Not content with capping executives pay at $500k for companies that receive government funding, Barney wants to extend it to all companies regardless of if they get government help or not.
via HotAir:
Congress will consider legislation to extend some of the curbs on executive pay that now apply only to those banks receiving federal assistance, House Financial Services Committee Chairman Barney Frank said.
“There’s deeply rooted anger on the part of the average American,” the Massachusetts Democrat said at a Washington news conference today.
He said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies.
The provision will be part of a broader package that would likely give the Federal Reserve the authority to monitor systemic risk in the economy and to shut down financial institutions that face too much exposure, Mr. Frank said…
Mr. Geithner said he would consider “extending at least some of the TARP provisions and features of the $500,000 cap to U.S. companies generally.”
Nevermind the hatred that the public has for congress. Nevermind that BJ Barney helped get us into the mess we are in.
If the word gets out about this, expect to see companies jump overseas and massive amounts of money flowing into the Republican coffers.
February 10th, 2009 at 2:25 am
[...] clipped from http://www.preparetobeoffended.com [...]