Geithner announces" Exec. Pay Reform", minus the reform.

[dixiegrrrrl]

"Geithner said the administration will support two new pieces of legislation:
one called "say on pay," in which shareholders would be allowed to take a nonbinding vote on executive compensation.
The other measure would require corporate compensation committee members to be independent from management.
But the administration has apparently backed off its earlier plan to put a hard $500,000 pay cap on executive compensation, after concluding that the provision would be too onerous for Wall Street firms attempting to compete with non-TARP banks that could offer unlimited pay packages.
"We are not capping pay," Geithner said.
"We are not setting forth precise prescriptions for how companies should set compensation, which can often be counterproductive. Instead, we will continue to work to develop standards that reward innovation and prudent risk taking, without creating misaligned incentives."
But the administration has apparently backed off its earlier plan to put a hard $500,000 pay cap on executive compensation, after concluding that the provision would be too onerous for Wall Street firms attempting to compete with non-TARP banks that could offer unlimited pay packages.

edited to add last (missing) paragraph.
and link ..http://www.truthout.org/061109J

[DJ13]

1. Hey, thats the same kind of reform we'll get on health care too!

[Skink]

2. Alright but no stock options or bonuses.

[defendandprotect]

3. Yes . . .evidently we have to FEAR CAPITAL FLEEING AMERICA!!!

Cripes, let's hope that capitalism flees America and doesn't come back!!!

[Autumn]

4. Damn those guys are good

:rofl: :rofl:

[chill_wind]

5. K & R #4.

[Metta]

6. Timmy the shill, Wall Street's poodle. A reverse Robin Hood if ever there was one.

Happy karma, dog boy.

[NC_Nurse]

7. I can't wait until Michael Moore's next movie comes out. These greedy

overpaid scum are going to be exposed for all their disgusting extravagance.

Personally, I think it's better to let the sting of public shame and rejection take the place of a cap which they will harp on continually in the MSM as
some kind of socialism or something.

I think conspicuous consumption of the sort that these Wall St. types are used to is going to be reviled more and more.

[cascadiance]

8. Imagine where we'd be without Sicko earlier with health care reform now...

Though many people give Michael Moore hell for his style when he does documentaries, you have to give him credit for getting issues on the radar screen when they otherwise wouldn't be. I'm looking forward to his newer flick too.

[NC_Nurse]

10. Yep. The MSM never covers the stuff he does with any sort of depth and

clarity. He rocks. :-)

[cascadiance]

11. My guess is that he's a big reason Gupta didn't take surgeon general position too

since he also comes very ARMED when he takes on the media too! And that's a good thing that Gupta didn't get thrown in there given his corporatist diatribe towards Moore in that interview...

[rucky]

9. Now he's getting tough!

against the people demanding reform. No apologies, no excuses.

[femrap]

13. This is the first I have seen 'fukidol'....

rofl!!!! Would make a great 't.' I'd wear it!!!

[femrap]

12. Geithner is such a

short fuck. I bet he has to unzip to count to 21.

He does rather look like a miniature poodle, don't you think?

[Badgerman]

14. Geithner is a MOLE and Obama a fool for keeping him!!! n/t