Beyond AIG: A Bill to let Big Government Set Your Salary

Washington Examiner ^ | 3/31/09 | Byron York

[ClassicLiberal]

It was nearly two weeks ago that the House of Representatives, acting in a near-frenzy after the disclosure of bonuses paid to executives of AIG, passed a bill that would impose a 90 percent retroactive tax on those bonuses. Despite the overwhelming 328-93 vote, support for the measure began to collapse almost immediately. Within days, the Obama White House backed away from it, as did the Senate Democratic leadership. The bill stalled, and the populist storm that spawned it seemed to pass.

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.

[ClassicLiberal]

Why don't these people just call themselves Marxists? Don't call yourself a Liberal, which seems to have no principles of its own, if you are going to take on Marxist policies why not label yourself under it. Conservatives have been openly calling these guys out for months now; when is the media (other than FoxNews) going to admit these policies are Marxist, Socialist, Statist what have you?

[brytlea]

We are so screwed. My husband works for one of these companies. I’m sure Barny will think he makes too much, after all we don’t live in a homeless shelter...

[Bertha Fanation]

Well, maybe women will achieve parity with men afterall.

[Tahoe3002]

I am SOOOOOOOOOOO disgusted with these marxists.
I find it difficult to be polite to these people at my office.

[Reaganesque]

...prohibit unreasonable and excessive compensation and compensation not based on performance standards...

And yet Congress continues to give itself raises despite their poor performance. Clearly, they are exempting themselves from this standard.

[stylecouncilor]

I am SOOOOOOOOOOO disgusted with these marxists. I find it difficult to be polite to these people at my office.
I'm also having a difficult time with this. People I once considered friends, are seeming more and more to be the enemy.

[mjp]

what medicare has done to doctors will soon be coming to your job

[NavyCanDo]

My God, what have we done?
I’m looking at the John Adams DVD series on my desk right now, (returned to me from a co-worker who borrowed it) and I am wondering how much we have destroyed everything they struggled for, died for. Granted politicians and activist judges have whittled away at the constitution over the decades, but in the last few months it is being smashed to pieces. And except for us few patriots left, know one seems to care.

[Magnolia]

"prohibit unreasonable and excessive compensation and compensation not based on performance standards,"

Come on....you've got to laugh...Barney Frank, of all people, coming up with this crap!

[BOBTHENAILER]

I guess this article means we're seeing the:

Deatha Fanation

lol---great screen name

[Responsibility2nd]

I was listening to Sean Hannity speak about this article.

Look
House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., left, talks with Treasury Secretary Timothy Geithner, right, and Federal Reserve Chairman Ben Bernanke, on Capitol Hill Tuesday, March 24,2009. Frank's committee has passed a bill giving Geithner extensive control over salaries of employees working at companies receiving government bailout funds. (AP Photo/Evan Vucci)

If these 3 morons plotting and planning on setting YOUR salary don't scare the CRAP outta you, then you are already a libtrard.