Watch out for Barney Frank’s paws
In theory, I have no problem with limiting the executive pay and bonuses of corporations that take billions in taxpayer-funded bailout money. As Nicole Gelinas put it: “It is untenable for taxpayers directly to support lavish pay for executives at government-guaranteed corporations. When the taxpayer is bearing all risk — as the taxpayer is now in much of the financial industry — the government should set limits.”
But the first question is: Where are the limits on Fannie and Freddie corruptocrats’ executive pay? Have those been passed yet? Are they equal to the limits on private executives’ pay?
And the second question is: Where will it stop? Barney Frank has no intention of restraining his grubby government paws. Via Financial Week:
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.
Where’s my favorite socialism/theft logo? There it is:
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Yeah, Barney, it’s because not 3 years ago you and your buddies were on “The Hill” pitching the solvency of Fannie and Freddie and praising the executives there for all the great work they’d done, justifying their ridiculous executive pay. How quickly you forget that it was your and your cronies’ ridiculous backing of insolvent, mismanaged organizations and years of pushing “affordable mortgages” to people who had no business getting a home loan that plunged us into this financial mess.
The goal of every American owning a home is as stupid as it is unrealistic. This financial crisis was caused by a socialistic goal of achieving equitable homeownership using government backed organizations.
The new Democratic (and maybe Republican)motto: Socialize, Fail, Repeat
It is a sad metric of the amount of crapola in Washington, DC, that a working mother has to rise at 4 AM to keep watch over all of it.
Thank you for your tireless work, Michelle, especially in behalf of my newborn grandson (my first!). I fear for his public debt burden.
First, you create an “enemy”. Then you move in to “fight the enemy”, in helping the people’s interest, of course, and steering the people away from you. Then you nationalize. How many times must history be repeated before people understand what is going on? It’s the old con game, and citizens fall for it, repeatedly, over time. After the government controls the market and housing, oil companies next? You can be assured of that. Healthcare too. One day, the government will declare “an emergency” and suspend the Constitution. It has happened in world history, and, with an ignorant and apathetic public, it can happen here.
Y’know we rarely (if ever) feel earthquakes out her in the Mile High City/Rocky Mountain West. But I could have sworn I just…
No, wait a minute. That was “Atlas” warming up for his big “shrug.”
Ayn Rand, please call your agent.
I worry that artificially limiting executive pay could make the institutions less competitive in the search for good leadership and result in even more mismanagement.
From the FW article:
Eh, why would I want to go through years of education and hard work when I just end up with a few bucks more than the next guy?
Eliminating the reason to compete eliminates the reason to innovate.
Sen. Shelby’s got this one right:
Yeah, like the “stimulus” bill.
Will this limit apply to the pay of the liberal’s biggest champions, the hollywood elite?
And how about the people who are paid astronomical salaries for playing children’s games, the professional athletes?
I think they might be a little surprised when they find out what the Obama people are really after.
There NEVER should have been ANY bailouts. These companies run by incompetent management should have been allowed to fail. Period.
Now we have the camel’s nose (government control) under the tent flap. The rest is following right along.
Now the government is taking control. Executive pay is just the start. As an aside, what caliber executive will you get for $500,000. Why not just go for the whole thing and install government bureaucrats to run the companies.
And as others mentioned above, they even want to extend this to companies that don’t take bailout money.
Shelby is wrong! What a disgrace for a republican to advocate that government dictate compensation! Oh, it’s temporary. Really? Since when is anything the government gets its hands on a temporary thing?
People, this sounds on the surface like a logical idea. It is not. This is how they do this stuff. DO not buy into this argument. This is a very serious event that will have disastrous results.
This has nothing to do with federal money, but here goes. I’m a good little capitalist, but I have a wicked fantasy where I throw all values to the wind and wish these dopes in congress decide to forgo the free market system and limit Hollywood studio profits and actor salaries. Let little Ms. Ashley “shoot no wolves” Judd be limited to $30,000 per movie. Put the excess profits into free healthcare for all comrades. Time to be patriotic. Oh, well, back to my new fantasies…hoping that capitalism and free markets will survive the “change and hope” experiment.
deedledee – I love your fantasy idea!!! How about the executives of any unions, environmental groups or lobbyists will also be limited to $50,000. After all, they get government money, too.
How about a one dollar tax on every movie ticket,every DVD, every CD.
Ten cents on every I-tune and Pod-cast download.
All funds going to goverment programs desiigned to ‘feed the hungry’ and ‘save the planet’
The warning given out to young male House pages on the first day of orientation.
Perhaps this is why they forced so many banks to sign on to the TARP, even though many didn’t want to. It is going to be tough to get the government’s fingers out of Wall Street now that the deed is done. Expect every silly whim from Barney and Dodd to show up on your balance sheet for quite a while.
But they will continue to need these useful idiots to help sell the agenda. Only after they have served their purpose will the Hill go after Hollywood.
How exactly does that work?
Does it limit the amount of money an athlete could earn? How about if they earn it through endorsements? How about those who make their living by pretending (actors and actresses)? Do we cap their pay? How about somebody who gambles? Are they going to cap the amount the lottery can pay out?
Of course “they” wouldn’t cap hollywood or gambling.
Can we once again say “double standard”?
Amen! How are poor people supposed to afford a movie ticket when actors are making these exorbitant salaries?
I have no problem with limiting executive pay as a condition to receiving TARP money and once paid back the restriction is gone. I do have a problem with making it law.
Does this not say Social Security is criminal?
I ask – what is the difference between what Maddof did and what the social security administration is doing? For lgm’s benefit, NOTHING is the answer.
#1 EdDantes – Well said, well said indeed.
I get the urge to throw up every time I see that disgusting troll.
This is just one more step towards communism.
The State dictating salaries while hiding and lying about their incomes, not paying any taxes and turning the workers into slaves.
I’ve had a problem with executive compensation for a while now. But only those who lead their compamies to failure yet receive huge bonuses and golden parachutes.
However, that is a shareholder issue not a government one.
One way to look at it is these bums who successfully shystered the taxpayers out of billions “earned” their bonuses for the great job they did bringing in all the new cash and “saving” their companies
The government is a shareholder now. Look for them to go after drug-makers next.
You don’t know where they’ve been.
deedledee…Ms. Ashley “shoot no wolves” Judd.
Thanks for the reminder – another useful idiot to cross off my movie, movie rental, movie of the week list.
How about drug dealers and gang members. Now that would be the right thing to do. Then organized crime.
Congratulations fred5676, your life is now complete and everything else is pure gravy!
=======
Barney Frank’s paws are about much more than executive compensation to be sure. This He/She Chief Pimp-in-Residence has a pathological disdain and hatred for all things American, decent and individual. His perversions push him to want to destroy all others have done. This financial situation is but an opportunity for him.
While we know he is a hard socialist like so many others try to actually listen to one of his speeches, hard as that may be: The bitterness, contempt and rage in his voice, face and mannerisms can be telling-much more than his words. That this man has power is bad. That Massachusetts sends him, as it did Gary Studds, to Congress tells you what you need to know about what we are dealing with. It is far more than our financial institutions these perverts want to control. That want YOU, your children, your grandchildren.
1) Any company taking bailout money should answer to ‘the people’ but unfortunately we are being represented by sell-outs and crooks. Just finished lecturing my daughter about borrowing money from friends/relatives. When you take money from someone, they own you till you pay it off.
2)I sure would like to know if Barney and Chris are being investigated by the FBI. Been searching internet but don’t see anything of substance yet.
One thing to consider…
By making a salary cap a precondition to accepting TARP money, it would make executives think twice about accepting the money. In fact, I’m pretty sure it would motivate them to work harder NOT to accept it. (Btw, I would favor a cap at 200% of poverty… not $500,000!)
That being said, we shouldn’t bail any companies out…
I suspect that Barney has decided that if he keeps talking, talking, talking–everyone will forget that his policies are partly responsible for the mess we’re in.
Oh, and to prevent executives from getting the money and then switching to another company, I would also impose a .5% (of bailout money) lien against their personal assets.
Executives should dread the intrusion of Government… not milk it for taxpayer money.
And yeah I’m harsh. How do you wean a parasite off milk… you sour the milk.
I don’t even want to think where this congress-thing’s hands have been.
At least, not right after I’ve eaten breakfast.
Barney. Your one big SOB
Have you ever.
Risked millions to start a company?
Borrowed from friends to make payroll?
Ever made a payroll?
Worked one hundred hour work weeks for ten years?
Coasted down hill, because there was no gas money left?
Watch your employees buy new car and you couldn’t because your income wasn’t consistent?
Not take money out of the company for months at a time?
Tell your children that Santa wouldn’t have much this years because some
major equipment broke?
Worry about an employee that had a heart attack and then carry them on the company books because you knew that our insurance wasn’t enough for them to live on?
Well I have and after years of struggle I beleive I deserve every last penny I make. There are millions of owners of companies like mine, who have done the same.
Barney. If you and you kind every try to tell me what I can earn, you’ll be looking down the barrel of a gun.
GEEEEEESSSSS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Wage Fixing now,
…Price fixing… will be next.
OT
South Carolina State Senator (a Democrat) wants a paid holiday for Confederate Memorial Day.
I wish they’d do that in Texas. I wouldn’t get it off, but traffic would be lighter. My wife’s school doesn’t do Columbus Day or some of the other “white” holidays, but they do MLK Day, which is another day of less stressful commuting for me.
BTW, 2nd and 1st grade children of mine certainly know who President Obama is, and get very excited whenever he shows up on TV. I suspect some school district indoctrination has been going on.
We live in a semi-affluent school district in the Houston suburbs, Mrs. Mahmoud teaches in a non-HISD but inner city school district, and our kids go to the same elementary she teaches at. Cinco de Mayo, and Black History Month are both very big at the school. My children, as half white, are in the minority. I haven’t seen a white student yet at the school, some Vietnamese, but mostly Black and Hispanic.
Anyway, it is either Catholic school or the Spring ISD by junior high, to minimize the risks of being shanked in the yard.
Well, he did have a prostitution ring run from his house. Is that what you mean?
OH GOD!
I forgot about that. They probably didn’t pay taxes on that income, did they?
I don’t think he gained monetarily from the gay ho ring.
Just free gay sex from the ho’s.
Welcome to socialism! Let’s cap the salaries for everyone so that talented, hard working people make exactly the same as unmotivated, lazy employees.
This is bull. Absolute bull.
I’ll wait for the day that GOVERNMENT employees have their salaries and fringe benefits capped…
Hey, as long as the media is going to monitor the conferences hosted by banks that took public money, then maybe they should also monitor the conferences hosted by departments of the federal government which…you know…take public money.
And while they’re at it, maybe they should look into the air travel accommodations of government officials, too. Yes, the auto manufacturers and banks need to wean themselves from the public dole before their executives should be using chartered type air travel. Maybe we could hold our government officials to the same standard! Oh wait, the federal government will never wean themselves from the public dole. Double standard.
Mr. Frank,
When Congress holds itself to the same restrictions and standards that you are forcing on other people, we can talk. Until then, sit down and let the grown ups handle things.
I was waiting to hear something more eloquent from you EG. My writing skills are pathetic and I look to people like you for a more competent description.
However BULL works for me.
And what are they going to cap George Soros’ pay at?
I don’t know how else to describe something that is so fetid. It makes me angry beyond comprehension. Very few CEOs get there through nepotism and none just walk in off the street and start running the company. Many built companies and careers by starting on the bottom rung of the ladder and working up. Are some of them greedy? Yeah. Tough.
No doubt some would think my job is nice because it’s a 4-day work week and more money than I made in my previous 5-day/week position. Does that mean *my* salary should be capped because I was fortunate enough to find a job like this? Behind my apartment, there are $500k homes – lovely, beautiful. Do I have a right to take one of those homes from the owner because it’s not fair they can have a big house while we live in a small apartment?
All these stupid caps do is pander to the loudest squeakiest wheel, which means that the poorest person in American can set the standard by which the rest of us can get paid.
By the way…didn’t Hollywood get some money in the stimulus bill? So can we expect Obama/Frank to cap the profits/salaries of celebrities, directors, producers, and studios? Or would that be off-limits?
Thank you EG
That’s was what I was waiting for.
Price controls create shortages.
Now that they sent the blue collar jobs off to the 3rd world, these idiots are going to send the white collar workers there too.
It is the beginning Communism in the US. Obviously a guy like Franks does not say he is a communist, but his actions do.
We are now seeing Obama making an executive order limiting pay for exec’s receiving bailouts (which some were forced to receive). I frankly don’t see the difference between Obama and Perez. He is our new Dictator and is Nationalizing our banks (then auto, then oil, then …). We are seeing the beginning of a communist dictatorship.
Well put.
You’d think a career politician like Congressman Frank would be able to afford dentures.
Unless, of course, the toothless look is popular in the DC area gay bars Barney frequents.
How about a bill that provides for “pay for performance” for the memebers of Congress…………
I hesitate, only slightly of course, to invoke the “Atlas Shrugged” comparisons but is it so true. Following on what EQ so succinctly stated, it would be a wonder to behold if all manufacturing, scientific , political and military geniuses and leaders just said a big ” Up Yours” to the country of “looters’ we have developed through liberalism. I am aware that Ayn Rand was an atheist, but I can easily live with that. No one can take my faith away , only I can. But, in reality, we must surely find a way to stop this hemorrhage that is Soetoro’s reign.
#50
Ewwwwwwwww! ( Nasty mind video , that!)…..lol
Non cash compensation is taxable as we learned from that other whore Tom Dashound, Daschle, whatever.
They both owe taxes for the free rides
Ummm, maybe the toothless look is intended for other uses?
I am sorry for any mental images that might create. It was just too tempting to pass up.
That point is coming soon, I think. We are just two weeks into the new era of democrat control and look what damage they have already done. They still have two years of total control.
I’m afraid the country can not and will not recover, can not regain confidence UNTIL Barney Frank and Chris Dodd are GONE from congress.
Not just losing their chair positions (which is a total disgrace to all Americans) but GONE from congress forever.
How , HOW can we trust anyone or anything they do in Washington with Barney Frank involved???? Chis Dodd???
HOW?
What can we do?
You have a great point and you know we really don’t need to wait for the drive-bys to report it… The web has info on conferences in our towns and a cell phone with a camera could capture the ‘welcome tables’ and reserved dining rooms in host hotels. Something to think about for sure.
I can’t even accept this in theory. We the people subsidize private entities and fully finance public entities as a matter if course.
In theory, these TARP funds are loans not gifts. Sr. exec Compensation was not a part of the original deal. Any cuts to pay should be done by the corporations voluntarily if it makes good business sense and won’t ultimately decrease the possibility that they will become profitable (and able to pay us back!) in the future.
Keep in mind that the government will take back nearly half of what executives earn if Barry’s tax scheme is made law. Is it really worth the headache to earn a measly
$500,000$250,000 a year?Malcolm Gladwell’s book, “Tipping Point”, comes to mind with each power grab by the federal government. At what point do we reach it, or have we already passed it?
Were there caps on the income generated from the (gay) prostitution ring run out of Frank’s apartment?
***
Barney Frank is a real disgrace–in his personal life and in his socialist / marxist actions that helped get us into the current economic mess.
***
I lived in Boston for a year–1969–and went to all the historic sites and good museums in the area. I got to see most of the revolutionary war sites–Lexington and Concord, Breed’s (aka Bunker) Hill, Paul Revere’s house, the Boston cemetery where many of the early patriots are buried. The U.S. Constitution tour and some good museums and history plays in the area were also very interesting.
***
I was disappointed in how things had changed in the 200 years since the patriots won our revolution. High taxes, corrupt government, tolerance for bad actors like Teddy (aka THE SWIMMER) Kennedy, and now Barney Frank. The modern people in Taxachussets have lost a lot over the years.
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It really felt good to go back to Texas after the year in Boston–a nice place to visit, but a poor place to live. The people there are being screwed bigtime by the liberals / socialists / communists. And now they are bringing it to the rest of us.
***
Cuba is the POSTER BOY for the conclusion of the socialist dream. A doctor and a taxi driver make the same amount of money–$20 a month. The taxi driver does better than the doctor due to the tips and commissions he gets when he drives European tourists to meet the JINETERAS
(“riders”–aka hookers–in Cuban Spanish).
***
Check out Yoani Sanchez’s excellent comments on modern Cuban life at GENERACIONY to see how well socialism has worked out–if she hasn’t been put into jail yet. Most Cubans lived much better before the communist revolution. Only the RULING CLASS lives well there–at the expense of the “peons” living outside the castle. Our government is setting up a Cuban style “two tier” system for us–lots of limits for us, and anything they can steal for the new rulers. Hope and change my A**!
***
John Bibb
COMMUNISM HAS ALWAYS BEEN GREAT FOR THE POLITBURO. THEY HAVE THE DACHAS, AND THE LIMOS, AND THE HOT AND COLD SERVANTS TO GRANT THEIR EVERY WISH. IT’S JUST THE REST OF THE PEASANTS WHO HAVE TO LIVE 6 TO A ROOM AND FEAST ON GRUEL AND SPEND THEIR DAYS TRYING TO FIND A LOAF OF BREAD AND A GALLON OF MILK. WHAT A SYSTEM!
“I get the urge to throw up every time I see that disgusting troll.”
If you need to do it anywhere near his office make sure the bathroom has a sturdy lock on the door.
Michelle said:
FT on BF:
You see, this is why I have a problem with it “in theory”. Once you allow that camel’s nose in the tent…
Ditto to Buy Danish at #59, by the way. (among many others on this thread)
Nothing new in this move.
Did you hear the speech. I quote the One: “I WILL NOT ALLOW”. O really?
Inch by Inch by steady Inch.
Rewarded incompetence. Why is this person still chairing any committee? Not only is this thing a disgrace, the person(s) who keep it there should be tossed as well.
It is apparent to me that none of these liberal monkeys have the brains nor common sense to lead/structure or rebuild anything. Perhaps teaching courses in colleges like, Studies in Corrupted Power, or A Guide to Economic Suicide (A Treatise on Ruining the Free Market System) could be a better waste of time for them?
These idiots are creating the stirrings of an immense American revolution, but not the kind they envisioned. Has anyone tried to buy a “black gun” lately? Or the ammo that goes with one? Sales of these items are through the roof…does anyone other than me and Glenn Beck see what’s coming?
Watch out for those paws. You don’t know where they have been.
It is my understanding he enjoys men’s hairy arses. Euuuuu…