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IDIOT!!!

Mike

Well-known member
Lawmakers mull pay curbs for all execs
Investment News ^ | February 3, 2009 | Neil Roland


Congress will consider legislation to extend some of the curbs on executive pay that currently apply only to those banks receiving federal assistance, House Financial Services Committee Chairman Barney Frank said. Mr. Frank said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies.

“There’s deeply rooted anger on the part of the average American,” the Massachusetts Democrat said at a Washington news conference today.

The provision will be part of a broader package that would likely give the Federal Reserve Board the authority to monitor systemic risk in the economy and to shut down financial institutions that face too much exposure, he said.

Also included in this proposal will be registration requirements for hedge funds to make their finances more transparent, and limits on conflicts of interest at credit-rating agencies such as Standard & Poor’s, he said.

The bill, which the committee is working on in consultation with the Obama administration, also will require financial institutions that bundle mortgages into securities to share in potential losses. This would give firms an incentive not to make bad loans, Mr. Frank said.

Institutions that securitize loans improperly will incur tougher penalties.

“There have been too few constraints on major financial institutions incurring far more liability than they could handle,” he said.

The committee hopes to have a general outline of the legislation by early April, Mr. Frank said.

It will be the panel’s first priority in its effort to restructure financial regulation in the wake of the worst economic crisis since the Great Depression.

____________________________________________________

That's it. When the gubment starts restricting paychecks to ALL U.S. companies that's where I draw the line. :mad: :mad: :mad:
 

aplusmnt

Well-known member
Mike said:
Lawmakers mull pay curbs for all execs
Investment News ^ | February 3, 2009 | Neil Roland


Congress will consider legislation to extend some of the curbs on executive pay that currently apply only to those banks receiving federal assistance, House Financial Services Committee Chairman Barney Frank said. Mr. Frank said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies.

“There’s deeply rooted anger on the part of the average American,” the Massachusetts Democrat said at a Washington news conference today.

The provision will be part of a broader package that would likely give the Federal Reserve Board the authority to monitor systemic risk in the economy and to shut down financial institutions that face too much exposure, he said.

Also included in this proposal will be registration requirements for hedge funds to make their finances more transparent, and limits on conflicts of interest at credit-rating agencies such as Standard & Poor’s, he said.

The bill, which the committee is working on in consultation with the Obama administration, also will require financial institutions that bundle mortgages into securities to share in potential losses. This would give firms an incentive not to make bad loans, Mr. Frank said.

Institutions that securitize loans improperly will incur tougher penalties.

“There have been too few constraints on major financial institutions incurring far more liability than they could handle,” he said.

The committee hopes to have a general outline of the legislation by early April, Mr. Frank said.

It will be the panel’s first priority in its effort to restructure financial regulation in the wake of the worst economic crisis since the Great Depression.

____________________________________________________

That's it. When the gubment starts restricting paychecks to ALL U.S. companies that's where I draw the line. :mad: :mad: :mad:

You know I actually agreed with Obama on limiting pay for those companies that get bail out money. I would have preferred they just let them fail and we move on. But if they are going to get a hand out then they deserve restrictions.

But this is just ridiculous and a prime example of the agenda these far left loons have in mind. Kind of like gun control were if you give them an inch they take a mile.

I honestly think we are done for it. Voters are to ignorant to look past the rhetoric. And when the Libs have almost all the media on their side it will be a long road for the Conservatives to travel in future!
 

Sandhusker

Well-known member
I suggest we limit the compensation, or better yet the very employment, of irresponsible Senators who ruin the economy of the country with their idiotic ideas on how to write mortgages!

Boy, these "progressives" are really bringing us progress!
 

RobertMac

Well-known member
Mike said:
Lawmakers mull pay curbs for all execs
Investment News ^ | February 3, 2009 | Neil Roland


Congress will consider legislation to extend some of the curbs on executive pay that currently apply only to those banks receiving federal assistance, House Financial Services Committee Chairman Barney Frank said. Mr. Frank said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies.

“There’s deeply rooted anger on the part of the average American,” the Massachusetts Democrat said at a Washington news conference today.

The provision will be part of a broader package that would likely give the Federal Reserve Board the authority to monitor systemic risk in the economy and to shut down financial institutions that face too much exposure, he said.

Also included in this proposal will be registration requirements for hedge funds to make their finances more transparent, and limits on conflicts of interest at credit-rating agencies such as Standard & Poor’s, he said.

The bill, which the committee is working on in consultation with the Obama administration, also will require financial institutions that bundle mortgages into securities to share in potential losses. This would give firms an incentive not to make bad loans, Mr. Frank said.

Institutions that securitize loans improperly will incur tougher penalties.

“There have been too few constraints on major financial institutions incurring far more liability than they could handle,” he said.

The committee hopes to have a general outline of the legislation by early April, Mr. Frank said.

It will be the panel’s first priority in its effort to restructure financial regulation in the wake of the worst economic crisis since the Great Depression.

____________________________________________________

That's it. When the gubment starts restricting paychecks to ALL U.S. companies that's where I draw the line. :mad: :mad: :mad:

Actually, the pay restriction would be a good thing...banks will think twice about taking bailout money and will pay it back quick to get out from under the government thumb.

This would give firms an incentive not to make bad loans, Mr. Frank said.
This is the guy that protected Freddie and Fannie lowering their standards and put pressure on banks to make bad loans(through ACORN). Now he is going to write laws reversing his position of the last 8-10 years?????
I'm beginning to wonder why the credit crisis happened right before the election???
 

Tex

Well-known member
Sandhusker said:
I suggest we limit the compensation, or better yet the very employment, of irresponsible Senators who ruin the economy of the country with their idiotic ideas on how to write mortgages!

Boy, these "progressives" are really bringing us progress!

I consider myself a progressive but not defined this way. I am not happy that the compensation for some CEOs falls under capital gains and not as earned income. That is a reasonable loophole any real progressive or conservative would want fixed.

The term "progressive" has the chance to be abused as to its meaning as it is on the hit list of the fascist element of "conservatism". I hope that the meaning does not get abused this way.

Your points on mortgages are right on but the real reason for the financial crisis was the idea that ANYTHING that promoted home ownership and lending was good. Obviously, that turned out to be a big fallacy that left multitudes of private and financial investments to ruin.

The same case could be made for the "lowest price is always the best" theory.
 
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