I know, I know, we have seen this pic of this pamper political whore many a time, but it just some this guy up too well. Should've had the Heinz queen catching for him.
Posted on 02/25/2009 12:39:02 PM PST by mnehring
Sen. Kerry proposes banning TARP recipients from hosting or sponsoring incentives and other events By Leo Jakobson
A leading U.S. senator today proposed legislation that would prevent any company that has accepted federal bailout funds from holding any conference or event without first receiving a waiver from the Secretary of the Treasury.
Sen. John Kerry (D-Mass.) announced yesterday that his bill would require the CEO of any company breaking these regulations to reimburse the treasury the cost of that event, plus a fine of at least $100,000.
The legislation came on the heels of congressional outrage over incentive programs run by Northern Trust Corporation for employees and clients in conjunction with its sponsorship of the PGA’s Northern Trust Open, held Feb 16-22 at the Riviera Country Club in Pacific Palisades, Calif. Northern Trust has taken $1.5 billion from the federal Troubled Assets Relief Program (TARP).
Kerry's legislation is the latest hurdle faced by the incentive and meetings industry, which has responded by proposing a set of best practices guidelines. The U.S. Travel Association (USTA) has joined with eight other business travel groups, including Site (formerly the Society of Incentive and Travel Executives) to issue a model corporate policy for any TARP recipient. And a grassroots group has established Keep America Meeting, which is collecting signatures on a petition to draw attention to the important role meetings, events and incentive programs play in building successful businesses, as well as pointing out the industry’s huge impact on the U.S. economy—$40 billion in taxes and more than one million jobs.
Kerry's legislation, the TARP Taxpayer Protection and Corporate Responsibility Act, has three main components, according to a release issued by his office:
• Any recipient of TARP funds shall not be allowed to host, sponsor, pay for conferences and events and pay for holiday or entertainment events for the year in which they receive TARP funds.
• A recipient may seek a waiver from the Secretary of Treasury for any event which the recipient believes is directly related to the operation of the business. The Secretary has thirty days to respond to a waiver request.
• Any violation will require the federal government to be reimbursed by the company's CEO for the cost of the event and there will a fine of $100,000 per violation. A recipient will have 30 days to reimburse the government and pay the fine. The fine increases $10,000 a day for each day after 30 days.
"I'm sick and tired of picking up the newspaper and reading about another idiotic abuse of taxpayer money while our country is on the brink," Kerry said in his release. "Americans who play by the rules are losing their jobs and struggling to pay their mortgages. The companies that came to Congress in desperate need of help to stay afloat become their own worst enemies when they pull stunts like this. It's an embarrassment that this legislation is necessary, but some companies clearly need a reality check to get their priorities straight so taxpayer money is used to get their house in order and not to pay for lavish parties. Congress has zero tolerance for this kind of excess."
Roger Dow, president and CEO of the USTA, responded to the Northern Rock outcry with the following comments: "We agree that companies receiving federal assistance must be accountable to taxpayers for responsibly using public funds. But, we are perilously close to falling into a witch-hunt mentality in which working Americans are unfairly punished. For every case of wasteful spending, we are seeing scores of instances in which the game of ‘gotcha’ has forced businesses to cancel legitimate activities that would have grown their bottom lines and generated jobs and economic growth for local communities."
A spokesperson for Northern Rock reportedly told the Chicago Tribune that the company has a five-year sponsorship contract with the PGA for the Northern Trust Open, signed in 2007, that the client events were part of the bank's marketing budget, and were paid for out of the bank’s $641 million net operating income for 2008.
The CEO of Northern Trust also received a letter from the House Financial Services Committee chairman, Rep. Barney Frank (D-Mass.) and 17 Democratic members of the committee demanding the bank reimburse the treasury the full amount its spent sponsoring the tournament and related events.
The stockholders don’t own the banks anymore, Uncle Sam does.
You Democrats are abusing our money, that is for sure.
Stupid banks. Next time don’t go on welfare and you can have all the parties you want.
Senator Kerry attempts to stay relevant. He is still a weiner.
No more corporate Christmas parties? Many would consider that a perk.
Welcome to the USSA (United Socialist States of America). Let this be a lesson to the states that want to belly up to the fed’s Porkulus trough. No wonder the intelligent governor’s don’t want to accept money that will no doubt have a very high cost in lost freedom for those states that accept it.
What the hell does John Kerry know about money, besides spending it?
Are they out of their freaking minds? The banks can’t do promotion or incentive events? Wow!!!
Uncle Sam owns a small share, and the way many of these purchases where set up, that share is non-controlling interest (for now).. however, that isn’t going to stop Uncle Sam from thinking they can run the business.
Exactly. You take the money, you take the strings.
}:-)4
He thinks the creation of wealth comes from a very loose prenuptial agreement.
Well, he married money.....
Yup, that was my point. They *own* them when they can make the rules. And if you think about it, weren’t the *rules* they made regarding crazy loans a big chunk of the problem? Clearly Congress doesn’t know how to run a business. They are such idiots.
Next stop the planting fields,peasants!
Central Planning has worked so well in Russia we may as well copy their model.
Pray for America
The healthy banks now have a huge advantage over the unhealthy banks.
Obama and the libs in Congress are trying to pick winners and losers.
Let us hope that another institution, with heavy Democrat representation on its Board, with heavy Democrat political contributions, fails precisely because a healthy bank was able to run rings around them.
I think Barney f knows this, as Barney wants controls on ALL banks, not just the banks that bend over for him!
By the way:
Hotels create jobs.
Restaurants create jobs.
The aviation industry creates jobs.
These stupid rules DESTROY jobs!!!
I would hope companies are able to sell their products due to their quality, not how good of a party they throw.
Didn’t I hear something about the bailout czar (or whatever his title) looking for a way to force States to take the money even if the governor turns it down?
Yep. You take their money, you dance to their tune.
sorry, meant sums this guy up...
That's some recovery plan--An heiress in every bed!
I need to get me one a them marriage licenses and find me a wife. First I'll have to spiff myself up with my $13 a week!
The Banks need to come to Senator Kerry with their hand out like Oliver Twist, more please,,,,,,,
What government calls ‘parties’ are often sales conferences ra ra’ing new products and teaching people how to sell and service it. For companies that have wholesale products or franchises, these ‘parties’ are also a way to drum up new customers and interest. It is all part of a marketing strategy.
Actually, if you think about it, a party does stimulate the economy.
The simple way to destroy the hospitality industry.
How’s that working for you Harry Reid.
Don't be surprised when it happens. Soon after that there will be a proposal from the Dems in Congress that any company that has a tax deduction must comply with the new "rules", pay scales, bonuses, incentives, etc. Soon the regulations WILL be expanded to each and every business out there. Don't say we weren't for warned.
For every so called conservative that is applauding these new rules and regulations, just remember, your company may be next.
I have no sympathy for them. Should have thought twice about taking the federal money.
Save that cash for beer! You’ll be happier!!
This is a “poison pill” that will stop many firms from taking any bail out money. This is a poison pill that will cause many of the firms, that take the money, to FAIL!
Also, firms that the governments asks to help, firms that the Fed or Obama or Barney want to BUY one of the unhealthy firms?
They need to DEMAND that their hands will be free to do as they please with THEIR own money and marketing and transportation budgets!
Also it helps the people that they pretend to care about...
And Barney Frank will insist that all Banks who have accepted TARP money must put cute little poodles on their checks.
Yep, money from the government always comes with strings attached.
I know at least one person working for a bank that was promised that if they met certain sales quota in 2008 they would be awarded with a cruise in 2009. That cruise has been cancelled because “It wouldn’t look good in today’s evironment.” It was part of his 2008 compensation, he worked for it, he earned it, and now he’s screwed.
Lando Calrisian: “But that wasn’t our agreement!”
Darth Vader: “I am altering our agreement. Pray I do not alter it any further.”
Shhhh don’t confuse us with facts. We want to just be made at big bad business.
Just make sure all your duckies are well lined up.
Oops....that should have been mad, not made. Darned fingers!
How’s that ghost town Las Vegas doing,Harry?
ROTFLMAO!!!!
Congress has "Zero" tolerance for excess.
Yeah! Right!
ROTFLMAO!!!
(Not to mention a "Zero" for president)
Preach on John......
The only thing you know about money is how to "marry" it.....
Moron!
This is wrong. It does not matter how it happened. Two wrongs don't make a right. If you can not feel sorry for the companies involved, feel sorry for the top producers at these firms, who EARNED recognition, only to see the Socialists in Washington take that recognition away from them. Also, feel sorry for the restaurants, waiters, airline workers, aircraft workers and hotel workers who are out of jobs because of these socialists.
Does this mean my bank can’t give me a toaster for opening a new account now?
All the comrades must do what is best for the collective good of the motherland.
Greedy capitalist pigs must be put in their place.
Fairness and equality must be followed. Or as comrade Marx stated so well:
“From each according to his ability, to each according to his need”
Hmmm. Trying to kill a few more industries, I see. Hospitality industry, airlines, restaurants, even golf courses and theme parks.
I got a good laugh out of Oprah telling people not to go out to restaurants and eat. You can bet she’s not staying in every night, or if she is home, her personal chef is cooking for her. And Kerry and the gang in DC certainly aren’t limiting their partying, although they think everybody else should just turn out the lights and lock themselves in their houses.
But Communist states are always like that. Austerity for everybody except government members and their chosen sychophants (read Oprah).
Especially when you can just go out and find a rich wife to marry like I did and party all you want!
He's had more practice than most--two times.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.