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The government plans to force deep pay cuts at the companies that received the most federal aid, The New York Times reported Wednesday. These firms’ 25 top-paid executives could see a 50% decrease in their total compensation.
“I totally agree” with the move, Cramer said during Stop Trading!.
Right now taxpayers are mostly funding the salaries of the executives at these institutions, which include Citigroup [C
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], Bank of America [BAC
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], AIG [AIG
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], General Motors, Chrysler and the two automakers’ financing divisions. Cramer wanted to put “more pressure on these companies to raise capital to get the government off their back,” which would take the burden off taxpayers.
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Cramer also pointed out that the executives in question “made millions” over the past nine years, allowing them a significant savings off which to live in the meantime.
“So I don’t feel any sympathy for these people,” he said.
Switching to Galleon Group, Cramer predicted the hedge fund would be just the tip of the iceberg of the government’s continued inquiry. He likened it to the investigation of Ivan Boesky in the 1980s.
“The tentacles of Raj [Rajaratnam] were big,” Cramer said of Galleon's founder, meaning the list of potential defendants could grow.
Cramer's charitable trust owns Bank of America.
Call Cramer: 1-800-743-CNBC
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