Control Freak Update
Tuesday, March 31st, 2009If people haven’t figured it out yet, the Obama administration and Congressional Democrats are control freaks. They currently own numerous financial institutions, an insurance company and a auto maufacturer. If you think that’s proof of their control freak nature, you ain’t seen nothing yet.
If, after reading this article, you still don’t think that they’re control freaks, you need psychiatric help. Here’s the latest proof that this bunch is a bunch of control freaks:
But now, in a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the “Pay for Performance Act of 2009,” would impose government controls on the pay of all employees, not just top executives, of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies.
This legislation isn’t just the Democrats’ attempt to set sensible rgulations. It’s about their attempt to control everything that they can.
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. (more…)