Thanks to Michelle Malkin for getting the story out (after 10PM? Geez!)
So, House member Eric Cantor (R-Va), voted Present for the Pay for Performance act. The act would give government the ability to set employee compensation at private firms. From Reuters:
The bill, which passed on a 247-171 vote, would give the U.S. Treasury broad powers to prohibit “unreasonable and excessive” compensation and bonuses that are not based on performance standards.
Earlier, Cantor had voted for the measure that would’ve taxed AIG retention bonuses at 90%. So he’s moving in the right direction, maybe? Not likely. While Cantor claims his vote of Present was due to a conflict of interest (his wife works at a bank) it’s more likely that he’s trying to stay on the site of the pitchfork brigade.
Why side with the mob, Eric? There’s right, and there’s wrong. It’s true that government shouldn’t be in the bailout business. It’s ALSO true that Government shouldn’t set the salaries of private companies. You can’t fix a wrong with another wrong. Not only is it incorrect, Pay for Performance Act will drive the best minds OUT of struggling companies. Does that really seem like the best way to save them?
Clearly, I’m wasting my breath. Cantor has shown his stripes. The field guide says he’s just another politician. Perhaps the man of principles is extinct, after all.