Green Energy
Michelle Malkin:
Salary control: You knew it was coming
By Michelle Malkin • March 31, 2009 10:42 AM
This is not a surprise. Grabby Hands Barney Frank has been signaling his salary control plans for weeks. In early February, you’ll recall, he told Business Week that compensation restrictions might be restricted to all US companies, not just TARP recipients.
Now, via Byron York:
But you can thank the 85 Republicans, led by Minority Whip Eric Cantor, who helped pave this path with their hysterical vote for the 90 percent AIG bonus tax.
- Continuing Our Long Descent Into Socialist Madness
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This is one of the most horrific stories yet to come out of the Obama Presidency, and yet, I predict nary a ripple will be noticed in the Mainstream Media. Oh sure, Hugh Hewitt, Victor Davis Hanson, and Rush Limbaugh will complain. Hell, MSNBC may even...
- Chrysler Financial Refused Government Loan Over Limits On Executive Pay
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- "we Pay You Congressman. Act Like It." (video)
From Gateway Pundit: "The Constitution never gave you the damn authority of telling anyone what they should make... The Constitution never gave you the authority to blythely come in here and arrogantly set pay for people you don't even know. And,...
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Green Energy
Salary control: You knew it was coming
Michelle Malkin:
Salary control: You knew it was coming
By Michelle Malkin • March 31, 2009 10:42 AM
This is not a surprise. Grabby Hands Barney Frank has been signaling his salary control plans for weeks. In early February, you’ll recall, he told Business Week that compensation restrictions might be restricted to all US companies, not just TARP recipients.
Now, via Byron York:
[I]n a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the “Pay for Performance Act of 2009,” would impose government controls on the pay of all employees — not just top executives — of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies.
The purpose of the legislation is to “prohibit unreasonable and excessive compensation and compensation not based on performance standards,” according to
the bill’s language. That includes regular pay, bonuses — everything — paid to
employees of companies in whom the government has a capital stake, including
those that have received funds through the Troubled Assets Relief Program, or
TARP, as well as Fannie Mae and Freddie Mac.
The measure is not limited just to those firms that received the largest sums of money, or just to the top 25 or 50 executives of those companies. It applies to all employees of all companies involved, for as long as the government is invested. And it would not only apply going forward, but also retroactively to existing contracts and pay arrangements of institutions that have already received funds.In addition, the bill gives Geithner the authority to decide what pay is “unreasonable” or “excessive.”
And it directs the Treasury Department to come up with a method to evaluate
“the performance of the individual executive or employee to whom the payment
relates.”
The bill passed the Financial Services Committee last week, 38 to 22, on a nearly party-line vote. (All Democrats voted for it, and all Republicans, with the exception of Reps. Ed Royce of California and Walter Jones of North Carolina, voted against it.)
But you can thank the 85 Republicans, led by Minority Whip Eric Cantor, who helped pave this path with their hysterical vote for the 90 percent AIG bonus tax.
- Continuing Our Long Descent Into Socialist Madness
How does this give anyone incentive to work harder, be better, improve their company? It starts with the execs now, but when will it start to filter down? MSNBC: Automakers, banks slapped with pay limits Pay czar curbs execs' cash pay to $500,000...
- Obama Wants To Dictate Compensation At All Financial Institutions
This is one of the most horrific stories yet to come out of the Obama Presidency, and yet, I predict nary a ripple will be noticed in the Mainstream Media. Oh sure, Hugh Hewitt, Victor Davis Hanson, and Rush Limbaugh will complain. Hell, MSNBC may even...
- Chrysler Financial Refused Government Loan Over Limits On Executive Pay
Guess that didn't work out quite as you'd planned, eh Mr. President? Washington Post: Sources: Chrysler Financial Refused Government Loan Over Limits on Executive Pay By David Cho and Peter Whoriskey Washington Post Staff Writers Monday, April...
- "we Pay You Congressman. Act Like It." (video)
From Gateway Pundit: "The Constitution never gave you the damn authority of telling anyone what they should make... The Constitution never gave you the authority to blythely come in here and arrogantly set pay for people you don't even know. And,...
- Well That's Because They Are 5 Year Old Children Who Have Never Read The Founding Document
Zeal for battle over bonuses waning in Washington From the White House through the halls of Congress, Washington is losing its zeal for an all-out fight over hefty executive bonuses, now that it wants the financial companies it blames for...