Federal legislators are SO upset that employees of bailed-out companies are getting hundreds of thousands of dollars in compensation for work that apparently put these businesses in their current condition. All well and good. Salary tied to performance. I love it. But yet the president and Congress don't want executives of large corporations earning more than $500,000. Is that fair? These people make decisions that affect the careers and lives of thousands of employees and their families. Their decisions affect stock prices of investors.
Where is the outrage at people earning millions of dollars each year and add no value to the overall American economy? Below is a list of current major league baseball players and their income. Where is the outrage?? These people are earning money from average schmucks walking through the turnstiles. What is their skill? Hit, catch, and throw a baseball.
Average annual value of current highest-paid players in baseball:
Alex Rodriguez, $27,500,000 (2008-17)
CC Sabathia, $23,000,000 (2009-15)
Johan Santana, $22,916,667 (2008-13)
Manny Ramirez, $22,500,000 (2009-10)
Mark Teixeira, $22,500,000 (2009-16)
Miguel Cabrera, $19,037,500 (2008-15)
Derek Jeter, $18,900,000 (2001-10)
Carlos Zambrano, $18,300,000 (2008-12)
Andruw Jones, $18,100,000 (2008-09)
Ryan Howard, $18,000,000 (2009-11)
Torii Hunter, $18,000,000 (2008-12)
Ichiro Suzuki, $18,000,000 (2008-12)
Vernon Wells, $18,000,000 (2008-14)
Barry Zito, $18,000,000 (2007-13)
Jake Peavy, $17,333,333 (2010-12)
Carlos Beltran, $17,000,000 (2005-11)
Alfonso Soriano, $17,000,000 (2007-14)
Cot's Baseball Contracts
Esentially, I have no problem with people earning what the market will bear. I do have a problem with Congress beginnning to say who should make what they determine to be fair compensation. This really is a major shift toward socialism.
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it's only prudent, in todays economy, to be a Marlins fan.
ReplyDeleterest easy, my conscience :)
My understanding was that the limitation on compensation was tied to those companies that had accepted TARP funds, which I think is reasonable. As Rep Frank (Mass-D) said, we (the taxpayers) effectively own AIG. AIG has had a track-record of less-than-admirable business decisions, and this continues that track-record. Who knows?! The government hasn't even set-up a means for banks to repay the TARP funds that they have borrowed, which is angering many smaller banks who are feeling the strings that have been attached to the funds. Time to dust off the Sherman Act and start enforcing it in a liberal manner.
ReplyDeleteI totally agree, Congress should have no say in who should make how much (except for the military of course). Where was Congress after 9/11 when Delta, American, United, and all the rest of the companies were falling on hard times? I didn't see anyone getting upset that most pilots get paid $250 AN HOUR! Congress needs to stay out of the private sector. Let those companies fail that are not doing well. The smaller companies will rise up and take the place of the bigger corporations. If AIG were to fail, people would put their money into other, smaller companies. Isn’t that was Capitalism is, people that run their company correctly should be rewarded and those that run it into the ground should be out of a job - not bailed out?
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