On the April 2 Edition of Lou Dobbs, Lou interviews Rep. Barney Frank. The discussion was over the U.S. House of Representatives
"Pay for Performance Act of 2009" A measure meant to curb excess bonuses paid out by
financial institutions who take TARP funds.
Quite the firey display between these two ensues. Over a measure that in my opinion could have been avoided if Sen. Dodd hadn't included the
provision in the previous TARP act amendment that made it possible for executives to receive huge bonuses to begin with.
WASHINGTON, April 1 (Reuters) - The U.S. House of Representatives on Wednesday opened debate on legislation to curb employee pay at financial
firms that receive government bailouts, a bill that could supplant an earlier effort to heavily tax executive bonuses.
The "Pay for Performance Act of 2009" would give U.S. Treasury Secretary Timothy Geithner broad powers to "prohibit unreasonable and excessive
compensation and compensation not based on performance standards."
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