Tuesday, March 31, 2009

Please Mr. Frank, May I Have Some More?

House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., left, talks with Treasury Secretary Timothy Geithner, right, and Federal Reserve Chairman Ben Bernanke, on Capitol Hill Tuesday, March 24,2009. Frank's committee has passed a bill giving Geithner extensive control over salaries of employees working at companies receiving government bailout funds. (AP Photo/Evan Vucci)

Now Barney wants to say how much you get paid, not just bonus pay for executives of companies that took government money, such as TARP fund or Stimulus money. Now he wants to control the salaries of the regular employees. When I say that he wants to control your salary, just think how many companies fall under the stimulus or TARP money payouts. Almost every bank out there took some of the cheep money made available to them through the FED via TARP. And all the other financial institutions, and there many subsidiaries, car companies and the list goes on.

In Byron York's piece in the Washington Examiner, he tells us, "The purpose of the legislation is to "prohibit unreasonable and excessive compensation and compensation not based on performance standards," according to the bill's language. That includes regular pay, bonuses -- everything -- paid to employees of companies in whom the government has a capital stake, including those that have received funds through the Troubled Assets Relief Program, or TARP, as well as Fannie Mae and Freddie Mac."

And this applies to all companies, and all employees, not just the top 20 or 50, but to all. And to make it really vial, it's retroactive, so contracts and pay agreements of any company that took funds will come under this law if passed.

And it gives Timothy (tax cheat) Geithner the authority to decide if a employee's compensation is "unreasonable" or "excessive". "And it directs the Treasury Department to come up with a method to evaluate "the performance of the individual executive or employee to whom the payment relates." And this bill passed the financial services committee 38 to 22, with all the demos voting for it, and to my total disbelief, 2 republicans, what in God where they thinking.

But now I learn near the end of this article that my congressman, Rep. Alan Grayson - D from Florida, wrote this thing. He said this about the bill and who will and will not vote for it, "This bill will show which Republicans are so much on the take from the financial services industry that they're willing to actually bless compensation that has no bearing on performance and is excessive and unreasonable," Grayson said. "We'll find out who are the people who understand that the public's money needs to be protected, and who are the people who simply want to suck up to their patrons on Wall Street."

Suck up to Wall Street, hmmm, and he explains this how; "In 2008, AIG apparently sensed the need to purchase some political insurance of its own. In that election cycle, it donated more generously to Congress than any time since at least 1990, which is the earliest year on The Center for Responsive Politics' online record. That was also the year in which the company decided to cozy up to the Democratic Party. To be sure, the pockets of both parties are lined with AIG's desperation dollars. But Democrats were the primary recipients. Of the $587,000 the company doled out to campaigning lawmakers, nearly $443,000 -- or three-quarters -- went to Democrats, according to the Center." This from Rob Kuznia--HispanicBusiness.com back on March 18th, 2009.

It is very hard for me to describe how I feel right now about Mr. Grayson,with out saying every filthy word I know. I could be feeling contempt, rage...but I will just bide my time, and do all I can to make sure that this sleazy, slimy, a pustule on the festering boil of my congressional district, never goes back to D.C. as a representative of mine. When all politicians seem to be scum-sucking sleazes, he has the gall to say that he and his party are better because they want to trash the constitution, putting the government in charge of what you and I make. But, I'm sure this will be the end of such measures, I mean it couldn't go any further than this............right?

No comments: