Posted on 03/31/2009 7:22:47 AM PDT by Danae
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.
(Excerpt) Read more at washingtonexaminer.com ...
Can you imagine the bureaucratic control needed to administrate this power? I believe Barney Frank just had an orgasm thanks to Henry Waxman.
Yep! I agree.
I so want to ask my brother, who is a flaming libtard, How you liking that change now? He owns his own business and has had to fire people because of this and is likely looking at bankruptcy. “Bro, I TOLD YOU SO”.
I can’t argue with that, however there is a caveat. The banks were forced BY LAW to write all those bad loans. CONGRESS set this up! DELIBERATELY.
So this would apply to bailed out banks? So who cares, pay the money back if you don’t like it...it seems to me pay for performance should be the norm at all companies enforced by folks at the company that want the company to be successful. If the Wall street bankers would bring compensation in line with performance, the stockholders would fare better and government would not be involved. Wall Street, heal thyself because if the government steps in, you won’t like it.
No they were not forced to write bad loans...nor were they forced to leverage themselves 30 or 40 to 1...they wanted to make really big money and they did until they went bust and are now living on the taxpayer dime. What these Wall streeters did is not capitalism in any form.
I feel very much like flying to DC and walking in there and chaining myself to a radiator and going on a hunger strike until they all LEAVE permanently and new FREE elections are held to rebuild the Government.
Its not about NOT fighting back... Its about fighting back in a way that matters.
Bluntly put. Secession is appropriate, but a violent rampage is not.
Yea they were. It was mandated in the 1992 Bill “Federal Housing Enterprises Regulatory Reform Act”. That bill mandated NUMBERS and set Penalties for failing to meet Quotas. See this article it explains it in detail: http://www.freerepublic.com/focus/f-news/2198595/posts
Oh I am not at all into violence. It is time to revolt however. Secession is indeed appropo.
‘(1) PROHIBITION- No financial institution that has received or receives a capital investment under this title, or with respect to the Federal National Mortgage Association, the Federal Home Loan Montage Corporation, or a Federal home loan bank, under the amendments made by section 1117 of the Housing and Economic Recovery Act of 2008, may, while that capital investment remains outstanding, make a compensation payment to any executive or employee under any pre-existing compensation arrangement, or enter into a new compensation payment arrangement, if such compensation payment or compensation payment arrangement-- ‘(A) provides for compensation that is unreasonable or excessive, as defined in standards established by the Secretary in accordance with paragraph (2); or ‘(B) includes any bonus, retention payment, or other supplemental payment that is not directly based on performance-based measures set forth in standards established by the Secretary in accordance with paragraph (2).
While it is incredibly broad, hitting ALL employees, it appears to be confined (if one can use that word on such a sweeping monstrosity) to 2008 bailout and mortgage legislation.
Looks to me like there's just a tiny step left to finish the takeover. How to stop them? Seems like only massive strikes and protests in the streets would get their attention ...
Ugh.... /wrist
When I said this was coming, just a few weeks ago when they were taxing bonuses at 90%, I was told that I was being hyperbolic. I said "be careful what you hope for, it might just happen".
No they were not...they were forbidden to redline entire areas...big difference...a few bad loans would not have brought this country to it’s knees except for credit default swaps and the banks leveraging themselves...prime loans are in default...more of them then the poor people type loans...also, I know because some of those subprime loans went to people in Warren that some of those banks engaged in predatory lending and had they given proper loans to these people would not have had so many defaults...these mortgage payments tripled in many cases...The banks are in trouble because they gamed the system gambled with our money and lost...so did we as a country. They do not deserve to be defended by conservatives, what they did is not free market nor is it capitalism.
The first government salary cap we need to look as is congressional salaries.
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AMEN! And ‘follow the money’ on every, damn one of them.
You accept money from the federal government and they own you. Sort of like the mafia, only on a much larger scale.
Communism: A theoretical economic system characterized by the collective ownership of property and by the organization of labor for the common advantage of all members. A system of government in which the state plans and controls the economy and a single, often authoritarian party holds power, claiming to make progress toward a higher social order in which all goods are equally shared by the people. The Marxist-Leninist version of Communist doctrine that advocates the overthrow of capitalism by the revolution of the proletariat.
Read the article I linked. Redlining was addressed with the CRA. The 1992 bill set mandated numbers. And it set Penalties - fines. I have read most of that entire bill, the 1992 one, as well as the CRA I know what’s in them. The article I linked is heavily referenced/sourced as well.
I am sorry, your argument is false.
http://www.capitalresearch.org/blog/wp-content/uploads/2008/10/toeachtheirhome.pdf
ACORN knew EXACTLY what and how to use the CRA and ACORN lobbied heavily for the changes made to it in 1992 KNOWING that it would make it easier to force more banks to write bad loans, ALSO opening up the market to utterly unscrupulus lenders who took advantage of the loopholes and profiteering that Congress CREATED.
They knew what they were doing, and didn’t give a crap. This is a GOVERNMENT created Crisis. It is all deliberate. Burying one’s head in the sand isn’t going to change it.
I never laughed. I laugh when people call it Socialism. That's what he hopes you think it is, doesn't sound quite as bad since Europe does it. EVERYTHING in zer0’s past point to him having Communist ideals. He associated with them, grew up with them, and is one. People that keep saying Socialism just can't bear the thought that we have a Communist leading our country. Will he succeed? Will we become the next Venezuela, Cuba, USSR? Time will tell.
A socialist Oligarchy.
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