Barney: 'Ban Salaries' for Jobs That Take 'Inappropriate Risks'
Frank Wants Tougher Rules for Wall Street Pay
Senior House Democrat wants to toughen Obama's new restrictions on Wall Street pay by banning salaries and bonuses that encourage what the government considers "inappropriate risk."
WASHINGTON (Fox News) - A senior House Democrat wants to toughen President Barack Obama's new restrictions on Wall Street pay by banning salaries and bonuses that encourage what the government considers "inappropriate risk."
The proposal by Rep. Barney Frank, D-Mass., which will be considered Tuesday by the House Financial Services Committee, would give the government unprecedented power in how financial executives are rewarded.
Obama has shied away from such direct intervention, even as administration officials argued that excessive compensation in the private sector contributed to the financial crisis.
Senior House Democrat wants to toughen Obama's new restrictions on Wall Street pay by banning salaries and bonuses that encourage what the government considers "inappropriate risk."
WASHINGTON (Fox News) - A senior House Democrat wants to toughen President Barack Obama's new restrictions on Wall Street pay by banning salaries and bonuses that encourage what the government considers "inappropriate risk."
The proposal by Rep. Barney Frank, D-Mass., which will be considered Tuesday by the House Financial Services Committee, would give the government unprecedented power in how financial executives are rewarded.
Obama has shied away from such direct intervention, even as administration officials argued that excessive compensation in the private sector contributed to the financial crisis.
posted by BP News Bureau | 12:48 PM
1 Comments:
Isn't risk subjective as well as objective? In my sincere opinion without sarcasm, paying Barney Frank and hoping for responsible decisions, statesmanship, and productivity is a much greater risk than investing in derivatives on Wall Street. [By the way, the worst derivatives were probably based on mortgages that Sens. Frank & Dodd directly caused to be more risky.] Therefore, by Sen. Frank's logic, we should not pay him.
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