Executive Compensation…The Greed Is Still There…The "Elite" Ride On

Here is the latest email notice I received from the HOUSE COMMITTEE ON FINANCIAL SERVICES Chaired by Rep. Barney Frank.

For Immediate Release:
July 16, 2009

Frank Statement on Executive Compensation

Washington, DC – Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement today on executive compensation:

The recent news of compensation on Wall Street shows that some financial leaders yearn for the stirring return of yesteryear and demonstrates the need to adopt legislation on executive pay. It’s a question of empowering the shareholders to decide the appropriate level because it’s their money and giving regulators the ability to prevent compensation incentives that encourage taking inappropriate and excessive risk. We do not know the specifics, but recently reported bonus pools do suggest that there may be a return to the old ways which caused such damage to our economy. It reinforces our determination to adopt a reasonable set of legislative goals.

“The Financial Services Committee will be marking up legislation next week to give shareholders a say on pay for top executives, which is similar to legislation the House passed in 2007. In addition, we will consider legislation to empower federal regulators to proscribe inappropriate or imprudent compensation practices as part of solvency regulation of all financial firms. The committee is acting because of a broad consensus of leading national and international finance experts including Paul Volcker and the Group of 30 and Lord Turner of the United Kingdom who believe that compensation structures were a factor in the financial crisis. Both the United Kingdom and the European Union are contemplating similar rules.”

What a sad commentary on our society as a whole where once our corporate citizens were patriotic and sympathetic to the country and the people.

How much money is enough? Many of these high flying corporate “bankster” exec’s have more money then they, their children and grandchildren can spend in their collective lifetimes. If they earned nothing from this point on they could maintain thier lifestyles of the “Rich and Famous” for decades.

They all must know – in their heart of hearts – what they have done to not only this, their country but to the world.

They are all conspirators and co conspirators in the largest and greatest fraud of all time. Bernie Madoff is a small fry in their company yet he has been singled out to take the heat for all of them while they continue to rob, lie and de fraud everyone.

We have a new gangster here that even Elliot Ness of the Untouchables would have a difficult time bringing down. The Mafia and other forms of organized crime we have seen in the past don’t come close to this new breed of well dressed, well educated and well compensated group of thugs.

As I see it, we have a say in the way things operate especially since it is our money they are operating with and taking as their compensation. We made it possible for them to exist and continue.

We – which includes our kids, their kids and unborn kids will be paying for this for quite some time to come therefore, it is up to us to STAND UP and BE HEARD.

I have always said, “Two wrongs don’t make a right” and “The law is the law for everyone”.

It is up to us to come out, be not afraid and be vocal on this and many other issues that are affecting our daily lives and will affect the daily lives of generations to come.

I AM OUTRAGED. Are you?

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