One step closer, inch by inch, foot by foot … slowly he turned … this from the NY Times this morning. Workers of the world unite … you have your messiah.
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.
Officials said the proposal would seek a broad new role for the Federal Reserve to oversee large companies, including major hedge funds, whose problems could pose risks to the entire financial system.
Got that? Large companies … but not like, I don’t know … say … mega athletes, actors, TeeeVeee Personalities maybe? Nahhh.
Depending on the outcome of the discussions, the administration could seek to put the changes into effect through regulations rather than through legislation.
One proposal could impose greater requirements on company boards to tie executive compensation more closely to corporate performance and to take other steps to ensure that compensation was aligned with the financial interest of the company.
Got that? Regulation not legislation. So it is written … so it shall be. Oh and just who determines what is in the financial interest of the company? Just asking that’s all.
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Naturally the financial interest of a company is determined by the management team and the board. The same people who play musical chairs from one company to another. In fact we should leave things as they are and see if given another chance they can completely sink the economic health of the country. They need no supervision, they have done such a great job to date.
I have been suspecting that they would create a whole new role for the Federal reserve. I think that they are going to try to give the fed oversight of banking an securities, it should be noted that the Federal Reserved is owned by about 10 international banks.
Thus saith George Orwell: "Some animals are more equal than others".
– Animal Farm, 1945
The gaffes are coming too quick to fully evaluate each one – but here's a quick one – The rest of the Federal Government understands Econ 101 - A Sergeant First Class in the Army gets the same base pay regardless of duty assignment. But take a peek at "Basic Allowance for Housing" If you live in Pine Bluff, Arkansas, you get $912 a month for housing. If you live in Wilton, CT (because your mom works for AIG) – you get $2,548 for the same housing… a difference of over $20,000 a year… The rest of the Federal Government gets it, why are we teaching the President Econ 101?