Barney Frank Not Convinced Compensation Linked To Talent; Limit Bonuses

The Progressive Socialist Democratic Party

In a prime example of a Progressive Socialist Democratic Party “I want my cake, and I want to eat it too” moment, Barney Frank is planning on hearings to limit Wall Street bonuses.  The “I want my cake” moment?  How does one implement a 90% tax on executive bonuses, proceed to limit them, and not understand that it is counterproductive? If the true intention of the tax “was the quickest way to show angry Americans that Congress intended to recoup the extra dollars”, then why limit them?  I know, I know, I’m not even covering the un-American, anti-Capitalist, anti-Free Market angle of this because we all know the democrats have gone off the marxist cliff, and are dragging us into third world, banana republic status with them.

Frank to hold Financial Services hearings on limiting executive pay

Rep. Barney Frank (D-Mass.) is mounting a new effort to limit executive compensation as Wall Street prepares this month to pay out huge bonuses.

Frank, chairman of the House Financial Services Committee, said he is looking at levying new taxes or fees on financial firms as well as ways to further empower shareholders to restrict pay.

“The question of compensation for people in the financial industry is a legitimate cause of concern,” Frank said on Wednesday.

Frank called a hearing for Jan. 22 and said he is not convinced by arguments that restrictions would hurt the industry by forcing well-paid employees to go elsewhere.

“I don’t know where people would go for comparable salaries,” he said, saying that they might need to go to Mars to escape.

“There may be in some of these financial institutions people capable of playing Major League Baseball. I’m not aware of any.”

The heads of the nation’s biggest banks were testifying on Wednesday before the Financial Crisis Inquiry Commission, a panel set up by Congress to investigate the causes and consequences of the financial crisis.

Meanwhile, the Obama administration is moving to impose a new fee on banks to make up the deficit in the government’s $700 billion bailout program for the industry.

WHAT?  How stupid is that? I swear the morons in Washington do not understand the finite concept. There is only so much money in the world (unless you are the Fed) and it is constantly in motion. When Obama fines the banks to recoup the money he took from us to bail them out, the banks charge us higher fees to pay us back for the money we loaned them. WHISKEY TANGO FOXTROT?  Is there an understanding NOW why so many were against the bailouts back in September, 2008?

Obama to announce bank fees to cover billions in TARP losses

The fee on financial institutions would raise up to $120 billion to ensure that taxpayers who bailed out banks are paid back, the official said Tuesday. The figure is at the upper end of a conservative estimate of losses associated with the program and Treasury officials expect the actual number will be much lower.

And in a completely related story; has anyone informed God that Barney is running the universe now? Barney’s first miracle will be to limit bonuses but still be able to tax the initial intended amount by the 90% tax rate and recoup the money that was lost on TARP.  The best financial talent in America will be able to pay the tax with money they never received and will continue to work here in the United States Of Socialist America.

(Has anyone told The Chosen One that Barney has leapfrogged him for the throne, and does the average secular moonbat know that there is a God and Barney has taken his seat?)
By Logistics Monster


  • If Barney Frank is so anxious to see that bonuses are linked to talent it would be nice to see him hold hearings to see if the pay, benefits and retirement package that is given to congressmen/women and senators is linked to talent. If they were paid commensurate with their actual worth to the country they would be owing us not eating at the trough.

    Whatever the banks are taxed or fined will come back to us by way of increased fees and charges. It is ALWAYS the lowly taxpayer who gets it in the end.

  • california patriot -

    The politicians have created economic chaos in in America. They will tax us to try to fix it, but they won’t be able to. They are not at smart as they think they are. They do not have the intelligence to understand real economics or the emotional intelligence to understand what they are doing to their fellow citizens. There will come a point (real soon), when the people will see that the politicians have spent all their present and future wealth, which mean an uprising. The politicians are creating a new bubble called “frustration” and it will burst like the others. This will be one that they (the politicians), will wish they hadn’t created.

  • california patriot -

    Sorry for the typos, there was a cat on my lap while I was typing. (:

  • Joementum Joe -

    “When Obama fines the banks to recoup the money he took from us to bail them out, the banks charge us higher fees to pay us back for the money we loaned them.”

    I dunno, that doesn’t seem perfectly logical to me. You’re assuming that imposing a new tax won’t motivate the companies to limit their leverage and lower the tax (I think most of the proposals for the tax envision something based on the bank’s leverage). I suppose it’s true that, if the banks ran things exactly the way they do now, they’d probably pass the fee on to consumers, but I think that’s a pretty big assumption to make.

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