This is really insane: Regulate all banks executive pay
Regulate all executive pay in the finance industry? I make one prediction: The finance industry will move abroad. Good going President Obama, that is a really smart move.
The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said.
The outlines of the plan are expected to be unveiled this week in preparation for President Barack Obama's first foreign summit meeting in early April.
Increasing oversight of executive pay has been under consideration for some time, but the decision was made in recent days as public fury over bonuses has spilled into the regulatory effort.
The officials said that the administration was still debating the details of its plan, including how broadly it should be applied and how far it could range beyond simple reporting requirements. Depending on the outcome of the discussions, the administration could seek to put the changes into effect through regulations rather than through legislation. . . . .
Labels: Regulation
posted by John Lott at 9:44 PM
6 Comments:
Welcome to Socialism!
Come on now, should we be suprised at such an asinine call on the part of Hussein the Inane?
Consider where Obama is coming from...
Then consider the words of Roger Kimball editor at the New Criterion giving a speech at the Manhanttan Institute regarding his book: Tenured Radicals...
When the first the edition of Tenured Radicals appeared lo, these many years ago, around the time movable type was coming into vogue, the American university, when it came to the humanities and social sciences, anyway, was essentially a left-wing monoculture gravely infected by the stultifying imperatives of political correctness, specious multiculturalism, and an addiction to a potpourri of intellectually dubious pseudo-radicalisms...
Obama was a college student during those times so it shouldn't be suprising that an Alinsky like mindset is being applied to real world situations by a man who's never held a job...
Not insane at all for a Marxist. Just a normal idea.
Like the former IL Governor, when people claimed he was nuts, they were wrong...he was acting in a perfectly sane way in an environment other people could not or would not believe existed. Blago is not crazy, it is the environment he occupies that is alien...those thinking he was crazy are just misinformed.
So misinformed those who think Bama is really interested in seeing a vibrant private sector economy that isn't under strict government controls. He cannot imagine such a thing as he has never experienced it, none of his friends believe in it, and even his minister(s) disapprove.
So this little blip is no different than Mugabe's thugs laying siege to the last white-owned farms in Zimbabwe, a natural outcome of who the man is.
I wonder about Nassim Nicholas Taleb's argument that banks ought to be nationalised. He does not object to private equity, but as long as it is financed privately, and never bailed out by taxpayer's money.
I guess hoping for the govt to get out of banking is too much to ask; in which case, nationalizing would be the least of two evils.
Any comment, Pr. Lott?
For Nassim Taleb's comments, see
http://blogs.reuters.com/jim-saft/2009/01/30/save-capitalism-from-the-banks-nassim-taleb/
and
the first top links at Taleb's website http://fooledbyrandomness.com/
Who does Obama expect to tax if executive pay is capped?
What we have here, is an extension of the punishment that was meted out to the execs at AIG.
Firstly, BHO and crew created an hysteria over the bonuses that were legally given to AIG employees.
As a highly reactionary response, Congress drafted legislation that would tax AIG bonuses at 90%. This is an absolute no no under the Constitution, and cannot withstand legal scrutiny.
Article I, Section 9, Paragaph 3.
No Bill of Attainder or ex post facto Law shall be passed.
So, with the above in mind (BHO is a Constitutional Scholar?), they must either expand it to all, or face having said legislation being nullified by a high court. See U.S. v. Brown, 381 U.S. 437, 440 (1965).
If expanding executive pay regulation passes the test of U.S. v. Brown, we are all in deep trouble.
Post a Comment
<< Home