A bill to let Big Government set your SALARY if your company takes bailout money

chefdennis

Veteran Expediter
Ok, Been busy and not here since yesterday morning, but I am stopping to eat and thought I'd post this little tid-bit!! Seem that even while barry is taking over GM and has fired the Boss, who was nothing more then a sacrfical lamb, "the banking queen" has slipped a bill in to take control of ALL WAGES OF ALL THE EMPLOYEES of any business that takes gov bailout money!!!

Now I know you libs are saying "bull" , but here it is!! barney is going to let Turbo Tax Timmy decide just what a fair and reasonable wage will be for ALL employees of any business that takes bailout money. They are going to void contracts and make it retro active.

I sure am glad all of you that voted for barry and gave the government over to the libs are enjoying this stuff and are soo willing to give him a chance. LOL, we in a short time have not only quickened the move to socialism (yes we have been moving that was for a while, even before barry) but since your boy barry has taken office, we have ran past socialism and kicked in the door and started down the hallway of Fascism at a full trot..........

Glad you all are happy with your pick, we can only go down hill from here....so what industry will be next? Health and medical care? The Oil companies!? maybe the food industries.....how much more power are you willing to give the dept of transportation to screw with our industry??? Think it can't happen?? Don't bet on it......

Enjoy!!!

Beyond AIG: A bill to let Big Government set your salary

By Byron York
Chief Political Correspondent 3/31/09
www.washingtonexaminer.com >> Politics


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.

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.

The measure is not limited just to those firms that received the largest sums of money, or just to the top 25 or 50 executives of those companies. It applies to all employees of all companies involved, for as long as the government is invested. And it would not only apply going forward, but also retroactively to existing contracts and pay arrangements of institutions that have already received funds.

In addition, the bill gives Geithner the authority to decide what pay is "unreasonable" or "excessive." And it directs the Treasury Department to come up with a method to evaluate "the performance of the individual executive or employee to whom the payment relates."

The bill passed the Financial Services Committee last week, 38 to 22, on a nearly party-line vote. (All Democrats voted for it, and all Republicans, with the exception of Reps. Ed Royce of California and Walter Jones of North Carolina, voted against it.)

The legislation is expected to come before the full House for a vote this week, and, just like the AIG bill, its scope and retroactivity trouble a number of Republicans. "It's just a bad reaction to what has been going on with AIG," Rep. Scott Garrett of New Jersey, a committee member, told me. Garrett is particularly concerned with the new powers that would be given to the Treasury Secretary, who just last week proposed giving the government extensive new regulatory authority. "This is a growing concern, that the powers of the Treasury in this area, along with what Geithner was looking for last week, are mind boggling," Garrett said.

Rep. Alan Grayson, the Florida Democrat who wrote the bill, told me its basic message is "you should not get rich off public money, and you should not get rich off of abject failure." Grayson expects the bill to pass the House, and as we talked, he framed the issue in a way to suggest that virtuous lawmakers will vote for it, while corrupt lawmakers will vote against it.

"This bill will show which Republicans are so much on the take from the financial services industry that they're willing to actually bless compensation that has no bearing on performance and is excessive and unreasonable," Grayson said. "We'll find out who are the people who understand that the public's money needs to be protected, and who are the people who simply want to suck up to their patrons on Wall Street."

After the AIG bonus tax bill was passed, some members of the House privately expressed regret for having supported it and were quietly relieved when the White House and Senate leadership sent it to an unceremonious death. But populist rage did not die with it, and now the House is preparing to do it all again.

Byron York, The Examiner’s chief political correspondent, can be contacted at byork@washingtonexaminer.com. His column appears Tuesday and Friday, and his stories and blog posts can be read daily at ExaminerPolitics.com.

PS: with the way this bill is written, if anyone is thinking of using an SBA Loan to startup a new business or maybe just purchase a few new trucks, i'd think twice, then think again before i'd borrow money from the fed gov..........
 
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greg334

Veteran Expediter
Well did you expect less?

There is more going on than that.... the congress expanded AmeriCorp and it is more paid volunteering than anything else.

I see it as a move leading to allow Obama to build his civilian black shirt corp, all with the military weapons and equipment.

The new Democratic Party Oath:

I pledge Allegiance to my leader, Barrack Obama. I promise at all times to show respect and obedience to him and to any leaders he may appoint for me.

The new Obama Citizen Corp Oath:

I swear to you, Barrack Obama, as our leader, my loyalty, and bravery. I vow to you, and to those you have named to command me, obedience unto death in the presence of this banner, which represents our leader, and to devote all my energies and my strength to the savior of our country, Barrack Obama, I am willing and ready to give up my life for him, so help me God
 
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pjjjjj

Veteran Expediter
You guys just kill me :rolleyes:

You're up in arms about your govt giving big bailouts

Then you're up in arms becuz you find out what those companies spent part of their big bailouts on.. big bonuses to non-performing execs

Then you're up in arms becuz the language allowed them to keep it and it couldn't be taken away..

Now you're up in arms becuz they're making new language to prevent it, to protect the money..

You want free enterprise..

The companies cry becuz they're failing, give them money..

Oh.. but boo hoooooooo they're going to impose checks and balances in there to make sure they're not going to abuse the money that's not theirs to begin with.. oh how controlling! You should just call him Hitler!

What? They should just give it away, no strings attached?

Or should they loan it with no oversight to a badly managed company which is sure to go bankrupt, meaning the loan will never be repaid?

You know, the companies don't HAVE to accept bailout money.. let them try their hand getting a loan somewhere else (who would loan it???).. or they could just be like every other business owner and accept their own failure and go out of business.

If you want a loan, go to a bank. If you go to the government instead, for money which belongs to 'the people', have some sense and expect to be micro managed. Does that not make sense to you?

Seems pretty obvious to me that no matter WHAT the govt does, you will find a way of looking at it to fulfill your need to feel correct that they're just screwing you. Gets tired after awhile.
 

Poorboy

Expert Expediter
Ok, Been busy and not here since yesterday morning, but I am stopping to eat and thought I'd post this little tid-bit!! Seem that even while barry is taking over GM and has fired the Boss, who was nothing more then a sacrfical lamb, "the banking queen" has slipped a bill in to take control of ALL WAGES OF ALL THE EMPLOYEES of any business that takes gov bailout money!!!

Now I know you libs are saying "bull" , but here it is!! barney is going to let Turbo Tax Timmy decide just what a fair and reasonable wage will be for ALL employees of any business that takes bailout money. They are going to void contracts and make it retro active.

I sure am glad all of you that voted for barry and gave the government over to the libs are enjoying this stuff and are soo willing to give him a chance. LOL, we in a short time have not only quickened the move to socialism (yes we have been moving that was for a while, even before barry) but since your boy barry has taken office, we have ran past socialism and kicked in the door and started down the hallway of Fascism at a full trot..........

Glad you all are happy with your pick, we can only go down hill from here....so what industry will be next? Health and medical care? The Oil companies!? maybe the food industries.....how much more power are you willing to give the dept of transportation to screw with our industry??? Think it can't happen?? Don't bet on it......

Enjoy!!!

Beyond AIG: A bill to let Big Government set your salary

By Byron York
Chief Political Correspondent 3/31/09
www.washingtonexaminer.com >> Politics




PS: with the way this bill is written, if anyone is thinking of using an SBA Loan to startup a new business or maybe just purchase a few new trucks, i'd think twice, then think again before i'd borrow money from the fed gov..........

Thanks Barry Supporters......Now your getting what everyone else knew what was going to happen. Sad thing is that WE ALL Have to Suffer because of your Stupidity....:mad:
 

Poorboy

Expert Expediter
You guys just kill me :rolleyes:

You're up in arms about your govt giving big bailouts

Then you're up in arms becuz you find out what those companies spent part of their big bailouts on.. big bonuses to non-performing execs

Then you're up in arms becuz the language allowed them to keep it and it couldn't be taken away..

Now you're up in arms becuz they're making new language to prevent it, to protect the money..

You want free enterprise..

The companies cry becuz they're failing, give them money..

Oh.. but boo hoooooooo they're going to impose checks and balances in there to make sure they're not going to abuse the money that's not theirs to begin with.. oh how controlling! You should just call him Hitler!

What? They should just give it away, no strings attached?

Or should they loan it with no oversight to a badly managed company which is sure to go bankrupt, meaning the loan will never be repaid?

You know, the companies don't HAVE to accept bailout money.. let them try their hand getting a loan somewhere else (who would loan it???).. or they could just be like every other business owner and accept their own failure and go out of business.

If you want a loan, go to a bank. If you go to the government instead, for money which belongs to 'the people', have some sense and expect to be micro managed. Does that not make sense to you?

Seems pretty obvious to me that no matter WHAT the govt does, you will find a way of looking at it to fulfill your need to feel correct that they're just screwing you. Gets tired after awhile.

Obviously you failed to read the whole story!! Like so many Others, Just see what you want to see and Nothing more.:mad:
 
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