Quote:
Originally Posted by classicman
WTF? I stated quite clearly that I would like some action taken. Be it symbolic, punitive, criminal, public, personal.... Something, anything. Dock the offenders a months pay, I don't give a shit. Right now it would go a long way.
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IMO...rather than "symbolic slaps on the wrist" against Geitner or Dodd, which is all that can be taken short of firing Geitner and the voters in CT tossing Dodd out in two years, is this type action:
A bill (pdf) to add new compensation/bonus restrictions to the Emergency Economic Stabilization Act for financial institutions that receive or have received a capital investment by the Treasury Department under the Troubled Asset Relief Program (TARP) or the Housing and Economic Recovery Act (which covers Fannie Mae, Freddie Mac and the Federal Home Loan Banks). While such a capital investment is outstanding, recipients will be prohibited from:
* Paying any bonus to any employee, regardless of when any agreement to pay a bonus was entered into;
* Paying any compensation that is “unreasonable or excessive,” as defined in standards set by the Treasury Secretary
* Paying or arranging to pay any retention payment, bonus, or other supplemental payment that is not directly based on performance-based standards set by the Treasury Secretary.
The legislation will be “marked-up” in the Financial Services Committee on Tuesday, March 24th, and the full House of Representatives will be able to consider the legislation the following week.