( – promoted by Cool Cal)
He just drew a line in the sand a
little lot too late.
Frank, who has been in phone discussions with Paulson, said the secretary appeared receptive to adding some foreclosure-relief language. The second Democratic proposal – to impose compensation limits on Wall Street executives – is meeting more resistance.
“Hank says it’s a poison pill,” Frank said. “I say I don’t think it’s very patriotic for someone to not give up his golden parachute when we’re trying to save the markets.”
Punitively speaking, you just have to hate the idea of paying big CEO salaries from taxpayer money.
But, he’s appears to be ready to commit the $700B Ship of Barney to sail, and he’s complaining about the color of the dinner napkins?
Really, how big a figure could the CEO salary cap be? He commits nearly $4,500 per U.S. worker to a problem, then digs in heels over CEO pay? Knock that $4,500 down to $4,479. Why do I get the feeling that he’s a good politician, but in way over his head when dealing with the likes of Paulson and Bernanke.
The idea is afterall, to save the market not punish evil CEOs.
That, you’d think, by comparison to other aspects of the problem — Equity stake in companies? Formation of non-treasury entity? Cost of taking no immediate action? — would be an afterthought.
What next from Frank, strong language about misspellings in Treaury directives?