In theory, I have no problem with limiting the executive pay and bonuses of corporations that take billions in taxpayer-funded bailout money. As Nicole Gelinas put it: “It is untenable for taxpayers directly to support lavish pay for executives at government-guaranteed corporations. When the taxpayer is bearing all risk — as the taxpayer is now in much of the financial industry — the government should set limits.”
But the first question is: Where are the limits on Fannie and Freddie corruptocrats’ executive pay? Have those been passed yet? Are they equal to the limits on private executives’ pay?
And the second question is: Where will it stop? Barney Frank has no intention of restraining his grubby government paws. Via Financial Week:
Congress will consider legislation to extend some of the curbs on executive pay that now apply only to those banks receiving federal assistance, House Financial Services Committee Chairman Barney Frank said.
“There’s deeply rooted anger on the part of the average American,” the Massachusetts Democrat said at a Washington news conference today.
He said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies.
Where’s my favorite socialism/theft logo? There it is: