Tuesday, March 31, 2009

Goodnight, Capitalism.

Well, it's happened. The government has decided that it has the constitutional ability to control the earnings of private employees of private businesses based on the governments idea of what is fair and what goals a worker should meet. Sounds nice and utopian.

Introducing the Pay for Performance Act of 2009.

SECTION 1. PROHIBITION ON EXECUTIVE COMPENSATION NOT BASED ON PERFORMANCE STANDARDS.

(a) Prohibition on Executive Compensation Not Based on Performance Standards- Section 111 of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5221) is amended by redesignating subsections (e) through (h) as subsections (f) through (g), and inserting after subsection (d) the following:

‘(e) Prohibition on Executive Compensation Not Based on Performance Standards-

‘(1) PROHIBITION- No financial institution that has received or receives a capital investment under this title, or with respect to the Federal National Mortgage Association, the Federal Home Loan Montage Corporation, or a Federal home loan bank, under the amendments made by section 1117 of the Housing and Economic Recovery Act of 2008, may, while that capital investment remains outstanding, make a compensation payment to any executive or employee under any pre-existing compensation arrangement, or enter into a new compensation payment arrangement, if such compensation payment or compensation payment arrangement--

    ‘(A) provides for compensation that is unreasonable or excessive, as defined in standards established by the Secretary in accordance with paragraph (2); or

    ‘(B) includes any bonus, retention payment, or other supplemental payment that is not directly based on performance-based measures set forth in standards established by the Secretary in accordance with paragraph (2).

So the obvious question is, who precisely gets to decide how much money is too much and what performance is satisfactory and which is not? That would be the secretary. Who's that? The tax cheat Timothy Geithner.

So if you run a corporation that is "too big to fail" and the government decides it needs to save you from yourself, Tim Geithner, who may have zero experience with your particular business, can tell you how to run it, how much you pay your employees to do it, and how much money you're allowed to make from it. The best part is it's retroactive. It overwrites any previous agreement, practically forcing companies to violate contracts with special payment arrangements. And nowhere is it limited only to the "Wallstreet elite" that everyone loves to hate.

This only applies to businesses that have received TARP money. For now.

But if the government can snap its fingers and decide to invade a business and dictate how its run and how much money it can make and spend, what is there constitutionally to keep them out of every inch of the private sector for any reason they decide is "dire" enough?

It only one small step for the government to decide you're too big to fail and by force "saves you from yourself."

May God comfort the souls of those who gave their lives to protect the people from the tyranny of government.

9 comments:

RAnn said...

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