Barney Frank: TARP's comp curbs could be extended to all businesses

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  1. WillowTree
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    WillowTree Diamond Member

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    Would be part of broader bill limiting hedge funds, credit-raters, and mortgage securitizers; 'deeply rooted anger'



    By Neil Roland
    February 3, 2009 3:01 PM ET

    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.

    Also included in the legislation: registration requirements for hedge funds and proposals aimed at curbing conflicts of interest at credit-rating agencies such as Standard & Poor’s.

    The bill, which the committee is working on in consultation with the Obama administration, also will require financial institutions that bundle mortgages into securities to share in potential losses. This would give banks and mortgage-specialists an incentive not to make bad loans, he said. Institutions that securitize loans improperly will incur tougher penalties.


    Barney Frank: TARP's comp curbs could be extended to all businesses - Financial Week

    Fucking Precious! Can you say Marxism yet? :lol::lol::lol:
     
  2. WillowTree
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    Geithner mulls capping exec pay tax deduction—for all U.S. companies



    By Neil Roland
    January 23, 2009 4:27 PM ET





    Treasury Secretary-nominee Timothy Geithner said 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.

    The Troubled Assets Relief Program legislation enacted in October seeks to give companies receiving federal aid under the $700 billion rescue a number of incentives to curb what it calls excessive executive compensation.

    Mr. Geithner, whose nomination was confirmed by the Senate Finance Committee and still has to be voted on by the full Senate, said he would consider “extending at least some of the TARP provisions and features of the $500,000 cap to U.S. companies generally.”

    He added that he also would consider extending to all U.S. companies “other rules beyond those potentially in effect.”

    “A number of the provisions that accompany the $500,000 cap are worthy of being considered for broader application,” Mr. Geithner said in written responses to questions submitted by Senator Carl Levin (D-Mich.), who released the exchange today.

    Mr. Geithner, 47, did not specify what provisions he had in mind. He was responding to a question from Mr. Levin that said the $500,000 cap seeks “to end taxpayer subsidies of excessive executive pay.”

    Under the legislation, banks receiving bailout money must limit golden parachute payments to senior executives to no more than three times the executives’ base pay. The companies also must subject any bonuses or incentives to clawbacks if the payouts are based on banks’ misleading financial statements.






    Geithner mulls capping exec pay tax deduction—for all U.S. companies - Financial Week
     
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    Are they big buddies or not?
     
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    garyd Senior Member

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    How retarded can you get.
     

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