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This page contains a single entry from the blog posted on September 23, 2008 9:33 PM. The previous post in this blog was C a K9 U like?. The next post in this blog is Feminist summit. Many more can be found on the main index page or by looking through the archives.

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Tuesday, September 23, 2008

And now, a public service announcement

"We support the bill, but we are opposed to provisions on executive pay," said Scott Talbott, senior vice president for government affairs at the Financial Services Roundtable, a trade group. "It is not appropriate for government to be setting the salaries of executives."
Mr. Talbott, I think I speak for tens of million American taxpayers when I say: EAT MY SHORTS!

This has been a public service announcement from bojack.org. We return you now to our usual programming.

Posted at 9:33 PM | Bookmark and Share

Comments (9)

If my tax dollars were spent for that PSA, I approve.

I don't understand the problem. Any company that doesn't want to submit to pay limitations doesn't have to participate in the bailout.

Any company that doesn't want to submit to pay limitations doesn't have to participate in the bailout.

Absolutely. Sounds fair...government has been telling states they cant have federal money unless they submit to their regulations, corporations can have the same rules.

If you aren not scared sh*#less by the Sec. of the Treasury and his proposal...
you are not paying attention!
George W. Bush not the worst president of the United States...the last president.

Since when is it not appropriate for a new business owner to not be able to set salaries?

Did anyone tell these clowns that they no longer have any leverage at the bargaining table?

The ultimate irony would be if these executives got their salary cut to the point they couldn't pay the mortgage on their ridiculous Park Ave. penthouses and vacation homes in the Hamptons, and THEY get foreclosed on.

Nothing short of a public hanging of these scumbags will satisfy me at this point.They have stolen billions of dollars from old folks who will never recover their losses. People who worked hard and saved their whole lives, not priviledged executives who have never served this country in any manner and have spent their lives living well off of the rest of us.

A very level-headed voice in all this is that of Dean Baker, co-head of the Center for Economic and Policy Research. Here's what he has to say on this subject in his blog, "Beat the Press":

"In his weekly NYT column, David Leonhardt argues that limits on executive compensation are a sideshow to the bank bailout. Actually, they are an essential part of the story.

"A key issue in the bailout is addressing moral hazard. The message to Wall Street should not be to get rich on fees from stupid loans and then run to the big government to save your rear when the loans go bad. We give this message to the shareholders by saying that we are going to own much or all of your bank if you come to us for help.

It is necessary to give a similar lesson to the CEOs. A major problem in corporate America is that top executives have been able to pillage their corporations at the expense of shareholders. This problem is nowhere worse than on Wall Street, where high level executives (not just CEOs) routinely earn tens of millions annually in compensation, and sometimes hundreds of millions.

It is therefore crucial that the CEOs also be forced to take big hits in this sort of bailout. Otherwise, their incentive is to rip off their shareholders in the good times with irresponsible lending policies (thereby getting huge fees) and then have the government kick the shareholders in the teeth in the bad times, but they themselves can escape unscathed.

"In short, kicking the top management in the teeth as part of the bailout is both a necessary part of the bailout and good policy for stemming the growth in inequality over the last three decades."

I agree with Allen. One of the serious problems that has surfaced here is that the American system of corporate governance simply does not work.

Does any truly think that a legitimate vote of Goldman Sachs shareholders in 2005 would have authorized a $39 million BONUS payment to the already well-compensated Mr. Paulson? If so, please explain to me how that was "earned."

A frequent reason given for needing to pay high bonuses is to keep "key" managers, and prevent a "brain drain" on a given company. http://bojack.org/2008/09/yeah_they_ran_through_the_bria.html

So if we didn't pay them the big bucks were would they go? China? Russia? Middle East?

Me thinks that kind of expertise may no longer be in demand.


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In Vino Veritas

Chandler Reach, Monte Regalo 2006
Elk Cove, Pinot Gris 2008
Kirkland, Columbia Valley Merlot 2008
D'Aragon, Old Vine Garnacha 2008
Columbia Crest, Walter Clore Private Reserve 2005
Pavin & Riley, Merlot 2006
David Hill, Estate Pinot Noir, Barrel Select 2006
Castle Rock, Paso Robles Cabernet 2006
Magnificent, Cabernet, Steak House 2008
Conundrum 2008
Beaulieu, Cabernet, Rutherford 1998
Saint Cosme, Cotes-du-Rhone 2007
La Granja, Tempranillo 360, 2008
Santa Rita, Mendalla Real Cabernet 2006
Columbia Crest, Grand Estates Merlot 2006
Andezon, Cotes-du-Rhone 2007
Collegiata, Montepulciano d'Abruzzo
Troon, Druid's Fluid 2008
La Granja, Tempranillo 2008
Monte Antico, Toscana 2006
Vieux Papes, Blanc de Blancs
Beaulieu, Georges De Latour Cabernet 1995
Scott Paul, Pinot Noir, La Paulée, 2006
Woodbridge, Chardonnay
Paranga, Kir-Yianni 2005
L. Guigal, Cotes du Rhone Rose 2007
Newman's Own, Cabernet 2007
Chateau Ste. Michelle, Columbia Valley Merlot 2005
Monte Antico, Toscana Red 2006
Saint Cosme, Cotes-du-Rhone 2007
Vins Auvigne, Macon-Fuisse 2007
Vina Gormaz, Tempranillo 2007
Chandon, Brut Classic
Dom Martinho, Tinto 2005
Chateau St. Jean, Cabernet, California 2007
Kirkland, Napa Cabernet 2007
Revelry, The Reveler, 2007
Joseph Drouhin, Chablis 2006
Altos Las Hormigas, Mendoza Malbec 2008
Alodio, Ribeira Sacra Mencia 2007
Charles Smith, Kung Fu Girl Riesling 2008
Kiona, Lemberger 2006
Chateau Ste. Michelle, Columbia Valley Merlot 2005
Gloria Ferrer, Sonoma Brut
Kirkland, Napa Valley Meritage 2006
Abacela, Tempranillo 2006
Woodward Canyon, Columbia Valley Red
Santa Margherita, Pinot Grigio 2007
Mas Donis Barrica, Celler de Capcanes Red, 2005
Three Rivers, Merlot 2006
Raptor Ridge, Pinot Gris 2008
Lezaun, Rosado, Navarra
Lezaun, Red, Navarra
Hedges, Three Vineyards, Red Mountain 2005
Raptor Ridge, Pinot Gris 2008
Vega Sindoa, Cabernet-Tempranillo 2006
Inama, Soave Classico 2007
Alois Lageder, Lagrein Rosato 2008
Broglia, Gavi 2007
Marqués de Cáceres, Rioja Rose 2008
Spaltagna, Riserva Pinot Noir 2008
Portuga, Rose 2008
Warre's Warrior Port
Lange, Pinot Noir 2007
Chateau Guiraud, Le G, 2007
Falset, Garnacha Rose, Montsant 2006
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Domaine Chandon, Pinot Noir, La Riviere Sonoma 2006
Brazin, Old Vine Zinfandel, Lodi 2006
B.R. Cohn, Silver Label Cabernet 2006
Casillero del Diablo, Cabernet 2007
Gentil Hugel, Alsace 2006
Mesoneros de Castilla, Ribero del Duero, Rosado 2008
Cor, Momentum 2007
Santa Margherita, Pinot Grigio 2006
Rubico, Lacrima di Morro d'Alba 2007
Gilstrap Brothers, Reserve Merlot 2003
Conundrum 2007
Chandler Reach, 36 Red
Santa Rita, Reserve Cabernet 2005
Marietta, Old Vine Red Lot 47
L'Ecole No. 41, Recess Red 2006
Dom Martinho, Red 2004
Beaulieu, Georges Latour 1994
Caymus, Cabernet 1995
Columbia Winery, Merlot 2005
Bergevin Lane, Columbia Valley Cabernet 2005
Savigny-les-Beaune, Les Lavieres 2003
David Hill, Reserve Merlot, Rogue Valley 2006
Educated Guess, Cabernet 2006
Maquis Lien, Red 2005
Charles Smith, Kung Fu Girl Riesling 2007
David Hill, Farmhouse White
Robert Mondavi Solaire, Cabernet 2005
Castello Monaci, Liante, Salice Salentino 2006
Ricardo Santos, Malbec 2006
Quinta da Espiga, Tinto 2006
Charles Smith, Holy Cow Merlot 2006
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Santa Rita, Cabernet Reserva 2005
King Estate, Pinot Gris 2007
Gloria, Douro, Tinto 2002
Bogle, Petite Sirah Port, Clarksburg 2005
Cardwell Hill, Pinot Noir 2004
Silkwood, Red Duet Cabernet-Syrah 2004
Portuga, Vinho Branco 2006, 2007
Osborne, Solaz 2004
Santa Rita, Cabernet, Reserva 2005
Penfold's, Koonunga Hill, Shiraz Cabernet 2006
Chateau Ste. Michelle, Cabernet, Indian Wells 2004
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Hannah Nicole, Red 2004
Penfold's, Koonunga Hill Shiraz Cabernet 2005
Protocolo, Red 2005
Woodbridge, Chardonnay 2006
Portuga, Vinho Branco 2006
Beaulieu, Cabernet, Rutherford 1998
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Kirkland, Roogle Shiraz 2004
Garda, Classico Chiaretto
A to Z, Oregon Pinot Gris 2005
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Treana, Marsanne-Viognier, Central Coast 2005
Fife, Syrah, "Stanford" 2000
B.R. Cohn, Silver Label Cabernet 2005

The Occasional Book

Donald Miller - A Million Miles in a Thousand Years
Mitch Albom - Have a Little Faith
C.S. Lewis - The Magician's Nephew
F. Scott Fitzgerald - The Great Gatsby
William Shakespeare - A Midsummer Night's Dream
Ivan Doig - Bucking the Sun
Penda Diakité - I Lost My Tooth in Africa
Grace Lin - The Year of the Rat
Oscar Hijuelos - Mr. Ives' Christmas
Madeline L'Engle - A Wrinkle in Time
Steven Hart - The Last Three Miles
David Sedaris - Me Talk Pretty One Day
Karen Armstrong - The Spiral Staircase
Charles Larson - The Portland Murders
Adrian Wojnarowski - The Miracle of St. Anthony
William H. Colby - Long Goodbye
Steven D. Stark - Meet the Beatles
Phil Stanford - Portland Confidential
Rick Moody - Garden State
Jonathan Schwartz - All in Good Time
David Sedaris - Dress Your Family in Corduroy and Denim
Anthony Holden - Big Deal
Robert J. Spitzer - The Spirit of Leadership
James McManus - Positively Fifth Street
Jeff Noon - Vurt

Road Work

Miles run year to date: 0
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