Barney Frank at a recent hearing. Oh, wait. Our mistake. That's actually Joseph Stalin overseeing the Soviet Union.
Here’s how Byron York explains it in the Washington Examiner:
“…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.”
Tim Geither, an ineffective, unelected appointee, gets to decide what’s unreasonable or excessive? Take a long, hard look in the mirror, Tim. Then hand it over to Barney and let him take a look, too.
Those images you see — that’s what unreasonable and excessive looks like.
Source: Washington Examiner
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{ 4 comments… read them below or add one }
I didn’t actually read your story – but in response to the headline – I refuse to go into the bathroom with the banking queen, and my husband is now officially scared as hell!
PS – I went ahead and read the above story – Fwank may not have the ability to micromanage the economy, but he at one time have a thriving business in his basement!
Ugh. I doubt this will pass, but if it does we’re screwed. By the way, I’m linked to y’all on my site, http://www.thejudicator.com.
Thanks for the link, Jude, and hope to see you on “Thanks for the Link” in our sidebar!
well, if they also impose it on union workers, major league athletes and movie stars then it might not be so bad — like the guy who makes $80 per hour as a fill-in on a Ford assembly line — no education no skills, just sits there watching parts go by. Or the movie star who rakes in millions for something for a venture in which they have no personal risk and then after “work” they run around the world bashing the very country and nation that made them rich.