Tuesday, July 28, 2009

Mr. Frank Time for a Vacation..We Insist

WASHINGTON - SEPTEMBER 26:  House Financial Se...Image by Getty Images via Daylife

Frank Wants Tougher Rules for Wall Street Pay

Senior House Democrat wants to toughen Obama's new restrictions on Wall Street pay by banning salaries and bonuses that encourage what the government considers "inappropriate risk."

WASHINGTON -- A senior House Democrat wants to toughen President Barack Obama's new restrictions on Wall Street pay by banning salaries and bonuses that encourage what the government considers "inappropriate risk."

The proposal by Rep. Barney Frank, which will be considered Tuesday by the House Financial Services Committee, would give the government unprecedented power in how financial executives are rewarded.

Obama has shied away from such direct intervention, even as administration officials argued that excessive compensation in the private sector contributed to the financial crisis.

"If the risk pays off, you make money," Frank said at a National Press Club luncheon Monday. "And if the risk doesn't, you suffer no penalties. Heads you win, tails you break even. It's like selling lottery tickets that only cost you money if they pay off."

Earlier this month, the Obama administration sent Congress legislation that would give shareholders a nonbinding vote on executives' pay packages.

Maybe it is just me, but wasn't this guy and his committee part of the original problem with the housing depression? Who ever thought that our government would be imposing itself so deeply into the private sector? I still am waiting for the first 'stimulus' monies to reach the small business owners. Why don't we regulate Charlie Rangle, who still hasn't paid his tax bill for the income he received from his villa offshore. Isn't anyone watching what the left hand is doing?

Reblog this post [with Zemanta]

3 comments:

  1. I'm glad that you've mentioned just that. He was at the beginning of the sub-prime mortgage fallout, yet he still opens his fat little face to say outrageous things.

    Perhaps if he just ran his male bordello and stayed out of politics...

    ReplyDelete
  2. Maybe it is just me, but wasn't this guy and his committee part of the original problem with the housing depression?

    Yeah, Barney was one of those who created the problem and then said, "who me"? - taking no accountability at all.

    Who ever thought that our government would be imposing itself so deeply into the private sector?

    George Orwell

    I still am waiting for the first 'stimulus' monies to reach the small business owners.

    Don't hold your breath - now Biden is saying that in order to reach the people who need it, we need to borrow another $1 trillion. The first $800 billion was pay-offs to political hacks they owed favors to. ie -- the price of getting elected Chicago style.

    ReplyDelete
  3. Talk about double standards. Why is it with the blacks it is always about racism - get over it people. You are not nor ever have been slaves yet you are mired in that mindset of your ancestors. If this professor had simply acted as the gentleman he is supposed to be and answered the officer's questions none of this would have transpired. The officer was completely in the right to question this man. The caller did the right thing by reporting a possible break-in - you'd better believe Gates would have been screaming if there were a real break-in - what a horses a** that man is.

    ReplyDelete

all comments will be signed to be published