Saturday, April 04, 2009

Obama Makes Bush Move on Executive Pay

President Bush gave a stern speech on excessive executive pay. The audience had nary a chief executive. The New York Stock Exchange was full of stock traders.

President Obama provides similar wiggle room for the boys making big money. WaPo reported:

The Obama administration is engineering its new bailout initiatives in a way that it believes will allow firms benefiting from the programs to avoid restrictions imposed by Congress, including limits on lavish executive pay, according to government officials.


The administration believes it can sidestep the rules because, in many cases, it has decided not to provide federal aid directly to financial companies, the sources said. Instead, the government has set up special entities that act as middlemen, channeling the bailout funds to the firms and, via this two-step process, stripping away the requirement that the restrictions be imposed, according to officials.

Congressional will is ignored. How many other laws will be passed that apply to no one? Corporafornication didn't end with George W. Bush's slinking away from the White House.

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