Bailout

Senator John McCain met with CEO's of big corporations like Merril Lynch, eBay, and Cisco Systems. They discussed the thought of spending $700 million dollars to bail out the U.S. financial markets. He said, "Most Americans feel very strongly this isn't their fault. It's Wall Street and Washington and the cozy insider relationships that have caused a great part of the problems." He felt that the CEO's knew pretty well the situation of the economy. He want's CEO's to be held more accountable and oversight because the citizens feel it's Wall Street and Washington's fault. The CEO of Merril Lynch was making 83.1 million dollars annually including bonuses. Thus, McCain doesn't want to give executives like this a "golden parachute", which is a payout to help them. He also stated that senior executives should not be paid more than the highest paid federal office, which is the president, who is making $400,000 a year.
http://www.msnbc.msn.com/id/26871010/

Gerald Herbert / AP


I do agree that these companies need to be bailed out, even though they dug themselves into their holes. It's gonna be rough to see that money coming out of my parents, and possibly my own pocket. It's also kinda sick to see Merril Lynch failing, when their CEO is being paid 83.1 million dollars a year. If some of that money went into the company instead of into his pocket, then maybe they wouldn't be in their current situation. I really, really like the statement made by McCain that senior executives should only be earning 400,000 dollars tops. It's wrong to think that the President of the United States is making so much less money than CEO's of companies. I think that the President has a much more important job, and thus should be making the 89.1 million dollars a year over any CEO. JMHO.