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expatriate's picture
Location: Arizona
Joined: 10/26/2002
Posts: 3206
Here Come Salary Caps

To all those who say conservatives are being alarmist about the Socialist agenda toward things like salary caps, I submit the following. The House is debating H.R. 1664, the "Pay for Performance Act of 2009", with Barney Frank's Support.

In a nutshell, the bill would prohibit any "unreasonable" or "excessive" executive or employee compensation, as determined by the Secretary of the Treasury, and would prohibit any bonuses that aren't tied to performance-based criteria defined in terms of the company performing to the government's satisfaction. In other words, it gives the Secretary of the Treasury the authority to set and enforce salary caps, as well as authority to threaten employee paychecks if the company doesn't do what he says.

The bill applies to any financial institution that has received a capital investment from the government. It passed the House Financial Services Committee last week 38-22 along party lines, with all Democrats voting for it.

This is why Ford and a lot of states are refusing federal money. This is like getting an infusion of cash from the mafia -- it looks reasonable up front, but once you're in their debt they start strong-arming you and taking over your business.


Location: texas
Joined: 04/23/2006
Posts: 441
Here Come Salary Caps

i'm all for this, as long as they do the same unto themselves as unto others. i can guarantee that congress wil never get another raise. Thumbs up

really, i am all for performance based bonuses for business, but that should be coming from the boards and with shareholder input, never from the government.
this overreaching authoritarianism will certainly reach into the obamanator's health care reform. you will see 4-6 hour workdays for doctors because there will be no incentive to work harder. of course, cash will get you in in the afternoon after regular hours, unless they try to make that a felony again. Evil!

Location: California
Joined: 09/06/2008
Posts: 1066
Here Come Salary Caps

Expat wrote,

with Barney Frank's Support.

If that alone doesn't scare you off, nothing will.

cowgal's picture
Location: Colorado
Joined: 03/10/2002
Posts: 1787
Here Come Salary Caps

Scary stuff! Wonder how far this bill will get? It should die like the idiotic 90% tax bill did.

Anything Barney Frank supports is REALLY scary!

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