Posted on 06/11/2009 9:29:46 AM PDT by Rufus2007
Want to see what populist-driven liberalism will do for the private sector? Take a gander at the latest comments from Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee.
Frank, who told CNBC Congress had been focusing on executive compensation prior to the federal government’s Troubled Asset Relief Program (TARP), since “TARP was an infield covering” as he put it, said it’s time for a punitive compensation system to discourage “excessive risk taking.” The Massachusetts congressman was asked by Dennis Kneale on CNBC’s June 10 “Power Lunch” how much executives should be punished if a company loses money in terms of compensation.
“In some cases, a loss,” Frank replied. “You start with the assumption that I have to get extra. And particularly – we’re not talking about everybody. We’re talking about the top decision makers in particular. Yeah, we’re saying that if you cost the company money, then you ought to be at risk some.”
...more (w/video)...
(Excerpt) Read more at businessandmedia.org ...
Sure, as soon as congress pays the US for deficits.....
this man is such a disgrace....how bout we make all politicians pay back losses for all the high risk hairbrained ideas they come up with using taxpayer money....
Exactly.
Barney’s paycheck needs garnishment.
Stunning stupidity from the left.
Nothing wrong with accountability.
I figure this particular Massachusetts pervert personally owes my family $675.42 via a decades-long pattern of gross inefficiency, waste and abject ignorance.
OK ... if Execs in the private sector have to pay for their company losses, Senators, House Reps, the VP, POTUS and all others in decision making roles that have voted for a failed project (i.e. the Bail-Out) have to pay back their salaries to cover the losses they voted in. No credit line ... if they can’t pay, prison!
Great idea Barney! ACCOUNTABILITY!
Can we confiscate all congressional salaries and perks until you balance the budget?
Companies were invented to ensure the reverse.
This simply takes us back to the antediluvian era of partnerships and proprietorships without limited liability. In case nobody noticed, there was zero social cooperation on large projects in that era. Instead families were the only effective business units.
The way to align incentives is called ownership.
The progressive left spent 100 years making managers more important than owners and encouraging all capital out of personal, family form into corporate form. It sold this on the basis that active operators and expert engineers would be the meritocratic new class efficiently running their new model society.
Now they've decided that leads to too much risk taking. Well guess where the opposite takes you? Not to equality, not to prudence. It takes you back to ownership and inheritance and family control. You know, the aristocracy and its dead hand they spent the previous century railing against and regulating out of its social role.
Barney acts like he’s the head of North Korea ... creepy petty dictator type...
OK, Bwaney, soons you cough up that trillion dollar hairball you caused over at Fannie Mae.
His true marxist leanings are now being revealed.
>Interesting idea, but it isn’t this blubberous human being or any other representative of the government’s place to impose it...
I think that Congress should run the pilot/test-program themselves... on themselves and the national debt, of course.
If they are unwilling to submit to their own laws, then how are WE to submit to their laws?
Apparently Bawney has never had a private sector job. It's called "getting fired" Bawney. In the case of executives and mamagement, that often mean forfeiture of unvested stock options, unvested 401K matching, signing bonuses, etc. - and 100% of your salary and benefits.
That is a great idea. Make the politicians pay it back. They created this mess.
Every dollar that Frank has received to date and every dollar he may receive, including any retirement benefits, in the future should be repaid 100% by him. He has lost more money for this Nation during his tenure than any five executives have ever lost during their tenures. He is a crook from the word go and keeps it up day after day and year after year. The man should be in jail.
Is Barney Frank going to pay us for all the money we lost in the real estate crash?
Or the new President for the stock market crash?
Amazes me that Mr. Fwank doesn’t factor into his proposal that we are not a communist nation, we’re not supposed to legislate pay for private companies... I swear, congresscritters should be required to pass a competency test.
Interesting thoughts, but I would amend, for ‘progressives’ the change would not be back toward owners/family, but to the government, their ultimate goal.
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