President Donald Trump said he was slashing the salaries of defense contractor CEOs until they speed up equipment production.
In a Wednesday post on Truth Social, the president seemed to express an insatiable demand for military equipment. The post came just hours after immigration agents in his administration shot a woman to death in Minnesota.
“Defense Contractors are currently issuing massive Dividends to their Shareholders and massive Stock Buybacks, at the expense and detriment of investing in Plants and Equipment. This situation will no longer be allowed or tolerated!” the president insisted. “Executive Pay Packages in the Defense Industry are exorbitant and unjustifiable given how slowly these Companies are delivering vital Equipment to our Military, and our Allies.”
“From this moment forward, these Executives must build NEW and MODERN Production Plants, both for delivering and maintaining this important Equipment, and for building the latest Models of future Military Equipment. Until they do so, no Executive should be allowed to make in excess of $5 Million Dollars which, as high as it sounds, is a mere fraction of what they are making now.”
Trump said he was also banning “Dividends or Stock Buybacks for Defense Companies until such time as these problems are rectified.”
“Longer term, this is good for both Executives and Shareholders, because it will be GREAT for our Country!” he added.
The $5 million salary cap comes after defense companies such as “Lockheed Martin donated over $10 million to Mr. Trump’s ballroom,” CBS News reported.
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