Similarities and Differences
JP Morgan Chase & Co. Chief Executive Officer Jamie Dimon said it’s “unfair” for politicians to criticize Wall Street pay without differentiating compensation based on performance.“It’s unfair to talk about us as one,” Dimon, who was paid $1 million last year and didn’t accept a bonus, said today at a conference sponsored by Crain’s New York Business. “Not every company was responsible.”
"I don’t think the president of the United States should paint everyone with the same brush.”
If you're unaware, this relates to President Obama's ("President Obama." It sounds so good, don't you think?) move to cap executive pay at bailed-out financial companies at $500K per year.
And I was taken aback for the same reasons the majority of people in the U.S. (you know, those who don't even come close to making $500K per year) would be upset about it. First you're talking about $500K like it's chump change. It isn't. Sure, it may cramp your lifestyle for a while if you're used to making six figures, but you can live on that.
Second, the whole idea of the financial institutions in distress and asking for taxpayer money to bail them out trying to dictate the terms on which they should be assisted is nothing more than pure chutzpah. You and I can't go to a bank and tell them "I'd like a $10,000 loan, I don't want you to check my credit-worthiness, and I only want to repay it at $50 per month." You'd be thrown/laughed out of that bank. Period.
But I thought about it some more and, to his merit, he does have a point in that these financial institutions shouldn't be seen as one. This is what crossed my mind: lets revise that paragraph as follows:National Council of La Raza's Chairman said it’s “unfair” for politicians to criticize Latino immigrant's impacts without differentiating between the burdens and benefits the Latino commmunity brings.Emphasis added. The moral of the story? Before criticizing someone, walk a mile in his (or her) shoes.“It’s unfair to talk about us as one,” the Chairman said, who is an American citizen born of immigrant Latino parents. “Not every Latino immigrant is responsible for the burdens attributed to them as a group.”
"I don’t think the president of the United States should paint everyone with the same brush.”
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I like what President Obama said recently - "what people are angered about is rewarding failure"
If a company needs a bailout to survive, I think government has the right to make terms like implementing a salary cap.It's just a consequence of poor management.
If CEOs want to earn their usual salaries despite the crisis, then they shouldn't receive any bailout money at all.
Tax payers aren't required to pay for the debt of ailing companies. But since it's headed in that direction, then ailing companies should be subject to restrictions.
In such a global economy, Everyone needs to tighten their belts.
Fantastic article and a great take on the double-standard. Your "revised" paragraph hits the nail right on the head! Politicians need to realize that they cannot simply group together one single "Latino community" - such a diverse group will never be able to fit in such a category.
Over at MiApogeo.com, the erudite Eduardo Altamirano has posted a related story, talking about the 'burdens' vs. the actual benefits of illegal, undocumented Latino immigrants - check it out:
Immigration and the economy
Keep up the great writing!
C.
Tony, I agree with you . . . mostly. The point the Dimon is making is this: you have the financial companies that are primarily responsible for this, you may have others that were not as engaged in the types of iffy financial dealings that the first group was involved with that are also being dragged down, and you have the financial institutions that were doing everything right but are suffering the consequences of it nonetheless because of a domino effect. He's arguing that you should look at them differently in how you regulate their behavior.
That said, I don't have a problem with putting a cap on any financial institution that seeks taxpayers' money for a bailout.
You, know? If I go apply for assistance, of any type, federal, or state, I can only make so much, or I do not qualify. I can only spend or use it for what they say I can use it for, when they say I can use it, and for how long. That's a given. As well as being stigmatized for needing assistance. SO: Porque, lloren? If they want a handout, it comes with rules, stipulations, constraints, and consequnces. If they don't want to deal with that, que se vayan...well, you know. It's about time they have to follow the same rules as the common folks.