Legislation gives shareholders nonbinding vote on compensation packages
WASHINGTON - The House voted Friday to slap restrictions on how Wall Street executives are paid after nine banks that took government bailout money rewarded thousands of their employees with bonuses topping $1 million each.
Bowing to populist anger and defying President Barack Obama’s suggestion that government rely on incentives instead of intervention to curb excessive salaries and bonuses, the House passed the bill on a 237-185 vote.
“This is not the government taking over the corporate sector. . . . It is a statement by the American people that it is time for us to straighten up the ship,” said Rep. Melvin Watt, D-N.C.
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15 comments:
Sounds good with one exception; what is ment by nonbinding vote? So the "people" vote and wall street takes it under advisement and does what they want anyway? Sounds like the Government trying to pacify the people.
dp
Joe, I understand why people want to be anonymous, but can't you make it so they have to use screen names to sign in like I do? At least then we'd come to "know" each other a little better and have some idea of whether we're dealing with a rational person or a drive-by poster.
Dave
Joe, off topic but do you know what happened at Thrift Travel Inn, alot of SPD cars up there.
I can't stand to see that queer Barny Frankfurter!
What the heck is wrong with the voters that sent him(her) to congress?
Why must the whole country suffer when you have a small group of fruitcakes in his(her) district that vote this idiot in?
The congress should be limited to passing laws that only affect the poeple in their own district!
Why don't they pass legislation so Tax Payers can regulate Politians salary and compensation.
Is there a reason why people use anonymous on this blog? You betcha. It's because the process for getting a screen name with Google is so complicated. I have registered at least TWICE in an attempt to have an identity but I still get rejected for one reason or another so I gave up. I'm an engineer and a computer person for nearly 50 years. The Google system is not user friendly.
Here's a good one for you Mr. Engineer. Why don't you just sign your name at the bottom of your comment like you would a letter. Oh, that's right, too complicated and not user friendly enough.
"Oh, that's right, too complicated and not user friendly enough."
Not at all. I'll try again at the registration process later but it is one of the more difficult ones I've dealt with.
..Al Herb
6:07 Get a life. You think only people who agree with your view of freedom should have a voice. Mainly white men. Wait maybe you are in the closet!! I think he protest too much!
Kudos to both of Maryland's conservative delegates -- Kratovil and Bartlett -- for voting against this outrageous intrusion into business. All the liberals (Hoyer, Sarbanes, etc.) voted to do that.
Mike Castle also voted against it.
i have a better idea - let let the American voter vote on Congress' pay and benefits!!
this wasnt about the pay congress gets but wall st companies are paying in bonuses to employees... especially those companies that received bailout money. IMO those companies should not be paying ANY bonus money!! Its a slap in the face of us tax paying citizens!! tHIS IS wRONG ON SO MANY LEVELS ITS NOT FUNNY. Not one company who received bailout money should pay any bonus money. If they have extra money it should go back to the government and given back to the tax payers.
My question is valid, "nonbinding", just the deffinition of the word suggests that the vote would be a waiist of time. If someone finds out more please share with the rest of us.
dp
Boooommmmm.
capsfan9, I disagree. This is the same scenario only different players and circumstances. Why should Congress be rewarded with the salary and benifits they receive when they are spending Tax Payers money at will and ignoring any type of budget, accountability or responsibility. Voters need to open their eyes and quit using tunnel vision because they want something for nothing and could care lass who is paying for their "you owe me attitude".
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