Congressional efforts to impose stringent restrictions on executive compensation appeared to be evaporating yesterday as House and Senate negotiators worked to fine-tune the compromise stimulus bill.Making sure bank executives, who are relying on government billions to survive, take a pay cut so we aren't funding their million dollar "effectiveness" is beyond the pale. Some kid learning in a dilapidated tin lean-to is A-OK, but making sure a failure only earns half a mil this year is nausea inducing. But hey, we don't want to seem "punitive" while we're swirling down the toilet they flushed. A man's gotta eat and $500,000 is apparently McDonald's dollar menu territory.
Provisions to impose a penalty on banks that paid hefty bonuses and to cap pay at $400,000 for all employees at firms applying for additional government funds did not survive the compromise, sources said.
The situation was in flux last night, but provisions in the Senate bill that called for a ban on bonuses for all companies receiving government funds also appeared to be headed to the chopping block, congressional sources said.
Thursday, February 12, 2009
Something talks, bullshit walks
Well the House and Senate have their compromise on the stimulus. Despite finding room to enrich the upper class, keep big useless tax cuts, cutting school renovation funds and making states spend money out of the already reduced state funds to pay for any renovations, and all sorts of various bullshit, they seem to have accidentally forgotten one thing.
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