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Dave Starr
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You can find this on several web pages.
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.
The measure is not limited just to those firms that received the largest sums of money, or just to the top 25 or 50 executives of those companies. It applies to all employees of all companies involved, for as long as the government is invested. And it would not only apply going forward, but also retroactively to existing contracts and pay arrangements of institutions that have already received funds.
In addition, the bill gives Geithner the authority to decide what pay is “unreasonable” or “excessive.” And it directs the Treasury Department to come up with a method to evaluate “the performance of the individual executive or employee to whom the payment relates.” |
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I used to care, but I take a pill for that now.
Pushing buttons sure can be fun.
When a lion wants to go somewhere, he doesn’t worry about how many hyenas are in the way.
Paddle faster, I hear banjos. |
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Tue Mar 31, 2009 4:35 pm |
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twotap
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| Having Elmer Fudd AKA Barney Fwank the "Banking Queen"deciding just who gets what is just the start of the socialist takeover that ALL the Obamagazim whackos claimed we had not to fear. OH well, heres hoping some of them take it up the butt like Barney seems to prefer. I wonder if that means UAW guys working on a line somewhere?? heres hoping and maybe they will finally wake and end this constant loyality to DEMocrats. By the way if pay is to be based on performance will that include Barney, Barkaco and the rest of the lefties now running the show?? OF course not. |
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"If you like your current healthcare you can keep it, Period"!!
Barack Hussein Obama--- multiple times. |
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Tue Mar 31, 2009 5:22 pm |
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