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#1154540 - 03/31/09 03:24 PM
Now they want to control all salaries
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Platinum Poster
Joined: Sep 2005
Posts: 923
Kansas City
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at companies that received bailout money. Anyone not see this one coming? http://www.washingtonexaminer.com/politi...y-42158597.htmlBut now, in 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 size and scope of the imperial government continues to grow and grow and grow.
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#1154542 - 03/31/09 03:26 PM
Re: Now they want to control all salaries
KC Danimal
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10K Club
Joined: May 2004
Posts: 10,124
Way, way south.
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Have we blown past socialism and heading directly towards communism?
Last edited by MB Guy; 03/31/09 04:32 PM.
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#1154555 - 03/31/09 03:38 PM
Re: Now they want to control all salaries
Miscuit
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Power Poster
Joined: Nov 2008
Posts: 4,132
Somewhere in the middle
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OMC, this is insane! I think you are right...they are blowing right past socialism to communism.
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#1154562 - 03/31/09 03:43 PM
Re: Now they want to control all salaries
DD Regs
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Diamond Poster
Joined: Mar 2002
Posts: 2,355
The O.C., California
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Didn't I just read that Bank of America is raising some salaries in the investment bank by 70%???
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#1154574 - 03/31/09 03:52 PM
Re: Now they want to control all salaries
califgirl
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10K Club
Joined: Jun 2004
Posts: 19,938
Pulling people out of the ditc...
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people people people...you are all being scare-mongers. There is no ulterior motive here. Mr. Geithner is more than knowledgable on what you need to earn, and he will ensure you are compensated fairly. The government doesn't want to run these companies, they don't want to contraol them, Mr. Wagner was not fired, but rather asked to step aside. Your irrational fear over this is totally unwarranted and an unjust accusation against the US Government. You'll be fine. Hey, we're from the government, and we're here to help!
(this message brought to you by the democratic party...taking what's yours to make it ours!)
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#1154575 - 03/31/09 03:52 PM
Re: Now they want to control all salaries
califgirl
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Gold Star
Joined: Apr 2008
Posts: 328
State of Confusion
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Comrades, you have nothing to fear all is will be well.
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#1154576 - 03/31/09 03:52 PM
Re: Now they want to control all salaries
Jafo
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Joined: Jul 2004
Posts: 19,004
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::having flashbacks of Animal Farm avatar::
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#1154577 - 03/31/09 03:56 PM
Re: Now they want to control all salaries
A_G
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Gold Star
Joined: Apr 2008
Posts: 328
State of Confusion
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HOLY BUCKETS!!!!!!
After a quick review of the document, Me thinks this could be a problem.
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#1154580 - 03/31/09 03:58 PM
Re: Now they want to control all salaries
A_G
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Power Poster
Joined: Feb 2005
Posts: 6,559
Foxboro
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Truth in advertising. Is this administration doing anything they hadn't been known to do before? No. Didn't President Obamas record show he was extremely liberal? Pelosi, Reid, Frank..all of them.
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#1154586 - 03/31/09 04:00 PM
Re: Now they want to control all salaries
A_G
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Power Poster
Joined: Nov 2004
Posts: 5,925
So Cal
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Hey, this is just the gov't protecting us right? I mean, what bank among us doesn't force businesses to borrow money and then step in and run that business the way we see fit?
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#1154624 - 03/31/09 04:28 PM
Re: Now they want to control all salaries
GuitarDude
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10K Club
Joined: Aug 2002
Posts: 34,318
under the Lone Star
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there goes my 09 bonus..........
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#1154628 - 03/31/09 04:31 PM
Re: Now they want to control all salaries
Pale Rider
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Joined: Aug 2005
Posts: 18,789
TX
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#1154631 - 03/31/09 04:33 PM
Re: Now they want to control all salaries
Pale Rider
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10K Club
Joined: Jun 2004
Posts: 19,938
Pulling people out of the ditc...
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there goes my 09 bonus.......... and '10, '11, '12, '13...and so on wonder why they haven't forced the head of Citi out...their stock is performing worse than GMs. It surely can't have anything to do with he is a major political fundraiser can it? nah, that would be unethical and non-transparent.
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#1154653 - 03/31/09 04:48 PM
Re: Now they want to control all salaries
Miscuit
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Gold Star
Joined: Apr 2008
Posts: 328
State of Confusion
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perhap the better question is "Are you a Party Member?"
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A common mistake people make designing something completely foolproof is to underestimate the ingenuity of complete fools.
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#1154657 - 03/31/09 04:52 PM
Re: Now they want to control all salaries
Miscuit
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10K Club
Joined: Jul 2004
Posts: 19,004
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yes ma'am, may I have another?
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#1154659 - 03/31/09 04:52 PM
Re: Now they want to control all salaries
A_G
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Power Poster
Joined: Feb 2005
Posts: 6,559
Foxboro
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Take it to a pm
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Best QB Ever. Worst Defense Ever.
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#1154674 - 03/31/09 04:59 PM
Re: Now they want to control all salaries
straw
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Power Poster
Joined: Jul 2002
Posts: 5,568
New Jersey
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You know I love a good conspiracy argument, but this bill could simply be trying to address the constitutional arguments that have been levied against the prior AIG bill i.e. broaden the scope to avoid Bill of Attainder arguments. Good point, straw. And I might be inclined to put the best face on this legislation--IF Barney Frank were not involved. He is the same person who proposed legislation to amend the Hope For Homeowners program so that a mortgagor could have defaulted on a previous loan, or provided fraudulent information on a loan application, and STILL participate in the program. Click here for details on that.
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#1154758 - 03/31/09 06:15 PM
Re: Now they want to control all salaries
JacF
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Joined: Jul 2004
Posts: 19,004
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Having Ford make car payments does not constitute or even resemble socialism. They are not the government.
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#1154766 - 03/31/09 06:20 PM
Re: Now they want to control all salaries
A_G
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10K Club
Joined: Aug 2002
Posts: 34,318
under the Lone Star
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I wonder if Ford purchased the insurance for this loss program from AIG?
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Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.
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#1154768 - 03/31/09 06:21 PM
Re: Now they want to control all salaries
Pale Rider
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Joined: Jul 2004
Posts: 19,004
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#1154786 - 03/31/09 06:33 PM
Re: Now they want to control all salaries
A_G
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10K Club
Joined: Jun 2006
Posts: 14,141
In the Snow :)
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Maybe that's the government's plan: Ford buys insurance from AIG, AIG then turns and sells the investment to Citi.....................
Makes a great kiting scheme, don't ya think?
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#1154805 - 03/31/09 06:48 PM
Re: Now they want to control all salaries
Snow Bunny
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10K Club
Joined: Aug 2002
Posts: 34,318
under the Lone Star
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and the investers in Europe are made whole.... sweet
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Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.
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