Posted on 10/22/2009 11:05:41 AM PDT by EBH
WASHINGTON - The Federal Reserve for the first time would police banks' pay policies to ensure they don't encourage employees to take reckless gambles like those that contributed to the financial crisis, according to a proposal unveiled Thursday.
Unlike a Treasury plan to slash pay at certain companies that were bailed out with large sums of taxpayer money, the Fed proposal would cover thousands of banks, including many that never received a bailout.
The Fed would not actually set compensation. Instead, the central bank would review — and could veto — pay policies that could cause too much risk-taking by executives, traders or loan officers
(Excerpt) Read more at startribune.com ...
Hey, I’ve got a better idea—if you take big risks in business and you lose then your business goes under.
The more and more I see where this road leads, the more I think the “crash” last year should have been allowed to happen.
Now they are going to regulate companies that did not take bailout funds. WTF!
This is Fascism.
At some point, migration out of the country may be a realistic option for many of us.
For those with international connections the flow of assets has already begun.
Get yourself some money set up outside the country. For many by the time they up and leave it will be too late.
Regulate pay in the banking industry.
If they do this, the market will cease to function.
Directive 10-289 is coming.
Soon they will need every citizen working for the govt. keeping an eye out for everyone and everything.
The scumbags running the operations let things get run into the ground and then allowed themselves to be bent over the bench and punked bloody by a gov buyout.
So, screw em. Put the entire lot on minimum wage.
Better yet, why half-step? The banks are gov owned, why not form up a Banking Branch of the US military? Draft the suckers, put them under martial law, and shoot anyone who shows up late for work, or doesn’t keep up with whatever quota assigned him/her.
Those who fail to denounce their weekly quota of fellow workers, family members, friends, and other associates, prior to each Tuesday’s Workers’ Morale Meeting, should also be considered for public execution, or expulsion to a slave labor camp for the short remainder of their life.
Ahhh....
You do realize this is regarding banks that did not take bailouts?
The Socialist Juggarnaut continues without a shot being fired.
Fascism by definition.
Does anyone, besides me, remember the price and wage controls during the Nixon administrations? Didn't work. By the time Jimmah Cartah go through with us, interest was a 18% and we were told it could never come down. Then Ronald Reagan happened.
I personally do not want the government involve in salaries or bonuses of private industries. I also do not want the government bailing out any private industry whatsoever.
LOL.
Did you also take me to mean that I advocate militarizing the banking industry, firing squads, slave labor and forced political morale meetings?
The problem is, to where? Canada? They don’t like guns and it’s too damned cold. South America has decent skiing, plenty of world class futbol, and good nightlife, but you run the risk of being abducted or killed by a cartel.
Screw England!
China, no thanks.
Iraq? To hot and dry.
Russia? Barf, again, too damned cold.
I can’t afford to purchase a private island, else, I’d already be OUT of the USA!
Hubby keeps asking the idiots at work who think this is a good idea how they will feel when the government comes in and tells them they are making too much money? All of a sudden they don’t like that idea!
‘The Federal Reserve for the first time would police banks’ pay policies’
Are you saying the Federal Reserve (which is NOT our Federal Government), has done this before?
Well, we have had a minimum wage for decades, I suppose the next step is a maximum wage with the two gradually converging over time.
I’m thinking, if you play professional sports, they are looking at you too.
Oh, but those banks are "members"!
Oh, but those banks are “members”!
Doesn’t mean they have the right to dictate pay.
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