The Obama administration stepped up efforts on Thursday to push for measures to tie executive pay at all publicly traded companies more closely to performance, but faced some skepticism from lawmakers.
Allpublically traded companies…who needs the Constitution? Comerade Obama will relieve businesses of the “burden” of bargaining with their executives to set pay. Unbridle ambition interwined with unquenchable lust for power. I wonder when the remaining Americans, you know, the ones with the courage to make their own lives, will decide that the usurper has reached too far?
On Wednesday, thesaid that seven companies receiving government bailout money will be subject to strict oversight on pay for their top executives and other highly paid employees. Treasury also said it wants new laws to empower the U.S. Securities and Exchange Commission to ensure that shareholders have more say in setting pay.
“While the financial sector has been at the center of this issue, we believe that compensation practices must be better aligned with long-term value and prudent risk management at all firms,” Treasury Counselor Gene Sperling told the House of Representatives Committee on Financial Services.
And that is the crowbar that they will use to pry their way into board rooms around the country, including those who turn down the government’s offer of ‘help’.
Both President Barack Obama and have said that Wall Street compensation practices encouraged excessive risk-taking, sowing the seeds of the financial crisis that has driven the United States and many other countries around the globe into recession.
Ignoring, of course, the effects of the CRA and the Dhimicrats steadfast refusal to look into the activities of Freddie and Fannie while their friends and cohorts were taking their case out in wheelbarrows and dump trucks. Why is it Bwarney Franks and Chris “the freind of Angelo” haven’t been driven out of DC by angry mobs yet?
Lawmakers from both major parties expressed uneasiness at the prospect of what they considered growing interference by government in business affairs. They suggested that regulatory reform and a determination to let companies stand or fail on their own would be preferable to putting taxpayer money into struggling companies.
I wish I could believe this, but billions of dollars away from where we started, I’m not buying their sudden meeting with Jesus.
You can go read the rest. I have a sudden urge to go re-read the Constitution yet again. Try as I might, I haven’t been able to find the part that gives Congress the authority to interfere with the ability of individuals and entities to enter into a contract.