Brazen Mike Castle Lie Tops Del State News
Mike Castle tries to put lipstick on the non-compromise bail out bill that protected executive golden parachute contract for the very executives who gamed the financial markets.
The Lie:
“Rep. Castle said the bill as presented would not have included rich serverence packages so-called “golden parachutes” for Wall Street cororate executives.”
That is a flat out lie. I guess Mike Castle is used to beintg able to lie with impunity. The usually good Drew Volturo takes Castle at his word, which is a rookie mistake.
The fact o fthe matter is the executive compensation measures inthe bill were a joke which WOULD NOT affect existing contracts, but only contracts entered into during the two years of the authority of this program.
Mr. Castle was indeed telling the truth. You can’t go back and nullify exisitng employment contracts. However, future contracts can be affected.
You may not agree with how they earned their money but unless you want endless litigation you can’t abrogate a person’s contract without cause.
Contracts are based on laws made by Congress. Of course Congress can nullify a contract.
you can’t abrogate a person’s contract without cause.
I think we have “cause.”
So now I understand Mike P you are for taking our Tax Money and honoring contracts that were given to the folks who fucked this up. So that explains that the ex CEO of wash mutual got a 13 to 18 million dollar gift on the way out the door after only holding that position for less than 3 weeks. God that’s the Job i always wanted to be a total failure and walk away with that kind of cash.
Did Volturo get the quote wrong? I suspect not.
The German Chancellor just stated on MSNBC that if Washington doesn’t do something by this weekend she is going to pull out of our markets to protect German Banks.
Mike P has become our new mike w — except that Mike P is here practicing his talking points since he thinks he will be campaigning for McCain one of these days. He’s functionally a troll at this point, so feel free to ignore him.
I’m glad to “troll” here, you folks need some occasional disruption of your echo chamber, especially when you don’t like what’s being said.
Trolls like to poop.
And monkey’s throw their shit.
How about Newt stabbing Bonner in the back hoping to sink McSame so Newt can run in 4 years. Gosh I don’t know if I can go on here one Mike troll was bad enough but TWO!!!!
Maybe all of you should take a look at business law for a minute. Try the Disney case and Mike Ovitz. Disney gave Ovitz a huge contract buy out, over $100 million. Why? Because it was in his contract.
The Chancery Court backed the Disney Board essentially saying bad choices do not necessarily translate in to breaking the law. Unless you have a case to be made where a securities law was broken you are wasting your time.
Some of you need to get your facts correct also. The CEO of Washington Mutual did not take a huge payout when it was taken over. Yes, he did keep his signing bonus-it was part of his contract.
Most of you are blinded by your own political talking points which are so incredibly predictable and misguided on this issue. I don’t have talking points, I am looking at the reality of a financial system which will not tolerate any risk for businesses, can not provide liquidity and will crumble not because of the Wall Street CEO’s because of our inaction this week.
Mike, he also got a severance when he lost his 18 day old job.
“According to filings with the Securities and Exchange Commission, WaMu threw a $7.5 million bonus at Fishman when it hired him on Sept. 8, and guaranteed him an immediate cash severence of $11.6 million — both of which he gets to keep.
He also was eligible for annual bonuses of up to 365 percent of his annual base pay — set at $1 million — to go with millions of shares of company stock.
Fishman does lose out on a big bonus that would have kicked in had he remained on the job through 2009.
Documents show WaMu was going to pay their new boss $8 million to simply not screw up and get fired — all negotiated as the Seattle-based banking giant’s loses climbed to an estimated $20 billion.”
Yes, his contract did allow for severance. The point is simple to me. This ex CEO did nothing unseemly or illegal yet he is being villified. His contract has to be honored.
Great, we’ll take it out of your pension… 🙂
Seriously, though, while I understand that there is a contract, is there any wonder that the public takes offense at this crap?
Mike is correct.
CEOs are free agents. They can go to where they will get the best contracts. Companies compete for talent by contract offers, and bet that they will get a return for the money that they spend to attract a top quality CEO. Like athletes in sports, some CEOs will be great and others will be a bust.
If a team signs a great athlete who blows out his knee on the first play, the team doesn’t get their signing bonus back. Same with CEOs. A contract is a contract.
By the way, just because a company loses money doesn’t mean the CEO did a bad job. You have to benchmark performance. If a company loses 5% but everybody else in the same sector lost 20%, then that first CEO did a pretty good job.
I throw feces at douche nozzle, Mike Protack.
WaMu was a major player when it came to selling A.R.M.S that did not require borrowers to show that they had ANY income.
Now he wants my monkey ass to cover Fishman’s stupid ass contract.
Would you rather we stop honoring legal contracts in this country?
You’re so rich, you pay that criminal off. Oh and by the way, here is some hot feces for you.
Enjoy!