Posted on 10/22/2009 11:05:41 AM PDT by EBH
WASHINGTON - The Federal Reserve for the first time would police banks' pay policies to ensure they don't encourage employees to take reckless gambles like those that contributed to the financial crisis, according to a proposal unveiled Thursday.
Unlike a Treasury plan to slash pay at certain companies that were bailed out with large sums of taxpayer money, the Fed proposal would cover thousands of banks, including many that never received a bailout.
The Fed would not actually set compensation. Instead, the central bank would review — and could veto — pay policies that could cause too much risk-taking by executives, traders or loan officers
(Excerpt) Read more at startribune.com ...
Hey, I’ve got a better idea—if you take big risks in business and you lose then your business goes under.
The more and more I see where this road leads, the more I think the “crash” last year should have been allowed to happen.
Now they are going to regulate companies that did not take bailout funds. WTF!
This is Fascism.
At some point, migration out of the country may be a realistic option for many of us.
For those with international connections the flow of assets has already begun.
Get yourself some money set up outside the country. For many by the time they up and leave it will be too late.
Regulate pay in the banking industry.
If they do this, the market will cease to function.
Directive 10-289 is coming.
Soon they will need every citizen working for the govt. keeping an eye out for everyone and everything.
The scumbags running the operations let things get run into the ground and then allowed themselves to be bent over the bench and punked bloody by a gov buyout.
So, screw em. Put the entire lot on minimum wage.
Better yet, why half-step? The banks are gov owned, why not form up a Banking Branch of the US military? Draft the suckers, put them under martial law, and shoot anyone who shows up late for work, or doesn’t keep up with whatever quota assigned him/her.
Those who fail to denounce their weekly quota of fellow workers, family members, friends, and other associates, prior to each Tuesday’s Workers’ Morale Meeting, should also be considered for public execution, or expulsion to a slave labor camp for the short remainder of their life.
Ahhh....
You do realize this is regarding banks that did not take bailouts?
The Socialist Juggarnaut continues without a shot being fired.
Fascism by definition.
Does anyone, besides me, remember the price and wage controls during the Nixon administrations? Didn't work. By the time Jimmah Cartah go through with us, interest was a 18% and we were told it could never come down. Then Ronald Reagan happened.
I personally do not want the government involve in salaries or bonuses of private industries. I also do not want the government bailing out any private industry whatsoever.
LOL.
Did you also take me to mean that I advocate militarizing the banking industry, firing squads, slave labor and forced political morale meetings?
The problem is, to where? Canada? They don’t like guns and it’s too damned cold. South America has decent skiing, plenty of world class futbol, and good nightlife, but you run the risk of being abducted or killed by a cartel.
Screw England!
China, no thanks.
Iraq? To hot and dry.
Russia? Barf, again, too damned cold.
I can’t afford to purchase a private island, else, I’d already be OUT of the USA!
Hubby keeps asking the idiots at work who think this is a good idea how they will feel when the government comes in and tells them they are making too much money? All of a sudden they don’t like that idea!
‘The Federal Reserve for the first time would police banks’ pay policies’
Are you saying the Federal Reserve (which is NOT our Federal Government), has done this before?
Well, we have had a minimum wage for decades, I suppose the next step is a maximum wage with the two gradually converging over time.
I’m thinking, if you play professional sports, they are looking at you too.
Oh, but those banks are "members"!
Oh, but those banks are “members”!
Doesn’t mean they have the right to dictate pay.
Yet, Washington’s crooks won’t even discuss THEIR pay, and why it can never seem to get cut?
They’ll never stop with banks.
Did I really need a sarcasm tag?
Obama is getting more Nixonian everyday. Nixon froze everybody’s wages in 1970 something.
South America has decent skiing, plenty of world class futbol, and good nightlife, but you run the risk of being abducted or killed by a cartel.
Screw England!
China, no thanks.
Iraq? To hot and dry.
Russia? Barf, again, too damned cold.
I can?t afford to purchase a private island, else, I?d already be OUT of the USA!"
Sounds like time for another of those discussions of where it is safe to transfer assets and to relocate. Some people have advocated Panama, but it uses the USD as a currency so a dollar collapse would hit them too. What about Australia or Chile which has managed to avoid going into debt during the world financial crisis? or what about ...?
To where?
It seems today on these topics ...one might consider adding it. LOL.
Even if I wanted to, which I don’t yet...where would I go, and what would I do there (workwise...?)
Now that it has started, it is over.
The Czar, shadow government, is taking action to take over. The dictatorship has truly begun. We are moving away from that soft tyranny...
OH no, they are a protected class. If you remember during Clinton's admin they made the law that private companies could not take as a business expense any salary over 1 million, however sports teams and Hollywood were exempted.
Obongo is *owned* by the Federal Reserve, the most corrupt organization on earth.
Didn't FDR do likewise during WWII? IIRC, wages were frozen and businesses got around it by offering "benefits packages"...?
“Unlike a Treasury plan to slash pay at certain companies that were bailed out...”
Czar Feinberg and the Treasury are one in the same?
Which this time...the government is offering you the benefit package.
“You do realize this is regarding banks that did not take bailouts?”
I must have missed that too....I only skimmed that it was for those that DID take the bailouts???
I hear Chile is actually a decent place to live now...
Don’t you wish you would wake up and find out it’s all a bad dream!
There seems to be a never ending series of government and quasi government interventions to fix the problems created by pre-existing interventions.
Can we impeach him yet??
The government is also pursuing a separate revamping of financial-sector rules that could change industry compensation practices more broadly. For instance, the Federal Reserve is considering rules that would curb banks’ ability to pay employees in a way that would threaten the “safety and soundness” of the bank.
http://online.wsj.com/article/SB124416737421887739.html
JUNE 5, 2009
No, this is something different from the the TARP group.
This is regulating pay at private banks. Banks that never took TARP, banks that were never forced or coerced into TARP.
Somebody on Fox, who was it... last night was talking about how every time emmanual and axlerod come out they morph into haldemann and erlichmann right before his eyes. There’s a lot of truth to that. OK, who else is playing a part here? Dumb Joe plays a pretty mean Spiro Agnew, I gotta say, but there has to be a Chuck Colson and a G. Gordon Liddy.
“Does anyone, besides me, remember the price and wage controls during the Nixon administrations?”
Yes, I remember it very well. I was the head of HR (and thus pay scales) for a medium-sized company that had non-union and union employees (5 different contracts to administer) and it was a daily nightmare!
We had many, many meetings, long into the night, trying to figure out how to deal with the realities of union-contract-mandated wage scale progressions (tied to longevity) when the government had just told us not to increase salaries.
Furthermore, we had to figure in the value of the benefits plans (which varied from employee group to employee group).
It wreaked havoc on all fronts and I was among those on the “front line”. I’ll never forget the very real impact on everyone. I later went on to own my own small business and forever more kept in mind the reality of what can happen.
I have said for over three decades that I can envision the day when the government will require that every company hire a set number of employees based on the gross sales of the company. I see that day coming. It is the “logical” outcome of the “we must take care of everyone” philosophy.
“...risk of being abducted or killed by a cartel.”
NOT IN CHILE!
This is gross overreaching by the Fed with regard to its regulatory powers.
Welcome to Obama’s NWO unless he is impeached by Dec. 7th.
Can you own guns there? I know they have some good skiing! Can always escape somewhere a bit warmer too.
“Hey, I’ve got a better idea—if you take big risks in business and you lose then your business goes under.”
What is this weird system of which you speak? I’ve never heard of such a thing: continued existence and success dependent upon performance. Where did you come up with it?
The Federal Reserve, a private corporation, is ‘policing’ banks?
“Are you saying the Federal Reserve (which is NOT our Federal Government)”
Oh, yes it is. It is a branch of the federal government with little oversight and a whole lot of power. Just because it’s not in the Constitution doesn’t mean it’s not part of the federal government.
I hate to offend the wobbly-kneed conservatives here, but:
COMMUNISTS ARE STEALING YOUR COUNTRY!
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