NY Attorney General Andrew Cuomo has been at the front of the battle when it comes to CEOs receiving their golden parachutes, while their companies lay off and ask for government handouts, and he isn’t backing down at all:
Calling the layoffs of 53,000 people “disturbing,” Cuomo says top executives shouldn’t get bonuses while investors, taxpayers and employees suffer.
Cuomo adds that other companies should consider doing the same, including American International Group, which has received billions of federal bailout dollars.
This is how government should intervene with business. Republicans think that this is “hindering the free market”, but it is really providing fairness to all involved. So many of these companies give out executive bonuses in the multi-million dollar range. Just think of how many salaries that would cover.