Shareholders are the “best check” on pay practices, and government shouldn’t dictate standards when firms avoid taking taxpayer funding, Obama told Bloomberg News on Sept. 14. “You have to start asking yourself: ‘Well, why is it that we’re going to cap executive compensation for Wall Street bankers but not Silicon Valley entrepreneurs or NFL football players?’”-Obama In 1994, the owners' and... [more]
Shareholders are the “best check” on pay practices, and
government shouldn’t dictate standards when firms avoid taking
taxpayer funding, Obama told Bloomberg News on Sept. 14. “You
have to start asking yourself: ‘Well, why is it that we’re going
to cap executive compensation for Wall Street bankers but not
Silicon Valley entrepreneurs or NFL football players?’”-Obama
In 1994, the owners' and players' associations of the National Football League approved a new collective-bargaining agreement. This agreement included a salary cap designed to keep player salaries from increasing at the rate they were at the time. The salary cap is essentially a set amount of money that each of the NFL's 31 teams is allowed to spend on player salaries for any given year. For the upcoming 2001 season, that amount is approximately $67.4-million, or 63% of the League's defined gross revenues (DGR) from last year divided by the 31 NFL teams.
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Response by NWT
almost 17 years ago
Posts: 6643
Member since: Sep 2008
I'll forgive Obama for not being up on the financial history of the NFL.
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Response by LICComment
almost 17 years ago
Posts: 3610
Member since: Dec 2007
I think Obama was referring to the government capping compensation, not private industry imposing its own salary caps. I agree he probably should have used a different example to avoid confusion.
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Response by Ubottom
almost 17 years ago
Posts: 740
Member since: Apr 2009
just an early morning redbaiting obama bash!!
more out of context garbage--focus on the birthing, no?
sleep much?
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Response by apt23
almost 17 years ago
Posts: 2041
Member since: Jul 2009
Excuse me but the union agreed to the cap. The NFL cap is an arrangement between the capitalist owners and the player's union. It is not dictated by the government, the congress or Obama. I think Obama's point was if you need to accept govt money, it will come with strings attached. And why are you concerned with what Obama has to say, clearly you don't think he is a citizen.
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Response by Riversider
almost 17 years ago
Posts: 13573
Member since: Apr 2009
I agree with NWT. Forgive him for not being up on the NFL, but he should have chosen examples he was more familiar with. That's why I call it a gaffe(like a faux pas).. Like saying "NUCULAR"
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Response by maly
almost 17 years ago
Posts: 1377
Member since: Jan 2009
Is the government involved in capping the pay of NFL players?
I was startled last week when Mr. Obama, in an interview with Bloomberg News, questioned the case for limiting financial-sector pay: “Why is it,” he asked, “that we’re going to cap executive compensation for Wall Street bankers but not Silicon Valley entrepreneurs or N.F.L. football players?”
That’s an astonishing remark — and not just because the National Football League does, in fact, have pay caps. Tech firms don’t crash the whole world’s operating system when they go bankrupt; quarterbacks who make too many risky passes don’t have to be rescued with hundred-billion-dollar bailouts. Banking is a special case — and the president is surely smart enough to know that.
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Response by petrfitz
almost 17 years ago
Posts: 2533
Member since: Mar 2008
i think this gaff is much less worse than Bush's gaff's - Iraq War, 9/11, destroying the American economy....
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Response by Riversider
almost 17 years ago
Posts: 13573
Member since: Apr 2009
Many legitimate reasons to have opposed the Iraq War. But I have not heard that it caused the Global Financial Crisis.
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Response by gcondo
almost 17 years ago
Posts: 1111
Member since: Feb 2009
everyone makes mistakes... what is more frightening is the idea of government setting pay rates in a so-called capitalistic society
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Response by Riversider
almost 17 years ago
Posts: 13573
Member since: Apr 2009
a good reason why glass-stegal made so much sense. The old commercial businesses of banks never exposed the tax-payer to the back-stop. People should be allowed to take as much risk and earn as much pay , just not on tax-payer dime. Banks should be agency oriented not principal oriented. Put those other businesses where they belong, Hedge Funds & Ivestment Banks, not institutions guaranteed by the FDIC...
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Response by Riversider
almost 17 years ago
Posts: 13573
Member since: Apr 2009
Honorary Paul Volcker....
Hedge funds, private equity, and proprietary trading are
different businesses, Volcker said, and should be kept separate
from banking. He cited Goldman Sachs Group Inc., which became a
bank holding company last September, took government aid, and
yet has a large proprietary trading operation that is
responsible for much of its profit.
“There’s nothing wrong with making money,” Volcker said.
“But I don’t want them to make money by taking risks with the
support of the taxpayer.”
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Response by petrfitz
almost 17 years ago
Posts: 2533
Member since: Mar 2008
no Riversider your republican party's policies of irresponsible deregulation and unfettered free market caused the global financial crisis. One example of it is when the Republicans wrote, and voted in a veto proof manner to repeal the Glass Steigal Act.
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Response by ILuvNewYork
almost 17 years ago
Posts: 88
Member since: Jul 2009
ATTENTION STREET EASY: These political posts are really, REALLY getting OLD!! Please delete as soon as these threads are started. this is not why we log on here. Obviously Riversider being the STUPID Republican that he is doesn't understand that. This is a REAL ESTATE message board. This thread has NOTHING to do with real estate NOTHING!
wants this to be glenn beck's new lair--with guest appearances by rush
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Response by uptowngal
almost 17 years ago
Posts: 631
Member since: Sep 2006
Riversider, Glass-Steagall had absolutaly nothing to do with the current crisis. If anything, allowing banks to own/engage in investment banking activity helped mitigate things - witness JPM Chase's emergency purchase of Bear Stearns, or BofA and Merrill, who would have otherwise gone bankrupt and created more havoc on the markets/economy.
The repeal of GS was to reverse decades of antiquated laws that made little sense in a modern global banking environment. Witness Canada, never had a form of Glass-Steagall yet its banks are doing fine.
There were plenty of reasons for the current crisis, but repealing GS was not one of them.
I'll forgive Obama for not being up on the financial history of the NFL.
I think Obama was referring to the government capping compensation, not private industry imposing its own salary caps. I agree he probably should have used a different example to avoid confusion.
just an early morning redbaiting obama bash!!
more out of context garbage--focus on the birthing, no?
sleep much?
Excuse me but the union agreed to the cap. The NFL cap is an arrangement between the capitalist owners and the player's union. It is not dictated by the government, the congress or Obama. I think Obama's point was if you need to accept govt money, it will come with strings attached. And why are you concerned with what Obama has to say, clearly you don't think he is a citizen.
I agree with NWT. Forgive him for not being up on the NFL, but he should have chosen examples he was more familiar with. That's why I call it a gaffe(like a faux pas).. Like saying "NUCULAR"
Is the government involved in capping the pay of NFL players?
Paul Krugman thought so.....
http://www.nytimes.com/2009/09/21/opinion/21krugman.html?_r=1
I was startled last week when Mr. Obama, in an interview with Bloomberg News, questioned the case for limiting financial-sector pay: “Why is it,” he asked, “that we’re going to cap executive compensation for Wall Street bankers but not Silicon Valley entrepreneurs or N.F.L. football players?”
That’s an astonishing remark — and not just because the National Football League does, in fact, have pay caps. Tech firms don’t crash the whole world’s operating system when they go bankrupt; quarterbacks who make too many risky passes don’t have to be rescued with hundred-billion-dollar bailouts. Banking is a special case — and the president is surely smart enough to know that.
i think this gaff is much less worse than Bush's gaff's - Iraq War, 9/11, destroying the American economy....
Many legitimate reasons to have opposed the Iraq War. But I have not heard that it caused the Global Financial Crisis.
everyone makes mistakes... what is more frightening is the idea of government setting pay rates in a so-called capitalistic society
a good reason why glass-stegal made so much sense. The old commercial businesses of banks never exposed the tax-payer to the back-stop. People should be allowed to take as much risk and earn as much pay , just not on tax-payer dime. Banks should be agency oriented not principal oriented. Put those other businesses where they belong, Hedge Funds & Ivestment Banks, not institutions guaranteed by the FDIC...
Honorary Paul Volcker....
Hedge funds, private equity, and proprietary trading are
different businesses, Volcker said, and should be kept separate
from banking. He cited Goldman Sachs Group Inc., which became a
bank holding company last September, took government aid, and
yet has a large proprietary trading operation that is
responsible for much of its profit.
“There’s nothing wrong with making money,” Volcker said.
“But I don’t want them to make money by taking risks with the
support of the taxpayer.”
no Riversider your republican party's policies of irresponsible deregulation and unfettered free market caused the global financial crisis. One example of it is when the Republicans wrote, and voted in a veto proof manner to repeal the Glass Steigal Act.
ATTENTION STREET EASY: These political posts are really, REALLY getting OLD!! Please delete as soon as these threads are started. this is not why we log on here. Obviously Riversider being the STUPID Republican that he is doesn't understand that. This is a REAL ESTATE message board. This thread has NOTHING to do with real estate NOTHING!
http://www.streeteasy.com/nyc/talk/discussion/14745-unsustainable-stock-market ????
redbaiter's try to sitejack
wants this to be glenn beck's new lair--with guest appearances by rush
Riversider, Glass-Steagall had absolutaly nothing to do with the current crisis. If anything, allowing banks to own/engage in investment banking activity helped mitigate things - witness JPM Chase's emergency purchase of Bear Stearns, or BofA and Merrill, who would have otherwise gone bankrupt and created more havoc on the markets/economy.
The repeal of GS was to reverse decades of antiquated laws that made little sense in a modern global banking environment. Witness Canada, never had a form of Glass-Steagall yet its banks are doing fine.
There were plenty of reasons for the current crisis, but repealing GS was not one of them.