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White House, Congress seek to rein in exec pay

By JIM KUHNHENN
Associated Press Writer Jun 11, 6:16 AM EDT

WASHINGTON (AP) —  As the Obama administration takes a half-step toward taming executive pay, Congress might consider a fuller stride.

(ap) - Give this some Serious Thought... Let it sink in... What in the **** is going on in this REPUBLIC?... If we can Keep it! I have one Question for Barry... How much did you make on your last Book?... Millions, Correct?... What if you didn't get the Nomination and those Sales fell flat, should you be Punished, or just not get Paid? And when you are done in the White House, how much do you Think you will make "Lecturing"?... Should we limit your Ability to Earn also? Couple this with Government Motors and the Grotesque Spending this (m)an is Perpetrating, and you have the makings for some very Serious Problems in the Future. Remember, Barry NEVER even finished his first term in the Senate... He has NEVER run a Business... And he is about as green as the Money he's handing out like candy. I don't care which Side you are on, this should Concern you. - tha malcontent)

The administration, which has maintained that excessive compensation in the private sector contributed to the nation's financial crisis, has rejected direct intervention in corporate pay decisions.

(They may Claim that, but can they back it up with Substance?... I Doubt it. But I Assure you that Liberal Lending Practices pushed by Carter, Clinton and damned near EVERY Liberal in Congress CERTAINLY did contribute to this Financial Mess... But since the Pet Projects of the DemocRATS, Freddie and Fannie, can't be Touched, we will continue to go after the Evil Private Sector that is not Directly a Function of the Gubmn't... But may soon be! - tha malcontent)

Instead, Treasury Secretary Timothy Geithner announced Wednesday that the administration plans to seek legislation that would try to rein in compensation at publicly traded companies through nonbinding shareholder votes and less management influence on pay decisions.

(TIMMY!... He wants the Angry Mob to run ****... Classic Liberal Emoting. You know, this Path has been Traveled by other Countries... Most Notably in recent years would be the FORMER Soviet. But apparently they didn't do it Correctly, and this Batch of Commies knows how to do us right. - tha malcontent)

To Rep. Barney Frank, the chairman of the House Financial Services Committee, Geithner's plan doesn't go far enough.

(The Justice Department "hasn't gone far enough" with Barney Frank... He's Filthy in the Lending Mess, and simply because the DemocRATS have the Power, he will not be Prosecuted... But should be, if Justice mattered to the Left. I do Love how the AP Fails to mention anything about the Scandal that will never be regarding Frank. - tha malcontent)

"It is not the government's business to discourage risk taking," said Frank, D-Mass. "But neither should we allow systems which have existed up until now whereby decision-makers are handsomely rewarded if they take big risks that pay off, but suffer no penalty whatsoever if those risks result in losses to the company."

(Not getting Paid is the Risk, Barney... You don't Perform, and you don't get Paid. If you do Well for what you were Tasked to do, then you should get Paid for it, regardless of whether or not other Sectors of the Company have Failed. - tha malcontent)

On Thursday, officials from the Treasury Department, the Federal Reserve and the Securities and Exchange Commission planned to testify on the issue before Frank's committee.

(And after the Testimony, they will all Golf together on land that would be better utilized to house and feed their Constituency, but that's what they Created Housing Projects for... **** the Poor!, Let's GOLF! - tha malcontent)

That Frank would so quickly call for proposals beyond those laid out by Geithner illustrates the caution with which the Obama administration is approaching the fundamental issue of compensation packages. But it also underscores the shifting ground beneath the private sector in the midst of a financial crisis.

(Ground that is being "Shifted", in part, by Biased Media Coverage in Favor of the Marxists in Power... Remember just a couple of short months ago the "Free Press" was Parroting the "Great Depression" talk of Barry's?... My how things have Changed since Inauguration. What hasn't Changed is ANYTHING Policy wise since (43), and it won't until 2010, so is this "Recovery" (43)'s?... MeThinks it is, but the "Free Press" won't paint it that way. - tha malcontent)

The administration drew a sharp line between the overall corporate world and those institutions that have tapped the government's $700 billion Troubled Asset Relief Program.

(I Understand the Distinction the Administration is attempting to make, but ultimately they are taking over these Businesses, as they have GM, and that's Concerning. It's also Concerning that this practice of limiting pay could be Instituted in Law for ALL Businesses considering the make-up of the Congress and the Marxist nature of this President. - tha malcontent)

It issued new regulations Wednesday that set pay limits on companies that receive TARP assistance, with the toughest restrictions aimed at seven recipients of "exceptional assistance." Those firms are Citigroup Inc., Bank of America Corp., General Motors Corp., Chrysler LLC, American International Group Inc., GMAC LLC and Chrysler Financial.

(I want you to Remember something about Barry from before the Election... He said he wanted to Bankrupt the Coal Industry... It's a Fact, he said it. Consider that as you watch what he has done, and will continue to do as President. - tha malcontent)

The regulations limit top executives of companies that receive TARP funds to bonuses of no more than one-third of their annual salaries.

(Then Salaries go up and Incentives goes buh-bye... Do these people even Think ANY of this stuff through before Acting?... - tha malcontent)

In a significant expansion of authority, the regulations call for a special compensation overseer who will burrow into the pay practices of some of the country's biggest enterprises.

(Big Brother's Minders are Coming... Welcome to Obamamerica. - tha malcontent)

The administration named Kenneth Feinberg, a lawyer who oversaw payments to families of victims of the Sept. 11, 2001, terrorist attacks, as a "special master" with power to reject pay plans he deems excessive at the seven companies with the biggest injections of public money. Feinberg also would have authority to review compensation for the top 100 salaried employees at those firms.

(Barry has a "Special Master"?... Creepy. - tha malcontent)

"We do not believe it's appropriate for the government to set caps in compensation," Geithner said. "We're not going to prescribe detailed prescriptive rules for compensation. All those things would be ineffective, could be counterproductive in some ways."

("...could be counterproductive in some ways"... Think about what that REALLY means... It may or may not be, and even if it was, not in all ways... Spoken like a True Marxist. Excellent Choice @ Treasury in TIMMY!, Comrade Hussein Obama! - tha malcontent)

Geithner said the administration will ask Congress to give shareholders a nonbinding voice on executive pay and to require corporate compensation committees to be independent from company management. That second provision would give the SEC authority to strengthen the independence of panels that set executive pay.

(And of course, this will ONLY be for those who have gone to the Beast's Teat for Nourishment... It will NEVER Bleed out into the rest of the "Free Market". - tha malcontent)

Geithner also laid out a series of guidelines that encourage corporate boards to adopt pay packages that reward long-term performance rather than short-term gains and to better manage the relationship between risk and incentive. Those guidelines, or principles, are not enforceable but are meant as a message to corporate boards and to shareholders.

(It's like when the Nazi Commander puts the Gun on the desk and tells the Failure, you Know what to do with it... "Encouragement". - tha malcontent)

Frank said he didn't think strengthening the independence of compensation committees would do enough. Noting the "inherently close relationship" between top executives and boards of directors, "it is very unlikely that you will ever get the degree of independence that will allow the boards of directors to be left completely on their own to set compensation," Frank said.

(How about the "inherently close relationship" between the People Barry has Appointed and is Working with in Congress, that are Supposedly Objective and Independent?... TIMMY! comes to Mind.  Or how about looking into the Car Dealerships that were on Barry's chopping block and those that were not, and how they Donated, or did not, to the Messiah. Anyway, I am Sure Barry can figure out what's Good for these Companies... And all other Companies... And of course, you and I, Comrade.  Notice something about the way the AP Reports since the Messianic One?... Well, I have.  They tend to NOT give Voice to Dissent.  Where are the REPUBLICans position on this? I Know they have one, Specifically the Conservative Faction. Before, when the REPUBLICans were in Charge, the AP almost Lead with the Dissent as the Story... Those days are LONG Gone... As is the Clause of the First Amendment that are Molesting, I guess. - tha malcontent)


 

 

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