Arcuri to attend hearing on Madoff scandal

[concerned]

Why is this a scandal and yet the CEO"S of financial institutions who received monies from the bailout then rewarded themselves with bonuses etc, wrong.

Maybe Obama can offer the guy a place in his cabinet or at least Sec of Health, since the one Obama wanted refused the post because he just remembered he did't payincome taxes for awhile?

On the Today show there was a short new's concerning the fact that Obama and Congress want to place a limit on the salaries of executives whose companies get money from the bailout. Can that really been done? Can the government demand that private companies have to have an income limit for its top profesional executives?

www.uticaod.com/homepage/x545168918/Arcuri-to-attend-hearing-on-Madoff-scandal

[dgriffin]

"Can the government demand that private companies have to have an income limit for its top profesional executives?"

Probably. At one time the answer would have been a resounding No. But today, anything is possible. IF the government bought controlling interest in a company using TARP funds, then I guess it would be legitimate to vote their stock against higher executive salaries in that particular company. But general freezes in profits, salaries, prices, etc. is considered by many to be communism, even though Nixon did it in the 1970's.

[frankcor]

There was an attempt by the Democrats in 2004 to amend Sarbanes-Oxley to include a provision that required stockholder approval of executive compensation packages for public corporations. The GOP blocked the move.

Not everything the Democrats come up with sucks.

[gearofzanzibar]

As I pointed out on the OD website, I think people are missing the real story here. Mr. Arcuri is ostensibly attending this hearing because the pension funds of multiple local unions and businesses were part of the Madoff Ponzi scheme. That means they're facing huge losses, if not actual bankruptcy.

That could have a *huge* impact on every taxpayer in the area.

[gearofzanzibar]

Some of the details are starting to come out this morning and it doesn't look good. Close to a dozen local union pension funds are missing *at least* $400 million dollars.

[frankcor]

YIKES!

[gearofzanzibar]

Feb 6, 2009 16:57:13 GMT -5 frankcor said:

YIKES!

I'm just amazed this isn't getting any coverage locally. The Post-Standard has done a few stories, but until this week no one really had an idea just how huge the losses were.