Posted on 06/10/2009 9:51:03 AM PDT by Ernest_at_the_Beach
The Obama administration will seek new powers for the Securities and Exchange Commission to force firms to let shareholders vote on executive pay and make directors who set compensation more independent, an administration official said.
Today’s proposal, subject to congressional approval, would cover all public companies. President Barack Obama has long supported giving shareholders nonbinding votes on bonuses, salaries and severance packages. The administration also will name a “special master” to monitor compensation plans for firms receiving exceptional assistance in the financial rescue.
The changes are aimed at reducing systemic risks and quelling a political uproar over bonuses paid to executives whose companies were bailed out by the government. Treasury Secretary Timothy Geithner has repeatedly blamed pay standards tied to short-term profits for contributing to the worst financial crisis since the 1930s.
“It clearly is going to force companies to be more transparent with their disclosure” on compensation, said Irv Becker, national practice leader for Philadelphia-based Hay Group’s executive compensation practice. If the measure is implemented, it likely will take several years before shareholders begin to confront management, he predicted.
(Excerpt) Read more at news.yahoo.com ...
Will Congress actually vote on this?
I thought this was only for those companies feeding from the federal bailout trough?
“Special master”??!! Is that the vengeful racist coming out in him?
A “Special Master”? What happened, isn’t “Czar” polling well?
I’ve had to deal with BOD’s and comp committee members over the years and have generally found them to be worthless with regards to the ultimate interest of shareholders.
Fascism ... The government lets you own a business while controlling that business.
Hooray for Fascism!!!
That’s what all you greedy people who have struggled and worked yourselves silly get—all in an effort to “succeed” and “excel.” As if anyone needs more than one bedroom or car! Finally, we’ll all be truly equal and all financial pain will be gone.
America, tear down this Marxist regime!
Seriously? You thought our communist in chief would stop once he tasted the blood of fascism? No, no...this is only the beginning of wage control for us all. The silence of the republican politicians is deafening.
Today’s proposal, subject to congressional approval, would cover all public companies.
So I would say it,,,depends on ...what is Congressional approval....but politically I would think the Republicans would have to go along with this....
I find a significant amount of humor in the rate at which this moron is trying to prevent people from being compensated at the salaries he specifically hangs his tax plans upon.
I really have to ask if he did even remedial math in college.
Yes,...wonder how much focus group testing they do with these mass appeal ideas,....?
No they should not go along with this. Thats insane.
fyi
They think Executive salaries are outrageous...
This is your (Obama ) community organizer at work....
The list, ping
I don’t think it matters what the masses like. If the GOP wants to retain its base and have a chance to win an election in our lifetime, then they need to oppose the Democrats stupid plans
From Wikipeida ...
Benito Amilcare Andrea Mussolini, KSMOM GCTE (July 29, 1883, Predappio, Forlì, Italy – April 28, 1945, Giulino di Mezzegra, Italy) was an Italian politician who led the National Fascist Party and is credited with being one of the key figures in the creation of Fascism. He became the Prime Minister of Italy in 1922 and began using the title Il Duce by 1925. After 1936, his official title was "His Excellency Benito Mussolini, Head of Government, Duce of Fascism, and Founder of the Empire".[1] Mussolini also created and held the supreme military rank of First Marshal of the Empire along with King Victor Emmanuel III of Italy, which gave him and the King joint supreme control over the military of Italy. Mussolini remained in power until he was replaced in 1943; for a short period after this until his death he was the leader of the Italian Social Republic.
Mussolini was among the founders of Italian fascism, which included elements of nationalism, corporatism, national syndicalism, expansionism, social progress and anti-communism in combination with censorship of subversives and state propaganda. In the years following his creation of the fascist ideology, Mussolini influenced, or achieved admiration from, a wide variety of political figures.[2]
Among the domestic achievements of Mussolini from the years 1924–1939 were: his public works programmes such as the taming of the Pontine Marshes, the improvement of job opportunities, and public transport. Mussolini also solved the Roman Question by concluding the Lateran Treaty between the Kingdom of Italy and the Holy See. He is also credited with securing economic success in Italy's colonies and commercial dependencies.[3]
Although he initially favoured siding with France against Germany in the early 1930s, Mussolini became one of the main figures of the Axis powers and, on 10 June 1940, Mussolini led Italy into World War II on the side of Axis. Three years later, Mussolini was deposed at the Grand Council of Fascism, prompted by the Allied invasion. Soon after his incarceration began, Mussolini was rescued from prison in the daring Gran Sasso raid by German special forces.
Following his rescue, Mussolini headed the Italian Social Republic in parts of Italy that were not occupied by Allied forces. In late April 1945, with total defeat looming, Mussolini attempted to escape to Switzerland, only to be captured and summarily executed near Lake Como by Communist Italian partisans. His body was taken to Milan where it was hung upside down at a petrol station for public viewing and to provide confirmation of his demise.
Edward E. Whitacre Jr.becomes chairman of General Motors Corp. knowing nothing about the auto industry.
“I don’t know anything about cars,” Whitacre, 67, said yesterday in an interview after his appointment. “A business is a business, and I think I can learn about cars. I’m not that old, and I think the business principles are the same.”
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