After listening to the hearings this week and the published articles regarding corporations excessive spending and golden parachutes, I think the time for accountability is at hand. Knowing that companies are ready to raid our wallets and are being given "our" tax dollars to survive, the time has come for us to step in and demand a cutback. CEO's of years ago got rewarded based on the productivity of the company. If the company did well, so were the bonuses.
Today's CEO's and executives have contracts that even some of the most successful sports figures would envy. Put in a few months on a sinking ship, can reap rewards in the millions regardless of the outcome of the company.
One of the provisions that I would like to see in regards to this infusions of cash in the billions of dollars is that the corporate spending be exposed to all. If you get our money we get to take a look at your books and contracts of high level executives. We need to renegotiate them.
If you want our money to continue your bank, you need to renegotiate the mortgages that placed you into this position. I agree with many, that we should not bailout irresponsible borrowers who took on great risks. However, since we are now being TOLD where are hard earned tax dollars are being spent to save companies on Wall Street, then we should HELP someone on Main Street to balance it. There are homeowners out there, that are losing their jobs and livelyhood due to this spiral in our economy. Everyone from business owners, to realtors, to a office manager who worked on Wall Street can be just paychecks aways for losing their home.
Just during the summer, I came across a family who was in tears. They have 3 children, a mortgage on a simple home and both parents are in real estate with years of experience. They do not drive fancy cars, live a fancy lifestyle, and are good hearted people who were scared. Business was almost non existent for them and finding jobs has not been successful. Did they do anything wrong? No. Should they be in this position? Not if we live in a country that is suppose to be so plentiful.
I did see them recently, spoke to them, and things are month to month. Both have turned to family for help, the husband has found 2 jobs that are helping with the bills, and the mom is still trying to keep her feet in real estate.
Its time for corporate America to give and not just take. Its time for corporate America to realize that if it wasn't for us, the little people, they would not exist. Its time for our goverment to step in and TELL corporate America its enough. Hearings in congress are nice, but what is really accomplished by them? We parade CEO's in front of our goverment officials, we embarass them by revealing their greed and they leave, off to the enjoy their riches and a good game of golf at the club. Where is the accountability?
That's my opinion, what's yours?
Ron Walters
ARM Insurance Agency
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