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The Lance Haynie Blog
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Written by Lance R. Haynie
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Thursday, 11 June 2009 08:57 |
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Excuse my language, but are you fucking kidding me? WASHINGTON (AP) -- The Obama administration says executive compensation must be better managed to prevent the sort of risk-taking that jeopardizes the economy. Gene Sperling, who advises Treasury Secretary Timothy Geithner, said Thursday the administration does not want to impose caps on executive pay. But he also laid out for the House Financial Services Committee a list of guidelines calling on publicly-held companies to link compensation to long-term performance, not short-term gains. Sperling said in prepared testimony that the administration believes compensation practices "must be better aligned with long-term value and prudent risk management at all firms, and not just for the financial services industry. Could this administration be anymore blatant with their motives? First we have the bailouts that should have never been -- yes I am aware that started with Bush, that does not make it right. Then the GM/Auto bit. We have a pay czar -- what is next? I hope I am wrong, trust me I do. However, it looks to me like he is going to do anything he can to hold a tight grip on business. Either by way of taxes, or pay limitations. Yes, I know he said he does not want to put a direct cap but frankly I do not believe him. He said he was going to do a lot on his campaign trail that he is going against. We already have Microsoft, who is one of our largest employers, saying if they raise taxes they will ship jobs overseas. When all of those jobs are lost, you can blame this administration directly. Companies have warned us, they are just ignoring it. I guess we get to call their bluff.
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