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.