Diary

Barney Frank: TARP's comp curbs could be extended to all businesses - Financial Week

This is an important update to our earlier post regarding executive salaries. We posed the question – “How far down the corporate ladder can Obama go with his salary axe?”  Well apparently we underestimated  the Marxists in power.  Barney Frank would like impose salary caps on all companies EVEN IF THEY  DIDN”T TAKE FEDERAL BAILOUT MONEY.

Congress will consider legislation to extend some of the curbs on executive pay that now apply only to those banks receiving federal assistance, House Financial Services Committee Chairman Barney Frank said.

“There’s deeply rooted anger on the part of the average American,” the Massachusetts Democrat said at a Washington news conference today.

He said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies.

You can read the entire story here.