House Financial Services Committee Chairman, and #1 supporter and defender of Fannie Mae and Freddie Mac, "said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies. The provision will be part of a broader package that would likely give the Federal Reserve the authority to monitor systemic risk in the economy and to shut down financial institutions that face too much exposure..."
Oh, and, "Treasury Secretary Timothy Geithner said last month that he might try to extend to all U.S. companies a restriction that prohibits bailout banks from taking a tax deduction of more than $500,000 in pay for each executive."
So now, in addition to dictating salaries for potentially EVERY COMPANY IN AMERICA we have Congress willing to discuss giving the Federal Reserve the authority to shut down a company it deems is taking on too much exposure.
We aren't talking about some nuts on the fringes of government. This is the Chairman of the House Financial Services Committee and the Treasury Secretary.
I told you. Government NEVER stops seeking power. Ever. And they are just warming up.
16 hours ago
2 comments:
Just for the record; I disagreed with your argument, not your conclusion.
You may commence with my flogging.
No flogging required. I wasn't really directing that at YOU. Just screaming at the world, in general. :)
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