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Thread: House proposal to limit all salaries of bailed-out firms

  1. #1
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    Default House proposal to limit all salaries of bailed-out firms

    http://www.washingtonexaminer.com/po...-42158597.html

    http://tinyurl.com/deapq6

    Beyond AIG: A bill to let Big Government set your salary
    By Byron York
    Chief Political Correspondent 3/31/09

    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.

    -more-

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    Senior Member badbullgator's Avatar
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    Queen barny will be getting it from satan himself when he is burning in hell
    Views and opinions expressed herein by Badbullgator do not necessarily represent the policies or position of RTF. RTF and all of it's subsidiaries can not be held liable for the off centered humor and politically incorrect comments of the author.
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    Senior Member road kill's Avatar
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    Quote Originally Posted by badbullgator View Post
    Queen barny will be getting it from satan himself when he is burning in hell

    Thing is.....that's his dream!!
    Stan b & Elvis

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