Sunday, April 05, 2009

Geithner Plays the Fool, Again

I declare shenanigans against the Obama administration:
U.S. Treasury Secretary Timothy Geithner denied on Sunday the Obama administration was crafting bailout initiatives to allow companies to evade limits on executive pay and other restrictions imposed by Congress.

"No, that's not true," Geithner said when asked about a report in Saturday's Washington Post that the White House was trying to allow some exceptions.

They tread a fine line. They want power and control over over the financial and other industries, but they also know that those individuals will fund their re-election effort in three years. Look for the loopholes to abound. Geithner doesn't realize it yet, but he'll be the fall guy when the public figures out that these executives have work-arounds that allow them to still make their money. And Obama will get his donations in '11-'12. In a way, I feel sorry for the dumb bastard.

I say let's be honest and transparent about this. Don't limit their pay. If they fail and make huge money, then they will be open to the judgement of their stockholders. All this administration is doing right now is making executive compensation more difficult to track.

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