Posted on 02/09/2009 5:13:47 PM PST by John Semmens
Representative Barney Frank (D-Mass.) applauded President Obama’s announced salary cap for employees of companies receiving federal bailout money, but said it doesn’t go far enough. He says he’s crafting legislation that would extend the $500,000 maximum to every business in the United States.
“There’s no good reason why any of these corporate fat cats should be making more than $500,000 a year,” said Frank. “That’s way more money than they need or deserve.”
Frank shrugged off the notion that the free market should determine compensation levels. “The free market is okay, up to a point,” Frank allowed. “But when some take too much from the common pot, it’s congress’ job to step in to ensure a fair share for all.”
The congressman pooh-poohed the arguments that superior performance warrants superior rewards or that a salary cap could result in a “brain drain.” “Running a company can’t be any harder than running the country,” he contended. “And the president only gets paid $400,000 a year. So, I’d say $500,000 is enough for any honest man. Anyone who’d leave America because he can’t make more is too greedy. Good riddance if they leave.”
Frank’s bill exempts the multimillion dollar payouts made to lawyers, professional athletes and movie stars because “these are not salaries, but performance payments. We cannot let inadequate compensation stand in the way of achieving justice,” Frank argued. “Neither can we short those who play a vital role in boosting the common people’s morale by diverting their attentions from everyday troubles.”
(Excerpt) Read more at azconservative.org ...
I thought it was real at first
Who knew Congressman Barney Frank was a FReeper? http://www.freerepublic.com/focus/f-news/2180257/posts
(read the comments...)
Even with the warnings John, you still catch some of us. We read too fast and gloss through your flags. That suggests to me maybe you should remove the flags and take us back to the old days where we had to use our own good judgement.
John...You got me royal on this one!!
What’s really sad is that its not far off from something he’d really say.
If this fat xxxxsu**er would have done his job instead of trooling for young men with a tight A**es and well endowed maybe the tax payers would not have to be burdened with a pork loaded bailout that has no acountable.
Barney Frank needs to pay his "fair share" for starting the mess in this first place!
Holy Moly, I fell hook, line, and sinker for that one! LOL!
He hit his annual sales goal in January, and because his pay was capped he collected his commissions and left IBM to start EDS.
A truly great CEO of one company will now become the CEO of multiple companies, rotating to each company about once a month.
There could even be a master contract among 12 companies (or even 52 companies) all of which pay the new CEO $500,000 for time served.
In the real world a CEO would take his pay in stock, and not a salary.
In this brave new world I could see Bill Clintoon becoming CEO of 52 companies just to direct the slush funds.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.