Thread: Barletta supports proposed bailout

Y BORYS KRAWCZENIUK
STAFF WRITER
Published: Thursday, September 25, 2008 4:16 AM EDT
Republican congressional candidate Lou Barletta said Wednesday he favors a proposed federal bailout of troubled financial companies, and penalizing executives who caused the crisis.

“Any proposed bailout should have strong requirements,â€

The executives from companies should be required to take a salary reduction.

Salary reduction? How about 20 years in federal prison? That's a much more appropriate solution. I don't want the same management personel that flagrantly disregarded their financial resonsibilities doing the same thing with your and my $700 billion! If we are going to "own" these corportations then we need a say in who's running them.

Originally Posted by avenger

The executives from companies should be required to take a salary reduction.

Salary reduction? How about 20 years in federal prison? That's a much more appropriate solution. I don't want the same management personel hat flagrantly disregarded their financial resonsibilities doing the same thing with your and my $700 billion! If we are going to "own" these corportations then we need a say in who's running them.

They should be run as employee owned corporations. Americans of a certain age would have shareholder voting rights and would be able to meet at a shareholder's meeting in a city of their choice to decide how debts will be purchased and sold, how dividends will be paid, which funds bring the best yields for tax payer earners in certain categories, etc. I admit I am a financial 'dummy', but I would like to see an end to the Jack Welch breed of "I'm in it for myself" executives who uses smoke and mirrors to hide their incompetence. The corporation would also have a legal department as well as company security in case somebody has to be apprehended violating the law. Company security would monitor all correspondence, email of any employees and provide complete video and text copies of emails to shareholders by email. Any employee of said corporation would be under constant probation and capable of being fired on the spot for any reason whatsoever as an "at will employee". We all see the horrible quality we get when we hire "Wall Street executives" like Henry Paulson and they should be avoided at all costs. If Henry Paulson were hired to run a lemonade stand the price of a glass would go up to $200 and all the lemons in the country would mysteriously come up missing. They are our employees. Let's fire them the way they fire us when they replace us with cheap foreign labor and illegal aliens.

Any penalty on a bailout should start and end with the CEO being immediately removed from that company. No way should the same incompetent crooks be allowed to have their jobs back and or get paid. They should be investigated and prosecuted according to their wrongdoing. We own these companies, we should have all say in what goes on.

I like Barletta, and have contributed to his campaign, but he's wrong on supporting the bailout, IMO.

[quote]“I would be open-minded,â€