Thursday, October 22, 2009

Free Enterprise

This is what happens when you are in debt: “WASHINGTON – The Treasury Department on Thursday is expected to order seven companies that have not paid back last year's government bailouts to halve their top executives' average compensation. The cuts apply to the 25 highest-paid executives at banks and other companies that received the most assistance, with salaries being slashed by as much as 90 percent, according to a person familiar with the matter. The seven companies are Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial. Smaller companies and those that have repaid the bailout money, including Goldman Sachs Group Inc. and JPMorgan Chase & Co., are not affected.” Everyone knows that the capitalist free-enterprise system is designed to reward those who strive, but one little drawback is that even when you are super rich, nobody can tell you when you’ve had enough. Where does ambition end and greed begin? Where would you draw the line? Is that why Buffett gave most of his money to the Gates Foundation - to ease his conscience? All I know is, this topless woman has nothing to feel guilty about. She only has $200 in her back account.