Salary control: You knew it was coming
This is not a surprise. Grabby Hands Barney Frank has been signaling his salary control plans for weeks. In early February, you’ll recall, he told Business Week that compensation restrictions might be restricted to all US companies, not just TARP recipients.
Now, via Byron York:
[I]n a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the “Pay for Performance Act of 2009,” would impose government controls on the pay of all employees — not just top executives — of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies.
The purpose of the legislation is to “prohibit unreasonable and excessive compensation and compensation not based on performance standards,” according to the bill’s language. That includes regular pay, bonuses — everything — paid to employees of companies in whom the government has a capital stake, including those that have received funds through the Troubled Assets Relief Program, or TARP, as well as Fannie Mae and Freddie Mac.
The measure is not limited just to those firms that received the largest sums of money, or just to the top 25 or 50 executives of those companies. It applies to all employees of all companies involved, for as long as the government is invested. And it would not only apply going forward, but also retroactively to existing contracts and pay arrangements of institutions that have already received funds.
In addition, the bill gives Geithner the authority to decide what pay is “unreasonable” or “excessive.”And it directs the Treasury Department to come up with a method to evaluate “the performance of the individual executive or employee to whom the payment relates.”
The bill passed the Financial Services Committee last week, 38 to 22, on a nearly party-line vote. (All Democrats voted for it, and all Republicans, with the exception of Reps. Ed Royce of California and Walter Jones of North Carolina, voted against it.)
But you can thank the 85 Republicans, led by Minority Whip Eric Cantor, who helped pave this path with their hysterical vote for the 90 percent AIG bonus tax.
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That pig brings vomit to my mouth.
A left leaning nit-wit said to me that “no one needs to make…” Well, now we’re at the point point where no one will make anything. Maybe the government wonders will just allow us a sack of staples each week.
Coming soon – toilet paper lines, bread lines, shoe lines, meat lines.
Sound familiar, comrade?
This could be fun. Frank wants to limit thier pay to less than they used to pay in taxes, potentialy a loss of millions to the treasury.
But then, I guess those gready SOB’s need to be punished for thier crimes against the whim of the Frank.
I wonder how Rep. Frank would feel about applying those same standards to all US Gov employees? I mean, didn’t the House recently vote itself raise?
From the Banking Queen —- Excuse me, I can’t talk about this now, I have to go and vote (on my pay raise)………
AH
Oops! “…[a] raise… .”
Time to out this thief and sack the rest of these scoundrels who are “dirty” to the core. At least get him off of that committee.
Are they gonna cut the pay of GM Union workers, too, since we’re holding the bag for that company? Does Barney and Friends have the cajonĂ©s to throw the unions under the bus? Where will they get their money for the 2010 elections? Old Timmy really has a lot on his plate, now!
Hmmm ” based on performance standards”…. Good….. Barry Soetoro’s salary will be kept from him as a result of his performance so far… right?…. right?……
I knew it. I knew it when they bailed out the auto companies.
Atlas shrugs, indeed.
If ANYONE’s pay should be tied to his performance it should be this clown. He would OWE US money.
Will the voters of MA PLEASE send him packing!!!!!!!
Statist tripe. America is kaput.
I used to think that only nerds like me cared about history. Thanks for that, school system – now a little but of history would be helpful to the idiotic voters who gave us the democrat machine that is dismantling our freedom.
in more than one way, madmonk–Mark Levin was cranking about it just the other day! LOL
The “Grabby Hands” tag-line reminds me of the lyrics from a Depeche Mode song (can’t remember the title) from the late eighties:
“The grabbing hands grab all they can,
everything counts in large amounts.”
I propose the Congressional Compensation Act of 2009, retroactive to the beginning of time (for living members of Congress only). Under this act, all federal elected officials must pay US for putting up with them. 120% of their current compensation seems like a good start.
It’s about time congress acknowledged how badly overpaid they are!
Let’s see…the Democrats want to pay for their bloated wealth redistribution programs by taxing the rich, while legislating the rich out of existence. The gap between liberal thinking and reality grows even wider.
These Dems are rip snorting drunk on their own power. The only good outcome of this is that nobody with a shred of sanity would be inclined to go to the government for help, much better to stay the he!! away.
One of the reasons I refused any contribution at this time to the NRCC when they gave me a dunning call this past Sunday afternoon.
And, one of the reasons I am returning the mailed NRCC contribution form I received yesterday request back to them with $0.00 contribution.
Until they all get their act together – House and Senate, and spokesmen – , and speak clearly, loudly, unashamed, and unafraid about the conservative stand on issues; they are going to have to tighten their belts.
They have to show me, not tell me…only then will the probability increase that I will contribute.
I’m all for it if :
*Immediate term limits for Congress would come into effect, one term & OUT, RETROACTIVE!
*Congressional Pensions taxed at 90%
*Until the Financial Crisis is over, ALL Cabinet Members serve for $1.00 a year including the President & Vice President like the GM CEO did.
Bring It On or watch the Fur fly in 2010.
I should have added, “…and speak and vote….”
you’re assuming that there will be the freedom to choose ‘help’ or not…
you only think there is freedom of choice…the people know whats best, and since BarryO embodies the people, what he says is the will of the people
power to the people!!
Do these maroons not understand that limiting economic growth and salary for companies will disencentivize many workers—who will stop producing once the magic tax number is reached? That they will limit their abilities to perform so they will not enter the tax bracket of doom? That they will quit so unqualified replacements will drive the company into the ground??
How stupid can the Democrats possibly be? (I know, based on the Obama administration thus far, this is in itself a stupid question).
Do these jackasses not understand capitalism and what makes America great? I guess they do and want to bring in government controlled socialism. Nattering nincompoop ninnies.
This is so rich, coming from a hack like Frank.
BOHICA, baby. (No reference to BF-Barney Frank, of course.)
Is it me, or does the crap that comes out of DC every day just piss you all off?
I understand where this government taxing could lead, but I ask:
What do you expect when you accept money from the government?
If you don’t want something like this to happen: stop accepting government money!
I hope Frank and his clones keep over reaching. Then comes the backlash…
OK, Davalf.
Using your thinking, how on earth are we going to enforce behaviors on every single man, woman and child on government assistance? I mean, I’m a taxpayer, and I don’t want anyone on foodstamps drinking or smoking. How’s that work?
DBNinKY said
Actually, they were too cowardly to do that. They wired the pay raise so it required no vote.
This one will be DOA. Dream on Barney.
@av8tr
You’re stretching my statement too far. All I am saying is that when you accept money from someone, you shouldn’t be surprised when that money comes with string attached.
Folks, as voters, we have our own salary cap restrictions for these critters. It is past time we mobilized and voted them out of office. It is imperative we find sound, ie. True Conservative, replacements for both the Republicans and Democrats actively destroying the foundations of this country.
First thing, all members of Congress will not be allowed to get special interest money. All assets will be accounted for and any Congress critter who is living way above their salary means will be audited and if found guilty removed from office. Lobbyists barred from getting near these guys. Good lord what a bunch of hypocrites, and you guys are right, these people are as ugly on the outside as they are inside.
Just the start. I believe it would quickly be extended to companies that do business with the government-funded companies. Or companies that sell raw material to the government-funded companies. Then they’ll bring in the general welfare clause and say ALL companies are beneficiaries of the “people”, therefore they must not “abuse the public trust” and should abide by the government controls.
Does anyone think this couldn’t happen after what HAS happened in only a bit over two months?
A few months back, one of our resident trolls was arguing that there was no such thing as a self made millionaire, as the roads, railways and bridges were built with government [i.e. the 'people's] money, and these enabled such people to engage in business. Following this troll’s line of thinking, I wouldn’t be at all surprised to see:
Once they get this power, it will not stop. Remember the anti-smoking campaigns. If they had said from the beginning that they would ban it in privately owned businesses and homes, they would have been laughed at before they were dragged, kicking and screaming from their offices.
There are limitations now, but those will quickly disappear and this will “trickle down” to all of us. Anyone and everyone who pays taxes in any way does business with the government. Anyone with an account in any of these financial industries has (by a stretch) accepted government funds.
Remember Geithner the other day? Soon nobody will care what they earn? Just paraphrasing but this is frightening talk. Unfortunately, about the only thing we can do is quit producing for a while. I began doing this five years ago as I refused to fund our bloated bureaucracy but not everybody has that same ability.
This is getting very dark very fast and they do not mean to end it here!
And then they came for me and there was nobody left to say anything to!
Hopefully–an awful lot of ugly surprises lately-way too many.
Back dated I hope?
Yep.
My late father told me exactly that 40 years ago.
they’ve been controlling their own salaries for how long now?? I’m sure your boss will let you give yourself a raise every year automatically no matter what kind of job you do…NOT…
Time for term limits and We The People decide whether or not you’ve earned that raise by a vote!!!
Keep the gooberment out of the market and let it dictate what the earnings are….
socialism/communism is here folks…
TEA PARTY day – April 15th…find and join a party near you and let them know who they work for!!!
Yep.
Yep again.
You’re correct; of course it could.
Correct.
This is one of the big problems we have because of too much influence from too many lawyers in government. Pure and simple.
He is a communist. Time to raise the roof, before he bullies his way to Marxism.
It all starts to make sense:
First, use a financial crisis to justify government intervention in a limited sector of private business (financial services). The camel’s nose is in the tent…
Second, use the newfound government interest in the limited private business sector to expand government intervention to other sectors (manufacturing). The camel’s head is now in the tent…
Third, use the government interest in the widespread business sectors to provide broad control of the widened business sector (sacking private industry CEOs). The camel’s neck is in the tent and we’re backing out the other side of the tent…
Fourth, under the auspices of protecting us against the excesses of the wider business sector, provide power to control the budget and operation or virtually any company (capable of inflicting widepsread impact on the economy…) to a government individual accountable to no one except POTUS (Geithner…). The camel’s hump is in the tent, our “hump” is now out of the tent…
Finally, legislative control of all industry is deemed ‘necessary and proper’ to effectively control the operation of the economy and interstate commerce, the two areas ceded to the legislature under the constitution (Bawney’s control of the salaries of all employees). The camel’s tail is now in the tent and we’re on the outside looking in, wondering how in the hell this happened…
from, shinola…
Where are the strings on the government who “accepts” our money?
Does anyone remember when Reagan proposed the same thing for public school teachers? The NEA went ballistic.
Speaking as a Lutheran, if they followed the example of Luther they would be a whole lot better off. If the example of Martin Luther insults them, that’s their problem.
“Good fences make good neighbors.”
\
Fixed it.
#45 OOOOOOPS wrong thread. Sorry.
Just wait until I tell my daughter about this. She’s a freshman in pre-med. Her dream is to become a heart surgeon.
But lately, she’s been thinking about just becoming a surgical RN. She would still be involved in surgeries, but would only require 5 years of school instead of 11. She has already been calculating in her head if the increased salary would make up for the 6 more years of student loans, crushing medical malpractice insurance, and being on-call constantly.
With the push of the Federal Government into our healthcare system, I fully expect salary caps on doctors… which would make her decision for her.
What a shame…
Absolute power, corrupts absolutely!!! We are more and more going the route of FDR… Did you know, one of FDR’s most controversial plans was to tax at the rate of 100%, any income over 25,000 dollars… He really wanted to control the amount of money HE thought was reasonable… Somebody better put a LEASH on FRANK, as he is out of control, and seems to be a CLASSIC CASE of, I know better than you, how to spend your money…
Debate lgm?
Please do not take this the wrong way as I am glad you see it and understand it now. However … WHAT TOOK YOU SO LONG?
I saw the beginnings in the seventies, had some hope with Reagan in the eighties, saw dangerous trends in the nineties and after GW started dropping the ball and a complacent congress fell into line I started to fear … although I must say, I never imagined such a grab for power so quickly!
Unfortunately, their blitzkrieg did take me by surprise in its speed and audacity and I certainly did not expect to see so much of the general populace go Vichy so easily and eagerly. So who knows, maybe I should join your club after all?
Influence from too many lawyers who advocate the interpretation of the United States Constitution as a LIVING DOCUMENT in government. If we had lawyers who actually treated the Constitution as (1) defining boundaries to limit the operation of the Government, and (2) protecting the People from excesses perpetrated by the Government, the problems vanish.
from, Shinola
Shinola #42 – well put. Death by a thousand cuts.
The “Equalization of Opportunity” Act is sure to follow. After all, why should any one greedy person own more than one type of business. It’s just not fair! Donald Trump owns too much. His Atlantic City hotels are already in bankruptcy. Who is John Galt?
queen barney keep your grubby hands away from pay check, I don’t know where those hands have been.
WarTip – Same here! The speed of the power grab is amazing. They are moving so fast in so many different areas it is difficult to keep up.
LOL! I am re-reading Atlas Shrugged right now. Just got the the “Equalization of Opportunity” part.
Can the other 49 states secede from Massachusetts?
Eeeeeeeeewwwwwww, I don’t think any of us really want to!
dose this mean congress will give back their pay raises . Especially if their pay is based on performance . Im thinking min wage is about what they are worth.
and its not the gov that has capital stake its the american tax payers you fat pompus PIG.
As a doc, I can say is your daughter is thinking very clearly and maturely.
I became hugely disillusioned once I was in medical school…and that was over 30 years ago.
I stayed in medicine because I had responsibilities…and kept staying and still stay in because responsibilities only kept increasing.
And, switching to another career, at which I’ve been spectacularly unsuccessful for ~10 years, is no cakewalk; I’m sort of trained for one thing, and one thing only.
Not complaining.
I’m a grown-up, and I’m deeply thankful for all I have.
But, if I could go back in time 30+ years, with the knowledge from experience I now have, I highly doubt that I would have selected medicine as a career.
BTW, it is my impression that there is no shortage of docs (I’m sure “policy makers” will argue with that), but that there is a great shortage of nurses.
She’ll be making a very reasobnable career choice if she goes into nursing.
And, it isn’t merely the possibility of salary caps; it’s the encroachment of governement and insurers on the doctor-patient relationship and on medical decision-making.
As the grandson of immigrants, who had thought that the Ivy League was the aristocracy (boy, that supposition was disproven!) of the U.S.; and who thought that being a doc would be great, but learned that its being “great” is but a very, very small part of what a career in medicine is about;
I have to agree with you:
What a shame…indeed.
Your bonuses from the Geithner Gang will be listed on your paycheck clearly. Right underneath “FICA” it will show the line item “STFU”.
I think the “Shut up, white boy!” community activist in New Orleans is overcompensated and should have her 60″ TV taxed at 90%.
It’s amazing that there is so much focus on the incomes of the producers in our society, and almost none on the parasites.
On March 31st, 2009 at 11:12 am, Davalf said:
Yes! They shouldn’t have taken the money; it would have been much better for them to declare bankruptcy, or just go away.
Now, when Bawney Fwank tries to do this to companies of which Congress doesn’t own a significant share (and it’s coming, you bet your ass it is), that’s when I’ll freak out. Until then, all I can do is shake my head and say to AIG, “I told you so.”
Nope, that’s a time limit cap which we need. We’d like to have our own salary cap for them. Personally I favor them paying for the privilage of serving us. Where else but in politics can those employed name vote on their on salary increases.
By the way, IIRC, once, a long time ago (;’40’s or 50’s), Congress was incensed at high corporate salaries and thus put a legislative cap on them.
Corporations, limited by such a salary cap, to retain and attract corporate talent, circumvented the salary issue by offering health and retirement benefits not previously offered to make up for the salary cap imposed by our wonderful and insightful pols in D.C.
Ayn Rand lives!
In the gutter to the right is a link entitled “Taliban promises amazing attack on D.C.” Someone should tell them to just wait; A few more of these bills and Americans will do it for them.
Where is the worthless GOP? Why aren’t there ads on t.v. and radio 24/7 targeting Fwank, Pelosi, and Reid? Those guys are easy pickins, even easier than random AIG executives, but the Republicans are acting like prison bitches who have just dropped the soap!
The only ones who are doing anything are the conservative punditry!
Looking forward to salary controls for athletes, actors, actresses, musicians . . .
Will the Liberals still have a song to sing when Blubbering Barney comes
to take their paychecks away
Will they still be singing it
On that cold and windy day.
I could not help myself lol
Anyone who thinks maroons like Barney Frank are going to be victims of some sort of “backlash” are fooling themselves.
The fact of the matter is this: Frank and others like him live in districts where the majority of the constituency is either a “handout liberal” (believes that the government is going to save them) or a “white guilt liberal” (believes that by throwing money at problems, they’ll feel better–regardless of whether the problems are actually mitigated or even solved). In other words, “protected.” The only way to have them leave office is if they vacate their seat.
He doesn’t debate. He just swoops and poops.
With their forces so depleted by the absolutely amazing performance of the US Military, this may be exactly what they are counting on. “Help me infidel conservative freedom lover … you’re my only hope!” The irony would be funny if only …
Now I wish that earmark for Hollywood had not been taken out of the Porkulus bill. Just think Barney Frank, Geithner and their pals would have been deciding the salaries of the Producers, Directors, Union members and most importantly the Actors. Unions would have had no say in the matter, right? Maybe? Okay however, wouldn’t it had been fun to see Hollywood squirm? I know it’s a what if, but after they did their part getting Prompterbama elected it would have been fun to watch and see if Congress had the gonads to test this policy.
In other news, didn’t GE Capital partake of the cup of bailouts? If so, could Barney’s little legislation effect all employees of GE? Lauer, Williams, Mathews, Olbermann, Maddow, contracts no longer valid? Will Im’Cheese’melt give the money back? What does NBC News/CNBC think of the legislation?
When it hits the RAP “Artists” do you think they will still be so keen on their new hope when all they have left is a little change and no bling?
Someone want to tell me again about all the civil rights Bush took from us? How about a list? Then let’s compare it to what the forces of the secular messiah have done in a scant 100 days.
AMEN!
Here’s one. I have to take my shoes off before boarding a plane. Yup, I gave up a lot of freedom there in order to help my fellow traveler be a little more safe.
If this applies to all employees, wouldn’t this be considered “Union Busting Legislation.” Sounds like he wants all companies to become “Merit Shop.” I can agree with that. The Teacher’s Union has been fighting against performance pay for a long time now.
If we can’t beat them, can we possibly stretch the limits farther and have these rules apply to, say, professors at Chicago universities?
Given the amount of damage that’s been done in a scant two months, and the amount of damage from bills in the works already, I’m not sure we’ll last until 2010. I’m thinking pitchforks and torches soon, or possibly civil war. But either way, I don’t think it will wait another 22 months for us to take our country back from these thieves. If we wait until Nov 2010, the amount of damage done, will be nearly insurmountable.
And as of yet, I haven’t seen a Washington, Jefferson, Adams type coming to the fore to lead us back to the freedoms this nation was founded on.
In short, we’re screwed.
Thank you for your comment. It brings me to tears what we have wrought for our children and grandchildren.
Seems like some smart Boards of Directors could use a little government money to renegotiate the contracts of all the company’s employees, union contracts included. If they can renegotiate the salaries of all employees, I would assume that they could also renegotiate the pensions, too?
Oops – who said anything about negotiating? They could just tell everyone “This is your new salary & pension. Take it or leave it!” This could be an amazing tool for the well-connected (friends with Treasury dept) BOD.
Every person who is “for” this needs to be very very careful. Once the gov’t has decided that the pay of certain jobs is “offensive” (detemined of course, by what is offensive to whoever is in office at any particular time), then there will be no end to the jobs that get included in the list of jobs for which pay must be “capped”.
I would not expect however to see “caps” on legislative pay
I would rather die on my feet than live on my knees. I truely believe we are coming to this point.
The lesser of 2 evils is still evil, and pointing out that the process of losing freedom is bi-partisian incrementalism doesn’t exactly make me feel any better about the hope for America’s future.
Here’s that list you wanted:
http://baltimorechronicle.com/020105ChuckBaldwin.shtml
I tend to agree with you.
2010 will be the deciding factor. Either conservatives take back Congress and start rolling things back, or… things will turn ugly.
And based on the massive, continuous run on ammo, I think a lot of people feel the same. I just bought some this past weekend. Realistically, I don’t need that much for home defense… at least not if these were normal times.
I curse everyone who voted the these libcoms (libtard/commies) that are killing our country. These voters should be the ones footing the bill for the anti-stimulus.
Barney Frank’s Grabby Hands: An Even More Disturbing Graphic
Are these regulated wages to based on the income of Barney’s basement underage prostitute’s income? After all, that would be his latest business enterprise.
Isn’t it ironic how those who believe the Constitution is a living document are doing their best to kill it!
I have a special restriction I would like to see added to the “rules” they are applying to all of the companies taking “bailout” funds …
UNTIL ALL BAILOUT MONEY HAS BEEN REPAID TO THE AMERICAN CITIZENS …
ALL SUCH BAILED OUT COMPANIES, THEIR EMPLOYEES AND ALL THEIR UNIONS ARE NOT ALLOWED TO MAKE ANY POLITICAL DONATIONS IN ANY AMOUNT TO ANY POLITICAL PARTY OR CANDIDATE AT ANY LEVEL OF GOVERNMENT …
At least the bailout money wouldn’t be able to go back to Barney and Chris and Friends personal coffers like the AIG money did …
I wonder why they don’t impose something like this on the Unions. I mean if anyone needs to be paid based on performance, wouldn’t it be the people closest to the work? I wonder if the union leadership would approve of such a deal. My hunch is ‘I doubt it’.
Having said that, every time I see Barney Frank I want to puke. I have no idea why that guy is anywhere near influential or powerful. It’s not that I dislike them. . . it’s that they are totally running this country like a commune.
Another round of contract shredding coming up.
Can’t make the mortgage you signed up for? Forget it, we’ll rewrite it. Hired to perform a job for $100,000 a year? Forget it, Obama’s meatheads just determined that job is only going to be paid $60,000.
I wonder how long the quality employees in these companies, who will have their earnings limited not by their performance, but by some envious government bureaucrat that couldn’t begin to do the job, will stick around in these bailed-out companies. They’ll be leaving in droves to work at places that don’t have limitations.
So guess who will be working at places like GM and Chrysler.
Still planning to buy your next car from either of them? With the (lack of) quality of the workforce they would be able to attract under this system, I wouldn’t trust the brakes or the engine to last more than 10,000 miles.
Couple of things…hope is not lost…
1.) Remember at the point of Washington, Jefferson and Adams ascendancy the majority of the population (maybe as high as 52%?) still considered themselves as loyalist to the crown. The Washington, Jefferson or Adams of our time is out there, among the 48%…
2.) Remember also that before there could be a Washington, a Jefferson, or an Adams, there was a Franklin, a Paine, a Henry, and a Revere, who printed, spoke, and organized. It is probably safe to say that the future success of Washington, Jefferson, and Adams was directly related to the preparation that Franklin, Paine, Henry, and Revere provided to the masses to be receptive to the message. We have the internet, and the groundswell of support is building…
Bide your time…
from, Shinola
Ok … so tell me again why I should vote Republican?
Time for the Revolution.
RWR
http://www.rightwingrocker.com