February 05, 2009

Barney Frank: "Hey, let's cap all executive pay"

Ya see, this is why you can't even give the socialists in the Democrat Party one inch.  They run with it (emphasis mine):

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.

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, Mr. Frank said.

Personally, I was against capping the pay of bailout CEO's even before Frank started over-reaching.  Not only is it anti-capitalist*, it causes talented executives to avoid the companies that need them most while potentially harming the New York City economy, where businesses providing luxury goods would likely feel the impact.  As The One says, there is a time for profits and this ain't it. 

Barney Frank helped cause this crisis, and dammit, he's not gonna let it go to waste

*The bailouts are, too, but there's no use doubling down on stupid.

(h/t)

Posted by: It's Vintage, Duh at 10:13 PM | Comments (7) | Add Comment
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