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Administration to issue new Wall Street pay curbs

June 10th, 2009 . by TexasFred

Administration to issue new Wall Street pay curbs

WASHINGTON (AP) — An up-and-coming Wall Street executive might want to hold off on buying that condo in Aspen. The Obama administration is ready to issue broad new guidelines that would rein in pay at financial institutions.

Eager to remove incentives that they say contributed to last year’s financial crisis, President Obama’s economic team plans to unfurl broad executive pay principles, possibly as early as Wednesday, that put a premium on long-term performance over short-term gain.

Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke want to give the Fed, which regulates banks, and the Securities and Exchange Commission, which oversees the financial markets, greater powers to guide compensation practices on Wall Street and beyond.

In anticipation of the new guidelines, Geithner scheduled a private meeting Wednesday with SEC Chairwoman Mary Schapiro, Federal Reserve Governor Dan Tarullo and executive pay experts to discuss compensation policies.

Full Story Here:
Administration to issue new Wall Street pay curbs

Karl Marx is dancing a jig in hell. Lenin is turning somersaults. They finally have exactly what communism and Marxism have always wanted, they have their man in the White House.

I am not a fan of ANY business executive being paid ANY type of bonus for a business that is failing, that is the most ridiculous action I have ever seen or heard of, to reward some idiot for doing a BAD job is unacceptable. But it’s the responsibility of the business, the shareholders, the public itself to regulate the actions of business, it is NOT the job of the federal government!

Paying an executive bonus to an individual that has failed may be totally unscrupulous but to the best of my knowledge, it is NOT illegal, it’s just called BAD BUSINESS. But in a FREE NATION, should business not be entitled to conduct their affairs in any manner the market will sustain, as long as those affairs are conducted legally? Isn’t that what capitalism is all about? Free trade and the ability to make money or fail in trying?

If there is going to be any federal oversight and regulation it doesn’t need to be on businesses in general, but if a business was going bankrupt and was bailed out by federal funds, taxpayer dollars, then, and only then, should the Fed have ANY say in the salary or bonus structure of that particular business.

And as I have said in the past, the bailouts, started by George W. Bush, are the most unbelievable waste of taxpayer dollars imaginable. If a business is going bankrupt because they engaged in bad business practices, let them go bankrupt. That’s what Chapter 11 reorganization is for. They can reorganize and re-emerge, hopefully see the err of their ways and once again become a viable and successful business.

The Federal government has no idea of the damage they have caused by conducting their own BAD BUSINESS. The bailout of Chrysler and GM for example. GM is going to require many more BILLIONS of our tax dollars to even hope to remain solvent. At this time GM appears to be a black hole, sucking up ALL the resources it can and giving nothing in return. And yet we, the taxpayer, are funding GM, by proxy, through our elected officials.

So, wouldn’t the logical conclusion be, we are no longer a FREE nation?

Are we now truly that socialist/Marxist demon that many of us have preached against for a very long time now? I tried to point a lot of this out well before Barack Hussein Obama came on the scene. I tried to point out that we were becoming a socialized nation even before the 1st round of BUSH bailouts occurred. I accused my state Senators, Cornyn and Hutchison, of being nothing more than socialist shills after they BOTH voted FOR the Bush bailouts.

When it comes time for history to define the Socialization of America, Barack Hussein Obama will not be looked upon as the founder of the feast. For many years American presidents and legislatures have steadily moved this nation towards Marxism and One World Government.

Obama merely gets the honor of delivering the coup de grace.

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10 Responses to “Administration to issue new Wall Street pay curbs”

  1. comment number 1 by: Sam Pierce

    We are not a free nation, and I believe you are correct that Obama is just the rancid cherry on top of the crap sundae.

  2. comment number 2 by: kris

    Pretty soon they’ll be able to say what we should all be paid, it’s only a matter of time until Obarx weasles his way into every corner of the free market.

  3. comment number 3 by: Bloviating Zeppelin

    And here is the difference, also: you may disagree with a PRIVATE wage benefit or BONUS package, but if the series of packages are completely egregious or out-of-line, likely that business will fail given time. And that is the PROPER way of things: businesses that are inefficient, improper, overextending, unprofitable, WILL FAIL.

    Nature abhors a business vacuum. There will be something to fill it.

    Except for NOW, whereas Mr Obama has completely ABROGATED that principle and propped up businesses, firms and agencies that SHOULD have failed. We would have gotten over this recession FASTER and with LESS PAIN had we done nothing with PRIVATE business.

    These are precisely the wrong paths to take at the wrong time.


  4. comment number 4 by: hardheadedtexan

    So now we’re going to have a Pay Czar, if I’m understanding this right. We need a Crooked Politician Czar. As taxpayers we aren’t even allowed to know where our money is Truly going.
    Maybe I can be the Walmart Czar since I go there everyday.

  5. comment number 5 by: Kate

    I don’t remember anywhere in the Constitution that it says people can’t be rewarded for a job well done. :? Yeah….if they suck at business, they need to go down the tubes, but I’ve no doubt, in the not too distant future, it won’t be just the failed businesses that are targeted, but the successful ones as well. The death of free business enterprises is in our future.

  6. comment number 6 by: BobF

    Since most all professional football, baseball, and basketball teams play in arenas or stadiums financed taxpayer dollars, can the government control their salaries and bonuses? After all, last year the Senate spent millions on steroid use in baseball.

  7. comment number 7 by: minuteman26

    To Arms! To Arms! The Marxists are coming! The Marxists are coming! Shit they’ re already here. How long do we put up with those bastards? I question whether elections in 2010 or 2012 will get things back where they belong. Too many people in the tank for BHO and his minions.

  8. comment number 8 by: gene

    Do I get to decide the salary if elected and non-elected officials.

  9. comment number 9 by: Dr. Dave

    Oh, he’ll be making cameos on Sesame Street in NO time.

    “So that’s 1 for you and 1 for me; 2 for you and 1, 2 for me; 3 for you and 1, 2, 3 for me…”

    In Obugger the Defiler land, he’ll fit right in….

  10. comment number 10 by: BobF

    I wonder how Obama justifies his wife getting over a $195,000 pay increase when he got elected to the US Senate? Her job was so important that they decided not to fill it once she left for Washington.

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