Punching Stupid and Evil in the Face Since 1986!

"We are on strike, we the men of the mind. We are on strike against self-immolation. We are on strike against the creed of unearned rewards and unrewarded duties."-John Galt

Wednesday, June 10, 2009

We’re not in America Anymore, Toto.

It would seem the Obama Administration has now appointed so many "Czars" they have forgotten this is America, NOT Russia. On the one hand, the Administration doesn't want to get involved in the pay structures at financial institutions, but on the other, they will, you know, 'cause there just isn't another choice. Just like we have been told so many times before……

Oh, and not to worry, they don't only want to influence pay structure at institutions which have received TARP funds, but at ALL financial institutions. From the poorest appointment to date-controlling America's finances-Tim Geithner:

"It also will appoint a "pay czar" to monitor the firms receiving the most government aid. Treasury Secretary Timothy Geithner is expected to push all firms -- not just those receiving funds from the government's Troubled Asset Relief Program -- to more closely tie incentive compensation to long-term performance by paying employees in restricted stock, rather than cash."

It's really not Geithner's business what compensation people receive at firms which haven't received any dirty money. Compensation of executives was never the cause of any of these institutions to be on the brink of failure. Plus, again I have to point out, if they are allowed to get away with regulating bonus structure or compensation in the financial sector, it is only a matter of time before they come after you. If you think differently, you're a fool in waiting.

Looks like we're not in America anymore, Toto.