Obama wants to control the salaries of everyone. From bank execs to loan officers the government is in charge.
Comrads! This just in from the Dear Leader’s headquarters. The leader of the Democratic Socialist Party plans to control all salaries of every financial institution. Victory for the Revolution! Full story here from the evil capitalists at the Wall Street Journal.
WASHINGTON — The Obama administration has begun serious talks about how it can change compensation practices across the financial-services industry, including at companies that did not receive federal bailout money, according to people familiar with the matter.
The initiative, which is in its early stages, is part of an ambitious and likely controversial effort to broadly address the way financial companies pay employees and executives, including an attempt to more closely align pay with long-term performance.
Administration and regulatory officials are looking at various options, including using the Federal Reserve’s supervisory powers, the power of the Securities and Exchange Commission and moral suasion. Officials are also looking at what could be done legislatively.
Among ideas being discussed are Fed rules that would curb banks’ ability to pay employees in a way that would threaten the “safety and soundness” of the bank — such as paying loan officers for the volume of business they do, not the quality. The administration is also discussing issuing “best practices” to guide firms in structuring pay.
Just remember. If the socialists can convince everyone that they can control pay limits of top executives or mid level employees then the next thing they will go after is control over the minimum level of salaries offered to everyone else. Hint – that means that voting against the guy in office could mean a vote against how much you, the average private sector employee, is paid for your work.
I hate to say that we told you so but we did. Barack Obama seeks socialist oversight of executive pay – including companies that did not take or need bailouts. Next up – the health care industry. Cutting costs by cutting salaries. Because just like the financial sector it’s about quality and not quantity. Quality – you know that thing that federal bureaucracies know so much about.