The First Steps Of A Wealth Transfer
Using the public’s anger at financial institutions as a cover to limit pay, Barry has now decreed that executives in bail-out companies may not make more than $500K/year.
Additional pay must be in restricted stock that vests after the government has been repaid with interest, the U.S. Treasury Department says.
This is starting to sound a lot like wage and price controls to me.
The point is that no one really gives a sh*t what a Wall Street or auto exec makes – so there will be no oposition to the measure. At face value, it looks lke the US population will get its revenge. The ridiculous part is that the government has now stepped into a role where they can now dictate what someone makes. They now have limited the talent pool for companies, and gave execs a good reason to call it quits.
To me, this is a lot scarier than the patriot act. Let’s hope Canada manages to stay away from this – they already limit our income through obscene taxation.
We’ll all soon be comrades. Have a great depression.
photo credit: Roberto Rizzato ►pix jockey◄
February 4th, 2009 at 4:27 pm
When you dip your snout into the public trough you take the restrictions that go with it. Canadian taxpayers have found this out to their despair. Once we started down the road to allowing government to bribe us with our own money we have finally reached the end point where government can get away with telling us what to eat. Just ask the hockey fans in Gatineau.
February 5th, 2009 at 4:29 am
i wonder if hussien will be able to make this fly. there are many laws in the different states that will certainly pose a challenge to this. i can even see it going as far as the supreme court.