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.
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?
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?)