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Lawmakers mull pay curbs for all execs
Investment News ^ | February 3, 2009 | Neil Roland

Posted on 02/05/2009 3:55:44 PM PST by Col. Bob

Congress will consider legislation to extend some of the curbs on executive pay that currently apply only to those banks receiving federal assistance, House Financial Services Committee Chairman Barney Frank said. Mr. Frank said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies.

“There’s deeply rooted anger on the part of the average American,” the Massachusetts Democrat said at a Washington news conference today.

The provision will be part of a broader package that would likely give the Federal Reserve Board the authority to monitor systemic risk in the economy and to shut down financial institutions that face too much exposure, he said.

Also included in this proposal will be registration requirements for hedge funds to make their finances more transparent, and limits on conflicts of interest at credit-rating agencies such as Standard & Poor’s, he said.

The bill, which the committee is working on in consultation with the Obama administration, also will require financial institutions that bundle mortgages into securities to share in potential losses. This would give firms an incentive not to make bad loans, Mr. Frank said.

Institutions that securitize loans improperly will incur tougher penalties.

“There have been too few constraints on major financial institutions incurring far more liability than they could handle,” he said.

The committee hopes to have a general outline of the legislation by early April, Mr. Frank said.

It will be the panel’s first priority in its effort to restructure financial regulation in the wake of the worst economic crisis since the Great Depression.


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: ceo; control; government; pay
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Socialism is coming faster than we think.
1 posted on 02/05/2009 3:55:45 PM PST by Col. Bob
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To: Col. Bob
“There’s deeply rooted anger on the part of the average American,” the Massachusetts Democrat said

I've got a lot of it myself and it's directed towrds liberal morons like Frank and Dodd.

2 posted on 02/05/2009 3:58:16 PM PST by Graybeard58
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To: Col. Bob

Under what constitutional authority is Congress allowed to so regulate private enterprise? What article grants them that power? And why isn’t someone threatening Supreme Court action against this rampant socialism?


3 posted on 02/05/2009 3:58:40 PM PST by IronJack (=)
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To: Col. Bob

Welcome to USSRObama


4 posted on 02/05/2009 3:58:48 PM PST by valkyry1
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To: IronJack

I wonder if this fool will include Hollywood and media airheads?


5 posted on 02/05/2009 3:59:45 PM PST by Ararat
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To: Col. Bob

How many of these business executive voted for Democrats in this election, and how many voted for, and support Barney Frank in particular?

If anybody is to be financially soaked, let’s start with them.


6 posted on 02/05/2009 3:59:45 PM PST by yefragetuwrabrumuy
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To: Col. Bob
This would give firms an incentive not to make bad loans, Mr. Frank said.

Says the guy who led the charge to make bad loans in the first place.

We are living in an absolute nightmare.

7 posted on 02/05/2009 4:00:47 PM PST by Argus
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To: Col. Bob

Congress has no business meddling in a company’s compensation package. IMO, we should start at the top—pay cuts and term limits for all of Congress and the President and the Secretary of State. (except for DeMint)


8 posted on 02/05/2009 4:01:10 PM PST by madison10
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To: Col. Bob

O.M.G.
This would be the first president in the history of the USA whose philosphy was not to provide opportunity to grow the middle class from the bottom up, but to use some illusory power of his office to drag the top down.


9 posted on 02/05/2009 4:02:51 PM PST by silverleaf (Fasten your seat belts- it's going to be a BUMPY ride.)
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To: Col. Bob
OH MY GOSH. How does “Mr. Frank” sleep at night?? The guy that almost single handedly derailed the world economy by forcing risk taking is railing against it?? What the hell!?!?

This is spiraling out of control by the minute. Total chaos.

10 posted on 02/05/2009 4:03:29 PM PST by griffin (Love Jesus, No Fear!)
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To: Col. Bob
Does this pass the smell test of the constitution?

Will Hollywood and Ball Players be exempt like in Clinton's tax bill? If not how will Brad and Angelina be able to afford all the kids? How will Brittany afford her new mansion? Who will buy all those Coach bags?

Will any companies continue to exist in the USA?

Will the democrats start paying their taxes?

I think Barney is still mad after breaking up with his money man husband.

I thought we were trying to stimulate the economy, not impoverish everyone.

11 posted on 02/05/2009 4:04:17 PM PST by w1andsodidwe (Jimmy Carter(the Godfather of Terror) allowed radical Islam to get a foothold in Iran.)
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To: Col. Bob
Yes, for some reason they believe that they must strike fast. Well I think and hope (I guess) that this really wakes folks up, because it will be a short extension to controlling everyones pay by act of congress, pretty scary stuff actually.
12 posted on 02/05/2009 4:04:48 PM PST by WHBates
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To: IronJack
Under what constitutional authority is Congress allowed to so regulate private enterprise? What article grants them that power? And why isn’t someone threatening Supreme Court action against this rampant socialism?

they benefit from federally funded highways - once they were allowed to regulate those that receive benefits from tarp, it just makes sense that they can regulate anyone that benefits from any federal program

das fuhrer vill not be denied

13 posted on 02/05/2009 4:05:32 PM PST by sloop (pfc in the quiet civil war)
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To: Graybeard58

Paging John Galt

what a dangerous time to be angering and demoralizing productive Americans by taking away their freedoms- just as the globe heads into a depression.

Did FDR try this one?

What does the goverment gain by ordering wages lowered and capped in the private sector? LOWER TAX REVENUE for sure.


14 posted on 02/05/2009 4:05:36 PM PST by silverleaf (Fasten your seat belts- it's going to be a BUMPY ride.)
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To: Col. Bob

That Scott Ott sure can write some funny satire, can’t he?


15 posted on 02/05/2009 4:05:40 PM PST by 2ndDivisionVet ("Don't confuse what you got a right to do with what's right to do." Bill Bennett)
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To: Col. Bob
"So far," he said, bipartisanship "isn't working."

Some people, on a thread regarding salary caps for execs who take bail out money refused to see beyond that scam to realize it was not an isolated incident but a trend by socialists to implement other legislation that will eventually cover the wages of all Americans. This latest potential bill only confirms none of these bills has anything to do with money. The underlying purpose is to advance socialism through class warfare.
16 posted on 02/05/2009 4:06:28 PM PST by Man50D (Fair Tax, you earn it, you keep it!)
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To: IronJack

Come on, guys.

The Feds can tell you how much water your toilet will flush, what kind of light bulb you can use in your home, the number and type of handicapped-access ramps your building will have, etc. Why couldn’t they tell executives how much they can get paid?

That whole “constitutional authority” train left the station a loooooong time ago: ‘round about 1933, if I remember correctly, with previews-of-coming-attractions in 1913, 1916, and 1917-1919.


17 posted on 02/05/2009 4:06:47 PM PST by ForeignDude
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To: Col. Bob

While I oppose socialism in any form this is a great idea. Most on Wall Street are big liberals as well as other business leaders around the country. This is too much fun to hear them now whining about what they voted for.

As Obama steals the wealth of whites to redistribute it to blacks.


18 posted on 02/05/2009 4:06:57 PM PST by stockpirate (A people unwilling to use violent force to preserve liberty deserve the tyrants that rule them. SP-0)
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To: Col. Bob

Minimum/Maximum wage...mandatory bedtimes coming next.


19 posted on 02/05/2009 4:07:12 PM PST by crazyhorse691 (Obama is Americas new Forrest Gump...but with an oversized ego and ears.)
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To: Graybeard58

“There’s deeply rooted anger on the part of the average American,” the Massachusetts Democrat said”

The quote left out a few words...it should read...“There’s deeply rooted anger on the part of the average American,” the lisping c*cks*cker from Massachusetts said”


20 posted on 02/05/2009 4:09:44 PM PST by y6162
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