-Alexis de Tocqueville
Found this article today in the Drudge report
It was nearly two weeks ago that the House of Representatives, acting in a
near-frenzy after the disclosure of bonuses paid to executives of AIG, passed a
bill that would impose a 90 percent retroactive tax on those bonuses. Despite
the overwhelming 328-93 vote, support for the measure began to collapse almost
immediately. Within days, the Obama White House backed away from it, as did the
Senate Democratic leadership. The bill stalled, and the populist storm that
spawned it seemed to pass.
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.
When will those in Congress drop the Lynch mob mentality and start doing something for the GOOD our nation instead of grandstanding that will only lead us down a road we don't want to go.
They had the chance to regulate these companies when they started to use our 401k's and Wall Street as a slot machine. They then had another chance to regulate the use of OUR tax dollars that were used to prop up companies deemed "too big" to fail.
In all accounts they failed to act in the best interest of the republic. Instead they turned a blind eye to the Mortgage Markets that were running amok with fraud.
Rep. Alan Grayson, the Florida Democrat who wrote the bill, told me itsYeah Dude, there are 535 Congress Critters who need to look in the mirror on that one.
basic message is "you should not get rich off public money, and you should not
get rich off of abject failure."