 2009

US (ChattahBox) – Congress has finally agreed on a stimulus plan, which has put in massive restrictions on the amount paid in bonuses, incentives, and golden parachutes to executives and employees of companies that receive government bailout funds.

The measure, which would put a cap on all bonuses, and completely ban golden parachutes for leaving exec’s was created by Sen. Chris Dodd (D-Conn). It was an attempt to satisfy the cries for justice from the American people, after it was found that billions of taxpayer dollars were paid last year in bonuses, despite the fact that they were taking funds to stay afloat.

But some say that Congress failed to do all they could to fix the problem.

“Congress missed a huge opportunity to set a strict and measurable limit on executive pay,” Sarah Anderson, of the Institute for Policy Studies, told reporters.

“I’m afraid companies will find ways to shift compensation to other pots and continue to make massive payouts that have so outraged the American people.”

However, the added transparency to an issue that has caused so much anger all over the country is not likely to allow for executives and top earners within the companies to sneak away funds. The measure is making many people on Wall Street nervous, to say the least.

“This is a big deal. This is a problem. It undermines the current incentive structure,” ,” Scott Talbott, the chief lobbyist for a number of the most successful security firms, said.


Comments

One Response to “Congress Agrees On Stimulus With New Measures Against Execs”

  1. JCollins on February 14th, 2009 4:13 pm

    WHO’S LOOKING AT THE COMPENSATION OF THE HEALTHCARE INSURANCE EXECUTIVES??

    The health insurance companies have played a major role in our current healthcare crisis. These companies make huge profits and their CEOs make millions, while the rest of us, employers, and workers alike, face skyrocketing healthcare costs, impossible bureaucracy, and life-threatening insurance denials.

    The health insurance companies continue to compensate their executives out of proportion to any known formula. This executive compensation—millions of dollars every year—could be used to provide quality healthcare for millions of Americans.

    ANNUAL COMPENSATION OF HEALTH INSURANCE COMPANY EXECUTIVES (2006 and 2007 figures):

    • Ronald A. Williams, Chair/ CEO, Aetna Inc., $23,045,834
    • H. Edward Hanway, Chair/ CEO, Cigna Corp, $30.16 million
    • David B. Snow, Jr, Chair/ CEO, Medco Health, $21.76 million
    • Michael B. MCallister, CEO, Humana Inc, $20.06 million
    • Stephen J. Hemsley, CEO, UnitedHealth Group, $13,164,529
    • Angela F. Braly, President/ CEO, Wellpoint, $9,094,771
    • Dale B. Wolf, CEO, Coventry Health Care, $20.86 million
    • Jay M. Gellert, President/ CEO, Health Net, $16.65 million
    • William C. Van Faasen, Chairman, Blue Cross Blue Shield of Massachusetts, $3 million plus $16.4 million in retirement benefits
    • Charlie Baker, President/ CEO, Harvard Pilgrim Health Care, $1.5 million
    • James Roosevelt, Jr., CEO, Tufts Associated Health Plans, $1.3 million
    • Cleve L. Killingsworth, President/CEO Blue Cross Blue Shield of Massachusetts, $3.6 million
    • Raymond McCaskey, CEO, Health Care Service Corp (Blue Cross Blue Shield), $10.3 million
    • Daniel P. McCartney, CEO, Healthcare Services Group, Inc, $ 1,061,513
    • Daniel Loepp, CEO, Blue Cross Blue Shield of Michigan, $1,657,555
    • Todd S. Farha, CEO, WellCare Health Plans, $5,270,825
    • Michael F. Neidorff, CEO, Centene Corp, $8,750,751
    • Daniel Loepp, CEO, Blue Cross Blue Shield of Michigan, $1,657,555
    • Todd S. Farha, CEO, WellCare Health Plans, $5,270,825
    • Michael F. Neidorff, CEO, Centene Corp, $8,750,751

    The compensation of healthcare insurance company executives should be tightly limited as well.

    If you want to learn more, go to:
    http://www.insurancecompanyrules.org/learn_more/the_roster/

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