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May 13, 2009

Moderate President of Sound Temperament
Wants Govt to Set Salaries

Hey Christopher, Kathleen, David and Peggy... I guess a rapidly-expanding government takeover of the financial services industry is a small price to pay to keep that Alaskan hick out of DC, huh?

WASHINGTON -- The Obama administration has begun serious talks about how it can change compensation practices across the financial-services industry, including at companies that did not receive federal bailout money, according to people familiar with the matter.

The initiative, which is in its early stages, is part of an ambitious and likely controversial effort to broadly address the way financial companies pay employees and executives, including an attempt to more closely align pay with long-term performance.

Administration and regulatory officials are looking at various options, including using the Federal Reserve's supervisory powers, the power of the Securities and Exchange Commission and moral suasion. Officials are also looking at what could be done legislatively.

Among ideas being discussed are Fed rules that would curb banks' ability to pay employees in a way that would threaten the "safety and soundness" of the bank -- such as paying loan officers for the volume of business they do, not the quality. The administration is also discussing issuing "best practices" to guide firms in structuring pay.

Obama and the Tax Cheat are justifying this by saying compensation led to the financial crisis, a bit of populist nonsense that is likely to get the media waving pitchforks while continuing to avoid reporting on the role government interference in the economy played in the mess.

In related news, the Tax Cheat wants to start taking control of extending TARP money to smaller banks.

And how are our conservative intellectual betters who told us not to worry about Obama responding? By completely ignoring the fact they were wrong about Obama and criticizing you. And these folks wonder why we're angry?

(h/t: Hot Air)


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posted by Slublog at 09:34 AM

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