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#1154540 - 03/31/09 03:24 PM Now they want to control all salaries
KC Danimal Offline
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KC Danimal
Joined: Sep 2005
Posts: 923
Kansas City
at companies that received bailout money.

Anyone not see this one coming?

http://www.washingtonexaminer.com/politi...y-42158597.html

But 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
MB Guy Offline
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Way, way south.
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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#1154544 - 03/31/09 03:27 PM Re: Now they want to control all salaries MB Guy
Miscuit Offline
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TX
why go for the "watered down version" ? smirk

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#1154555 - 03/31/09 03:38 PM Re: Now they want to control all salaries Miscuit
DD Regs Offline
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Somewhere in the middle
OMC, this is insane! mad

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
califgirl Offline
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The O.C., California
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
HappyGilmore Offline
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Pulling people out of the ditc...
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
Jafo Offline
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Jafo
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State of Confusion
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
A_G Offline
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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
Jafo Offline
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State of Confusion
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
TB 12 Offline
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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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#1154583 - 03/31/09 03:59 PM Re: Now they want to control all salaries Jafo
straw Offline
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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.

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#1154586 - 03/31/09 04:00 PM Re: Now they want to control all salaries A_G
GuitarDude Offline
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So Cal
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
Pale Rider Offline
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under the Lone Star
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
Miscuit Offline
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are you deserving?

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#1154631 - 03/31/09 04:33 PM Re: Now they want to control all salaries Pale Rider
HappyGilmore Offline
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Pulling people out of the ditc...
Originally Posted By: Pale Rider
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
Jafo Offline
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Jafo
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State of Confusion
Originally Posted By: Miscuit
are you deserving?


perhap the better question is "Are you a Party Member?"
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#1154657 - 03/31/09 04:52 PM Re: Now they want to control all salaries Miscuit
A_G Offline
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Originally Posted By: Miscuit
are you deserving?


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
TB 12 Offline
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Take it to a pm
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#1154674 - 03/31/09 04:59 PM Re: Now they want to control all salaries straw
Sinatra Fan Offline
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Originally Posted By: straw
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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#1154728 - 03/31/09 05:51 PM Re: Now they want to control all salaries Sinatra Fan
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PA
Well, since the government is going to pay for our healthcare, and the banks are going to be forced to let us keep our homes when we stop making payments, and Ford's gonna make our car payments for us, why do we need paychecks anyway?

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#1154758 - 03/31/09 06:15 PM Re: Now they want to control all salaries JacF
A_G Offline
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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
Pale Rider Offline
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under the Lone Star
I wonder if Ford purchased the insurance for this loss program from AIG?
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#1154768 - 03/31/09 06:21 PM Re: Now they want to control all salaries Pale Rider
A_G Offline
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eek
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#1154786 - 03/31/09 06:33 PM Re: Now they want to control all salaries A_G
Snow Bunny Offline
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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
Pale Rider Offline
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under the Lone Star
and the investers in Europe are made whole.... sweet
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