Posted on 08/02/2009 10:03:00 AM PDT by luckybogey
Responding to the public furor over bonuses paid to executives of Wall Street firms bailed out by taxpayers, the House voted to give shareholders a bigger say over compensation in the first piece of President Obama’s overhaul of financial regulations...
“If the last year has taught us anything, it’s that the compensation practices of some of our largest corporations have gotten completely out of control,” said Rep. James P. McGovern (D-Mass.).
“We’ve got to act to prevent the next financial meltdown,” added Rep. Brad Sherman (D-Calif.)
Rep. Pete Sessions (R-Texas), in a comment echoed by fellow Republicans, assailed the measure as “unprecedented government intervention in the free enterprise system.”
“This bill is an invitation for political meddling at its worst in the private confines of companies that are trying to work hard to create jobs,” complained Rep. Peter J. Roskam (R-Ill.)...
It is usually blind and farcically selective, as well. We envy our neighbor’s new Ferrari without realizing he bought it with life savings after learning he has six months to live. We envy the thin, wealthy, and fabulously connected Upper East Side socialite...
Envy is the weak and lazy sister to its hardworking sibling, ambition. It is a futile, foolish, and low emotion. And it is a favorite target for populist demagogues and pandering politicians alike…
…“There’s this assumption that everyone was like drunken sailors passing out money without regard to the consequences or without giving it any thought,” Mr. Profusek said. “That wasn’t the case.”
Mr. Cuomo’s office did not study the correlation between all of the individual bonuses and the performance of the people who received them...
(Excerpt) Read more at luckybogey.wordpress.com ...
I would think the Dems in NY, especially NYC, would be up in arms due to the reduced tax intake by limiting pay.
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.