A senior House Democrat wants to toughen President Barack Obama's new restrictions on Wall Street pay by banning salaries and bonuses that encourage what the government considers "inappropriate risk."You know, I find it interesting that this idea is coming from the guy who was the ringleader in bringing down Fannie Mae and Freddie Mac, and nothing happened to him. You suffered no apparent penalty, did you, Frank?
The proposal by Rep. Barney Frank, D-Mass., which will be considered Tuesday by the House Financial Services Committee, would give the government unprecedented power in how financial executives are rewarded.
Obama has shied away from such direct intervention, even as administration officials argued that excessive compensation in the private sector contributed to the financial crisis.
"If the risk pays off, you make money," Frank said at a National Press Club luncheon Monday. "And if the risk doesn't, you suffer no penalties. Heads you win, tails you break even. It's like selling lottery tickets that only cost you money if they pay off."
Here's an idea for Frank. No matter how bad the economy gets, no matter how huge the deficit gets, that Congress gets paid and rather well, too. Plus, they get a lot of speaking fees at dinners and such and the golf outings with lobbyists and such. I suggest that Frank live by his own rules. Until Fannie Mae and Freddie Mac pay back every dime to the taxpayer they were given to bail them out, you get paid zero. I'll go you one step farther: if the deficit goes up, Congress gets zero pay. No outside income either. And your "significant others" and boyfriends can't be making it hand over fist as lobbyists or consultants, either.
Lead by example, Frank.
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