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Hey Corporate Execs: You Got a Bailout, Now Give It Back

Written by: Kate Drazner on Apr 25, 2008 7:17 PM EDT

Even when times are good, it's hard to believe that corporate CEOs can look you in the eye and tell you that they've truly earned their outrageous $10 million, $50 million, $100 million or more pay packages.

And right now, times aren't good.

But this week I saw another round of stories on corporate CEOs getting multi-million dollar "bonuses" even as their companies lose millions of dollars.

This is just another outrageous example of a corporate culture that is out of control and out of touch with most Americans. These corporations fight any kind of regulation designed to protect workers, the environment, or public health, yet when their irresponsible behavior bites them in the ass, they come crawling to us begging for a bailout, while continuing to lavish hefty paychecks on their top executives.

Who are these CEOs earning unfair millions and making our economy less secure? I didn’t have to look far or wide – I found one in our hometown of Denver.

The homebuilder M.D.C Holdings’ Larry Mizel last year pulled in a $2 million bonus - on top of a substantial multi-million-dollar pay package – despite driving down his company’s share price and depleting returns for shareholders like public pension plans. If that’s not enough, overbuilding of homes by M.D.C. and other homebuilders is a major cause of the current housing and mortgage crisis that’s threatening American jobs and the economy. In Colorado, many of M.D.C.’s houses are now vacant and in foreclosure.

It's time average citizens whose lifestyles have been effected in big ways by the waning economy speak out against this economic climate that favors the already well-off. That's why Progressive Future has launched its "Give It Back" Campaign, focused on targeting poor-performing CEOs who nonetheless receive exorbitant bonuses, and asking them to take these bonuses and give them back to the community. Our supporters emailed Larry and asked him to donate his undeserved bonus to a local homeless shelter, and Mizel responded by de-activating his email address.



We have since changed tactics to a petition, which will be delivered to his offices in person. Sign Progressive Future's "Give It Back, Larry" Petition, and fight for the economic security of everyday Americans, not the coddling of wealthy corporate bigwigs.

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By linda b on Apr 26, 2008 11:18 AM EDT

Barack Obama is numero uno . As is Howard and JIm.

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By linda b on Apr 26, 2008 11:19 AM EDT

Let's see how long this stays up at no. 1.

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By Denise in San Mateo County on Apr 26, 2008 11:16 AM EDT

Charlie Grapski posted on HEP this morning if anyone is interested

http://www.haloscan.com/comments/howarde...

So good to hear from him!

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By jao Wight on Apr 26, 2008 11:44 AM EDT
*** cChalfonte***
Sat, 04/26/08

Reply to this

Hi Jo.  I'm up early as I work East Coast hours...gotta be in the office by 6am so even on the weekends I'm up early.  Go to bed early too, thankfully:)

Jo, I just think we need to forget about Hillary and start doing all that each of us can do to get him elected.  As I mentioned earlier, I think my best contribution is to register voters.

Thanks for the clarification, but I think the HIllary obsession here is a distraction from the heart of the matter.  Again, jmo.

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You know, that is a very good post. I really appreciate it & agree with it. Work to get your candidate the nomination. Use your energy in a positive manner.

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By Annilow on Apr 26, 2008 11:46 AM EDT

Good morning almost afternoon --

Couple of comments from the previous thread
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Karen
Sat, 04/26/08

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10:03 a.m. EDT

seashell~ I'm quite sure Wright said that he and BO never discussed politics...a remark I found strange especially since he was a part of BO's campaign for awhile.

What I said in my first comment... I watched the entire Moyers/Wright interview and he did not say that.

I should have said...yesterday on PBS Moyers/Wright didn't discuss the subject of whether Wright and BO did or did not ever discuss politics.

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Karen I watched it too and didn't take notes but I also remember such a question from Moyers about whether Obama and Wright discussed politics and Wright answering no but we will have to see a transrcipt to verify.

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Susan Rowe and cC -- I lived in San Jose, Palo Alto, Sunnyvale, Los Gatos, Los Altos over a period of 30 years. I'm familiar with and get homesick for the Bay Area. Where I am now ("Yearling" or "Cross Creek" rural north Florida) no one says 'brunch' much less 'cheese omelet.' We do have a place for 'breakfast' where one can get eggs, bacon, homemade biscuits, and of course, grits! I was just commenting on my sometime homesickness and how nice Denise weekend sounded that's all.

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This is a good if gritty diary on KOS -- if you have 10 minutes the Youtube is quite moving. The subject is torture and how little 'noise' has been made about recent revelations. I wish the video would go viral.

http://www.dailykos.com/story/2008/4/26/...

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Is anyone stockpiling food?

http://finance.yahoo.com/banking-budgeti...

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- Moyers/Wright interview

By Karen on Apr 27, 2008 12:28 AM EDT

Anni~ Apparently I dosed off during the part where Moyers asked Wright about whether Obama and Wright discussed politics because hubby heard it.

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By Denise in San Mateo County on Apr 26, 2008 11:36 AM EDT

Anni you'll be in my heart today when I eat my cheese omelette :)

You lived South Bay while I am mid peninsula in Belmont. Cute little town.

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By Annilow on Apr 26, 2008 11:57 AM EDT

A cockle warming quote from a billionaire Obama convert:

The Obama converts include William Louis-Dreyfus. The billionaire New York financier said he had been impressed by Clinton's performance in the Senate and distressed by eight years of the Bush administration when he donated the maximum to her campaign last August. Then, he said, he began watching more closely.

"However much one might have supported the Clintons, or one might support the usual suspects in the Democratic Party, I began to believe Obama represents a new approach. He gives off such a sense of relevance that he's sort of irresistible," Louis-Dreyfus said.

He also expressed, as did other big givers who crossed to Obama, exasperation about the tone of the Clinton campaign and frustration with the candidate herself.

"At the end of the day, all she had to do was open her mouth for me not to believe her," Louis-Dreyfus said.

http://tinyurl.com/6xo5gt

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By Annilow on Apr 26, 2008 11:59 AM EDT

Better link?

http://www.washingtonpost.com/wp-dyn/con...

Party Fears Racial Divide
Attacks Could Do Lasting Harm, Democrats Say

By Jonathan Weisman and Matthew Mosk
Washington Post Staff Writers
Saturday, April 26, 2008; Page A01

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- Welcome to the new look

By Tim Watson on Apr 26, 2008 2:41 PM EDT

Just a quick test message to make sure commenting is working...

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By mary vb on Apr 26, 2008 7:59 PM EDT

a new blog. wow. If I could only figure out how to post on the current thread. LOL

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- Test

By Karen on Apr 27, 2008 12:23 AM EDT

Testing...

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