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.
The outlines of the plan are expected to be unveiled this week in preparation for President Obama’s first foreign summit meeting in early April.
Increasing oversight of executive pay has been under consideration for some time, but the decision was made in recent days as public fury over bonuses has spilled into the regulatory effort.
Ayn Rand was an optimist.
After all, we can’t let a crisis go to waste!
Just in case anyone doubted that the conspiracy theorist among us weren’t nuts.
Not good. Not good. Alas, Mr O is turning out to be worse than I thought… and so much faster turning bad, as well! But then, I’m the highest paid parish priest in my diocese (and never asked for any raises, BTW). There are probably some clergy who would like to not reward anyone for doing well, either.
I suppose that they’re going to do this so that people currently in government who have SO MUCH experience in running private businesses–say, for example, John Kerrey, or my senior senator, Dick Durbin–can take over the remnant of private enterprise in this country.
The craven little pas de deux last week between Congress and CEO Liddy was incredibly shameful, though it was difficult to determine on which side the shame was the greater. It reminded me of the Vishinsky show trials, in which the defendant was beaten until he accepted the necessity of his confession and execution, for the good of “The People”. Other dominant influences seemed to be the French Revolution. I almost expected to see Madame Pelosi in attendance, with her knitting. The main difference between the sham hearing regarding AIG and the French Revolution was that the aristocrats caught up in the French Revolution used to practice, in their jail cells, how to maintain their dignity during their trials and up to the time of their executions. The modern patterns seem to be to uncover how apologetic and cowardly one can be–kind of like the Sprint ads in the middle ’80s, that had Larry “Bud” Melman lugubriously declaiming into a telephone receiver, “Can you find it in your heart to forgive me?”
I wish that for once, one of these CEOs would have the “testicular fortitude” (to quote the disgraced last past governor of my State, the proud birth place of both Abraham Lincoln and Canon Harmon+) to stand up to whatever kangaroo court had been convened and say, “Yes, Senators, last year my company lost x hundreds of millions of dollars–how much of a deficit was run in the same time period by the organization with whose management you are entrusted?” I would also like to hear some Captain of industry tell the Jacobins in Congress that it is none of their damned business how much their company pays its staff, or whether it gives bonuses, or if there is an executive washroom at corporate headquarters. Unfortunately, if the company in question has sucked at the teat of ffederal corporate subsidies over the past eight months or so, that would not be true.”
From classical civilization, a thought for the modern day rabble rousers:
One Athenian: “The people will go mad on day and kill you.”
Another Athenian: “Yes, and as soon as they become sane again, they will kill you.”
To correct a factual error above–Lincoln was not, of course, born in Illinois, but Kentucky. However, as between the two, I’m sure if the citizens of Illinois could claim to be the birthplace of only one, they would pick the good Father.
Shawn Hannity had it right from the get go. Look at who Obama’s Pals have been for the last twenty years. Why would anyone be surprised. At least Reverend Wright was honest enough to say that Obama is a politician and will say what he needs to get elected.
Forget socialism, Il Duce is heading straight for fascism.
This recalls the LBJ administration’s micromanagement of the Viet Nam war, and it is likely to have an even worse outcome. For you young’uns, LBJ chose not to run for re-election in 1968 when it became painfully clear he’d be clobbered.
LBJ had big majorities in both houses on Congress, as did Carter, who didn’t have the sense to know when to step aside. Clinton had big majorities in both houses, but squandered Donk control in Congress when he tried to shove a very liberal agenda down America’s throat.
It’s too early to tell what will happen with the Obama government, but it isn’t shaping up very well, either for them, or for America.
Hey elanor… I like that nickname! Just told it to my wife and she liked it as well. You’ve given us a new appellation to use. So strange… I actually had hope that the present Pres would be better than the last. Now I’m concerned he will be much, much worse.
The Obama Express is rapidly running off the rails. A good indication of how he shouldn’t listen to the “libs†he has surrounded himself with, nor his own words during the election when he was pandering to the left and to the press, is his recent comeuppance from the Iranian Mullahs. At least Bush had enough sense and wisdom surrounding him not to be taken in by the words of the Saddams and the Ahmadinejads of the Mideast. I fear that this latest dustup will be seen as minor when the Mideast blows up in his face along with a lot of eggs.
There were a lot of questions about whether Obama would be the second Carter term, or the first McGovern or Dukakis term. Now we know. Jimmy Carter on speed. He is looking to pack two terms of damage into one, with several months left over. My current notional recovery team is Petraeus-Romney in 2012.
“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.”
Of course, because who knows better what the fruits of your labor is worth and how much you need to live an appropriate lifestyle than your Dear Leader?
Elections have consequences.
RE: “Elections have consequences.”
Yes indeed. The only parts of the past several months that have been of interest to me — Obama’s actions are no surprise and in keeping with his clearly expressed worldview along with his associations and loyalties, etc — have been the behavior of the Republican Party to see if there are any conservatives in it willing to step up.
So far, they receive a D+ in my gradebook. The only notable action on their part as a party [there have been lots of singular and individual actions by people who aren’t in charge] is the unanimous refusal of the House to support the Obama “stimulus” package — somewhat previously tarnished by so many of the House Republicans voting for the tamer Bush “stimulus” package. Other than that brief shining moment of demonstrable unified conservatism we have the spectacle of Senators voting for the Obama “stimulus” package, and both voting for the grotesque abuse of power on display this week in which the State confiscated duly agreed upon moneys to AIG workers — duly agreed by both the company’s contractual obligation of a year ago, and more importantly by law in the Obama “stimulus” package.
So, along with the rule that elections have consequences, I would also say that “not putting up conservative candidates for which people may vote” also have consequences. Dire consequences.
The failure of the Republican Party to live true to their conservative platform is simply appalling. And it has cost them and the country — and it will continue to do so.
Sarah,
So true, so very true but, we have to add to that – the American people have become addicted to what the pushers from Washington have convinced them are freebies handed out by the munificent President and Congress. They are not free of course but people have been brain washed to think they are. Until the people begin to accept that, as Reagan said, “government is not the solution it’s the problem” we will continue this free fall into serfdom. They have to kick the habit and history shows that’s no easy thing.
Obama is no bumbling fool (a little inept perhaps, but no fool). He’s right on plan and schedule in pushing this takeover of government and turning America into a National Socialist country and he’s in a hurry as he wants to accomplish it quickly before the American people do wake up and begin to fight back. He’s doing exactly what he’s there to do. This is how nations lose their freedom and America is very, very close to losing its freedom.
RE: “This is how nations lose their freedom and America is very, very close to losing its freedom.”
I agree — although it is certainly the continuation of a trajectory begun long ago.
I am surprisingly at peace about it since — as was also predicted long ago — we ourselves voted for this loss of freedom.
The citizens of the US in a democratic election voted for these things . . . and so . . . here we are.
But as the Democrats never stopped reminding Bush:
52% is NOT a mandate!
Jim E.
#17 – Yes, you are right and while we are very, very far down the path to neofascism, as Yogi Berra famously said – “It ain’t over until it’s over.” What is so discouraging at this moment is that there is practically no opposition. The government is able to do whatever it wants with no sign of outrage and fighting back. What is desperately needed is a real leader in the opposition who will stand up and scream bloody murder about what is going on and the consequences of same. That seems to be totally lacking right now. Hopefully such a leader will appear. He/she just needs to appear quickly. Also, some very serious prayer is called for. Our Founding Fathers could not have won the Revolution without their belief in and reliance on God. If Christ Jesus is to be believed all things are possible through prayer.
Sarah / tgs / Libraryjim –
Agree wholeheartedly with your comments (with one slight adjustment to follow). I hereby change my tagline from ‘Elections have consequences’ to ‘Elections – Primary and General – have consequences’.
To the slight adjustment, Obama actually achieved 52.87% of the vote (http://www.uselectionatlas.org/RESULTS/national.php?year=2008&f=0&off=0). We should round to 53% – still no mandate in my book – to avoid allowing the opposition the ability to distract from the real subject.
Does anyone [i]really[/i] think that Michael Steele can lead the Republicans out of the wilderness? Head of the RNC…RINO National Committee!
Now, if Ron Paul were president…
So why isn’t Ron Paul on every tv screen screaming against the policies of the Democrat Party? It would be good prep for the 2012 election run.
Hi libraryjim,
LOL! Most likely for the same reason he didn’t get much MSM face time in the last election cycle…media bias and Rockefeller Republicrats holding the Party’s levers of power. Both groups want nothing to do with someone that actually believes we should follow the Constitution and have an actual legal currency instead of Federal Reserve Bank notes. That man is dangerous crazy in their eyes. Why, the whole economic system might collapse if we stop using fiat money and go back to a gold/silver standard! The very idea! LOL
I watched Ron Paul in the debates. In one he went off the deep end talking about how the trouble the US ship had in the Persian Gulf was like the Gulf of Tonkin. Finally the moderator had to stop him saying it ended with the captian of the ship giving warnings period.
#10 Senior Priest, Why would you think Obama would be better than Bush? Obama came out of a corrupt Chicago political machine! Obama had no executive experiance and a Resume thinner with much less accomplishment and experiance than Sarah Palin.
[blockquote]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.[/blockquote]
Let’s talk about the anti business bias in the pay caps the Obama administration is considering. What about other areas such as sports figures, some of whom earn at least as much? I can remember when the multi-year contract for Dion Sanders (years ago) of 99 million dollars was the same amount that it cost to build the Mackinac Bridge connecting the upper and lower peninsulas of Michigan. My argument is not for across the board pay caps. It is for government not to impose pay caps at all.