Heeeey which string do I puuuuuull?

AND NOW, we present an additional blogger for your reading pleasure..... ( and because we need to keep the hits coming...)




I never thought I would make common cause with the Democratic leadership of the congress but when they are right (despite their possible motivation) they are right. I fully agree with Speaker Pelosi and Majority Leader Reid in requesting that the treasury secretary insist that companies which accept the federal bailout money limit excessive executive compensation and golden parachutes.

I would push them out of the plane without a parachute altogether, a fitting punishment for destroying shareholder equity with grandiose unreasonable risk taking. I would go a step further, and require that no dividends be paid to the common shareholders in any quarter where a profit was not made, and that the dividend in no case exceed the previous quarter's profit.

In the last 3 quarters ending 31 July 08, Citibank has lost about 18 billion dollars or roughly $3.30 per share. So why are they paying their stockholders $.64 a share? If they used the money for their business they would need about $3.5 billion less from the federal government. Should the taxpayers risk their money on Citibank's troubled assets while Citibank gives away money it has?

Soupeater